Daily Los Angeles herald., 1878-02-06

eisco. In facilities for doing Job work,
Low prices. good work and expedition
nay be relied upon at this office.
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AN interesting phase of the cur
rency controversy which is now
agitating the country is developed
In . late correspondence between
Mr.. Morrill, and Mr.. Sherman, the
latter now Mr.. Hayes's Secretary
Of the Treasury. Mr.. Morrill, de-
sIres to know from the Cabinet
Minister whether he did not say, in
. speech In the United States Sem
ate. in 1859, that the principal of
the five-twenty bonds was payable
In legal tender notes. The Secre-
tary Of the Treasury, in reply, adj
nits that he did say so. He con-
cedss the fact that the legal tender
note sayarap its face that it is re-
M ~ Tor all debts, public and
lvate, except customs duties and
Interest on the public debt, but he
now holds that he said 80 on the as.
sumption that the Government of
the United States would see to il
that their legal tender notes APP
prsciated to par. 1t is very con-
senlent to Mr.. Sherman to take
this view of the matter. But when
the bondholder purchased his
bond, was he not fully aware
that he was taking his chances on
whether or no greenbacks ad-
vanced to par before the option of
the United States to pay in five or
twenty years took effect? The let
ter Of his bond simply read that he
should receive his interest in gold,
which was very good thing in
deed, considering the low figures at
(which he purchased the bonds
korigfnally. He took number of
fisks besides the liability of hav-
pg his bonds redeemed in green
Rcks which might perhaps sell at
ur or five or perhaps twenty per
pt. below par. He took the risk
he American Union falling to
YES, when he might have got
nothing. The fact is that he did
1famously well-made an excellent
bargain; and, when he assumes to
grumble, he is really INDUCING in q
deeply hypocritical game of false
pretences. He has so far got high
rsteiof interest on very low rate
OF Investment, and he knows it
the old dissembler-far better than
any newspaper writer can tell him.
While referring to this matter, in
connection with the public faith,
Il should be remembered that
>oddeus Stevens, the leader of
pdblican party in the House
\eentatives, aud the Chair
he Committee of Ways
3, stated, in his place in
some years before his
hat he drew the whole
D0vOf legislation relating to
bubble debt of the United
illegal tenders, bonds and
that, most emphatically,
u intended that the bonds
lid be payable, at the option of
yhe United States, in legal tender
notes. How could We have higher
contemporary testimony than this?
Taken in connection with the fact
that the explicit language of the
law admits of the payment of the
bonds not only in the silver dollar
which was in use when they were
issued-certainly that was "lawful
money of the United States"-but
"a greenbacks, 1t is apparent that
the capitalists are playing an
Aminadab Sleek role with the peo-
pie of the green and salad United
States.
If, in revenge for honest and cor
rect legislation, the foreign and
domestic bondholders of the United
States undertake to inaugurate a
game of vengeance; if, pursuant to
that plan, they start in to depreci-
alto the value of both silver
and greenbacks, our remedy is
a simple one. Merely let the
United States announce that they
are prepared to redeem the
bonds in silver and greenbacks
and the effort to depreciate the
value of both of those currencies
will cease at once. 1t will cease
for the simple reason that it won't
pay the bond holder to continue
the conspiracy, and discredit what
he has to take himself. He will
personally lose money by the ope-
ration and the instinct of selfish
ness will therefore restrain him.
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