Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-01-16
WASHINGTON.
EDMUNDs' AMENDMENT TO MATTHEW'S
RESOLUTION. -se

EDMUNDS' AMENDMENT TO MATTHEW'S
RESOLUTION.
WASHINGTON, Jan. l4.-The follow
ing is Edmuuds' amendment to Mat
thews' resolution: Be 1t enacted that
all bonds Of the United States, issued
or authorized to be issued under the
acts of Congress-, are paying princi-
pal and interest in gold coin or its
equivalent that any other payment,
without the consent Of the creditor,
would be in violation of public faith
and in derogation Of his rights.
WHEREAS. 1t appears from the rec
ord of the mint that the total coinage
of silver dollars has been 8,O45, 1888
and, ~ 81 'ass
WHEREAS, The silver dollar of the
United States has been long abso-
lutely obsolete as any substantial part
of the money Of the country, and
that which had been so coined was
almost entirely converted into other
forms of metal and did not exist at
the time Of making any of the exist
ing loans of the United States, or
those from which existing loans have
been refunded; and, ~ .t1@ 49, :.
WHEREAS, By the provisions Of the
coinage act of 1878, passed on the 18th
of February of that year, and of the
Revised Statutes, enacted on the first
day of thst year, and the provisions
of the law authorizing the coinage Of
such silver dollar were repealed and,
WHEREAS, Since the passage OF the
said last mentioned acts gold coin,
which by reason of promises has
been the only nexisting lawful coin
tender and standard of value for all
payments above the sum Of five dol
lars, as it had sbeen 1.-The only one in
fact for many yesrs before, the Unit
ed States has borrowed, in gold coin
from. the people of this and other
countries the sum of mot less that
1892, 500, 700 Ut . rate of interest low
er than that of any other loan ever
before made by the Government and
payable in coin; and, Tss sss3s
WHEREAS, Holders of oil Govern
ment securities have Alright, to ex-
pect that however much the United
States may change its laws 10 as, in
fact, to effect their interests favorably
it will never evade or repeal favorite
legislation other than for the pnr-G
pose or with the effect to- make mon
ey at the expense Of its creditors !;
and I@-.s 49,, ....v 80
8 WHEREAS, Differing from the trans-
actions Of affairs between private
persons, the public creditors have NO
means Of enforcing the payment Of
their loans, 1t is ., duty Of the highest
obligation on the part ,of the. United
States to pay ,its debts In such a,
manner as to meet. the Just expecta-
tons of its creditors and to refrain
from taking advantage OF the cheap.
ness Of silver by reviving other, OBJ.
solete coins or obsolete or, repealed
coinage laws in order to provide for
in silver, and 81
WHEREAS, The substantial present.
value of silver in dollar Of 4l21S
grains being only 80 per cent. Of the
value of 2 dollar Of gold, It would al
90 be unjust for the law making pow. ]
or by new Liquidation to. compel all
private creditors to receive from
their debtors such q silver dollar at
par in payment of pre-existing debts,
and equally unjust and even more
cruel to compel the great number of
citizens of the United States who sub
sist on the wages Of daily labor to re-
ceive payment for their.work in mon-
eye. ither deprecated or dehased,