The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-02-21
HENDRICKS TO BELMONT.


mont's letter which appeared IN the
Herald of the 3Oth ult. The purpose
of his letter was to show that the
views attributed to me on the silver
question are inconsistent with opinions
heretofore expressed, and therefore,
that | cannot be correctly reported.
The report in the Cincinnati Com
qngrciaL was correct. | do not know
how it appears in Eastern papers. L
very much desire to be considered
consistent. but l would rather De
certain / am right than consistent
upon this question, | think nave
been consistent.
Mr.. Belmont quotes me us holulng
that since the act Of March Is, 1909.
the bonded debt must be PAD IN 9olu
as contradistinguished from paper OF
silver. In that he is not correct.
The bill to strengthen the people
credit was pending in the Senate IN
February. 1869. l made an argument
against the section which pledged the
government to the payment OF bohos
in coin. | opposed 1T because
thought the contract allowed the pay
ment Of the prencipal OF the hve-
twenty bonds to be made IN Treasury
notes. Mr.. Belmont takes one SEN
tence to show that | held that the
effect Of the measure would be to pay
in gold, as follows:
:sIn opposing the passsge OF the act
in the Senate, February y, 1869. he
had described the issue then joined as
The question whether the holders OF
the bonds have an equitable claim
upon us now. while the difference
between paper and gold is so great as
it is to declare that the bonds shall be
payable in gold.
Had Mr.. Belmont read more care
fully he would have seen that | read
the section containing these words:
THAT the faith of the United States
is solemnly pledged to the payment in
coin or its equivalent. and then l
said
1T will cause the removal of doubts
and make the law to read that the debt
shall be paid in coin. That IS the
effect of this section.
Tpon this construction | made my
argument against the section, not as
in a controversy whether the pay
ment should be in silver rs against
cold. but whether it might be IN
paper against coin. 1t was not QueS-
toned in that debate that silver was
coin, and that the debt would be
payable in silver whether that section
passed or did not pass. The section
substantially, as | read 1t III the
Senate. became IL law nineteen days
afterward.
Its force and effect did not become
a question of political controversy in
this state in 1872. when | was elected
Governor. us Mr.. Belmont seems to
suppose. but it did enter into the
discussion of 1874. In the Democratic
convention of that year II resolution
was passed declaring the tive-twenty
bonds payable in greenbacks. pre-
sided over the convention, and, as
could not give the resolution my
support. took occasion at the Iirst
public meeting which addressed III
This city to say 50 and to give my
reasons. thought then as heHeNs
now. that after the faith OF the nation
was pledged to payment III com we
could not pay III treasury notes tiit'
The purchaser of the bonds after ina
date took them relying on that pledge
and that we are bound by 1t. That wa
my argument before the people
Neither my hearers nor thought ol
the question whether the pAynen
could be made in silver. II was no
then doubted. 1t was not then knowi
to mVselt. and | suppose not one .
the audience. that the SILVER dolla
had been ..disearded.' Mr.. Belmon
refers to that address. aud To the us
of the word .gold" in it instead OF tn
word "coin. as committing me I
payment of the debt i'll gold and no
in silver. The only question the
discussed was the right To pay /
greenbacks. The right to pay i
silver was not then questioned q
considered in this State. In the At
dress which made rs President {
the convention, TWO months befor
my opinions upon the currency Wer
somewhat fully expressed. | the
said:
I'VE cannot too fully express tn
Importance Of the policy that Sha
restore uniformity of value 10 all tn
money of the country, So that II Sha
ALWAYS and readily be converted
That gold and silver are the re-
standard Of value is 4 cherished Den
oeratic sentiment not now nor ner
after to be abandoned.
certainly could not have used TN
Language in the campaign Of 1874 h
then known that silver was no long
money.
Having disposed OF the question
my consistency. | come 10 the mut
more important question made
Mr.. Belmont. which is that the arg
ment which excludes payment or II
public debt in treaSurv-notes una
the act ot March Is. 1860. applies WI
greater force under the act of is
which excludes the silver dollar fro
coinage. think that is not corset
The act OF lisp was to remove III
doubt-to settle conflicting interpret
tions OF the laws under which publ
obligations were contracted. AMI
pledge the faith OF the United Stat
10 the payment OF such obligations
coin. After full consideration
became law. Il was soon follow'
by the act 70 authorize the refundil
of the national debt. That law pl
yided that the 81 $50. on0. 900 of bon
which il authorised should be redeel
able in coin of the present standa
v,lne RacauSe the act of 1889 "