Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1878-01-31

Is that the government may pay its
debts in either, and, at all events,
in the one or the other of these
coin. No subsequent change OF
coinage laws could affect the con-
tract; that was guarded against IN
the way l have explained.
The government and the creditor
well understood the right of each.
The law was open alike to each
party, aud each had the right to
take any benefit allowed by the
terms of the contract, and neither
could reasonably complain Of the
other for exacting due observance
of -such tern. 1t must have been
we'll understood by the creditors
that if it suited the convenience or
interest of the government to pay
its debt in the silver dollar indi-
Gated, it had the right to do so, and
for the pain reason that the con-
tract, in its terms and spirit, en-
braced that coin.
1t contravenes fact, all experience,
to say that the creditors ct the
Government: did not know that it
might pay its bonds in the silver
dollar mentioned. The Govern
ment, l repeat, stipulated TO pay
this silver dollar as much and in
the same terms and measure as II
did the gold dollar, and the creditor
in the same terms agreed to receive
it, and, if it suits the convenience
or interest of the government to
pay the silver dollar, in law and
right it may do go. And on the
other hand, if the silver dollar ct
standard value should appreciate
until it shall become more valuable
than the gold dollar of standard
value, can anybody doubt that the
government might in that case have
the right to pay gold coin of the
standard value in discharge of its
And does anybody doubt that i'll
the last mentioned case the creditor
would demand and insist upon re
ceiving the silver dollar, just as he
does to day the gold! II for any
cause gold had grown less valuable
and silver more valuable, does any
one doubt that the creditor woulG
clamor for silver aud upon the same
grounds that he does to day fol
gold
If the government has a fail
lawful advantage then the legisla
tors of that government are false
and faithless to it and tc the people
if they throw it away They canro
do SO in the righttul discharge O
duty they dare not do SO upo'
false and fancifnl notions of nationa
honor!
BONDS ISSUED AFTER FEBRUARY 18th
1873.
trust l have ahown that tn
bonds issued in pursuance of th
: act of july IL, A. d. 1870, ar
redeemable in coin of the standar
value of the United States at tina
: time, to wit, gold coin, and as we
the silver dollar weighing 4l2
grains Troy weight. But it is sale
> conceding that the bonds issued be
= fore the act of the 18th of Febru;
= ry, A. d. 1878, may be discharge
n by such silver dollar, it cannot b
successfully insisted that bono
5 issued after that time can be, becaus
+ the last named act absolutely de
4 monetized the silver dollar of tn
standard value. This argument
+ specious, but not we'll founded.
d proceeds upon the false assumptio
n that the bonds in question contai
# the ordinary provision in bonds an
IF contracts to pay in legal-tcnd'
h coin and stands on the same tootin
u with them. The reverse of this
~ true, as l have endeavored to shoN
4 The contracts was special it col
% contained words that fixed gold I
- silver as the coin, and that too of
y, definite weight. Ii the Gover2mel
4 shall see fit to change the nature
,r its coin or to debase the col
y whether gold or silver, and mai
such debased coin a legal tende
% the creditor will not be bound
!. receive it, certainly except at
Is value, because it is expressly stip
n lated that specified coin and OF
:" fixed weight shall be paid.
,e The bonds issued after the las
,e mentioned act became law, aggr
IS eating 1892 $780, 700, were issue
al under and in pursuance OF Il
II saefunding act'' of the 18th
9. July, A. d. 1870; that act is
,e essential part of them, and it pr
!. vides that all bonds issned by a,
thority of it shall be "redecmable
in coin of the standard value of Il
n United States at the time of i
y passage. It will be observed tn
re no particular specified coin is me
y toned in terms, nor indeed does
'. seem that it was deemed neccssa'
- - b,,t I'm affo<.t cold and Silv,