The daily gazette., 1878-02-02

the dollar, and that such payment ais
not in violation of the public faith, nor
in derogation Of the rights Of the public
creditor
20 further. / assert without fear of
sucoessfnl contradiction that not only the
bonds issued since July IA, 1870, but also
ecery outstanding obligation of the Govern
ment to-day, with one single exception,
can be paid In such silver coin Of 412l
grains weight, nine-tenths fine to the dol
lar, without violation of public faith or
derogation Of the rights of the public
creditor. l have In my hands "State-
ment of the public debt of the United
States for the month of Decemb her, 1877, p
which SHOWS the total outstanding debt or
obligations Of the Government to be on
January l, 1873, 81, ,233 ,S02 ,692.g4, subject
to o deduction Of slS7, ,s47 ,25O.15, nut down
as "cash IN the Treasury" consisting of
"coin," Currency" currency held for
redemption of fractional currency and
especial deposit held for redemption of
certificates of deposit as provi ded by
law" and leaving s2,045, ,955, ! ,442.79 resting
upon the credit of the United States-the
shoulders of the taxpayers. Every dol
lar of this enormous sum Is in fact and in
law payable In said silver coin, excepting
only one item of S33, 424,00O -
The effect of the act of March 18, 1863,
was therefore not only to make obliga-
| lions of the Government TO the amount
of 81, ,356, ,547 ,01573, then properly and le-
| gally payable in legal-tender notes, paya-
BILE IN gold and silver coin. thereafter, but
also to add to said amount the difference
in value between legal-tender notes sf
that amount and coin Of thesame amount,
or the then premium Of gold over legal
! tender notes. l
/ In March, 1869, the premium on gold
over legaltender notes in New York City
ranged from thirty-two and a half TO
| thirty and one-fourth cents ON the dollar,
or, one dollar of one hundred cents In
gold was worth one dollar and thirty-two
and half TO thirty and one-fourth cents
| in legal-tender notes. fs isainIr lNo
Estimating the difference in value in
gold dollars and legal-tender dollars at
| thirty cents to the dollar, this act OF
March IS. 1863, added thirty cents in val.
ne to every dollar of the then debt, and
| thus increased the value of the Obhga-
| tons of the Government due from the
people to the holders of these obligations
to the amount of thirty cents on every
dollar of $2,356, ,547 ,016.73, or to the
amount of S706, ,964 ,10471 9-10 and to
! this great amount enriched the holders OF
the Government obligations, and TO the
same amount robbed the taxpayers of the
country. And yet the act is entitled "AI
act to strengthen the public credit" and
does not satisfy the bondholder because Il
did not say "gold," and ''gold alone,
instead Of Hgold and silver"
Another point just here. According to
DIR. Linderman's tables, one ounce oi
pure gold was then equivalent to lot
ounces of pure silver or, one silver dol
lar of 412l grains, nine-tenths fine to the
dollar. ..ta e
Another effect of this act was TO pledge
| the faith of the United States to nav theil
obligations in gold and silver, coin and in
either gold or siioer, at the option of the
United States, and not in gold alone.
In order to save something from the
ruin and wreck wrought by this act. 10 I,
now the imperative duty OF Congress MOI
only TO pass this resolution, but also te
restore the free coinage of the silver dol
lar, with unlimited legal-tender power
by passing the silver bin.