The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1878-02-22
Is the National Faith Pledged to
Pay the United states Bonds I'm

Gold:
The main argument of the anti silver
men is that the faith of the Government
is pledged to pay the United States
bonds in gold that violation of this
pleoge will be practical reputation /;
that reputation will destroy the credit
of the Government and people and in
the end cost them, nationally and indi-
vidually, more than they will lose by
enhancing the value of gold and paying
the Indebtedness in that metal only.
Even Mississippians have been told that
their State will be a heavy loser in this
way. And now let us see how complete
ly this argument is overturned by state
ment of undeniable facts showing precise
ly what were the pledges of the Govern
ment in creating this indebtedness? They
are presented in the following extract
from a speech of Mr.. Ingalls, in the
United States Senate:
1t is urged that the faith of the nation is
pledged to the payment of our bonds and
other obligations in gold. II this be true
there is an end of argument. For nations
no less than for individuals, honesty is the
best policy. The nation is
Naked, though locked up in steel,
Whose conscience with injustice is corrupted.
If we contracted to pay in gold we must
do so though it leaves US beggars. But did
we so agreeP
The act of February rs, 1862, authorizing
of thart h,i In
terest shall be paid not in gold, but coin.
That act also provides that duties on imports
shall be paid not in gold, but in coin. The
same act created the sinking fund, payable
not in gold, but coin.
The act of February II, 1862, makes its
obligations payable not in gold, but in
coin.
The act ot July II, 1862 makes its obliga-
tions payable not in gold, but coin.
The act of March 3 1864 providing for the
issue of $900,000O00, makes them payable not
in gold, but coin.
The act of March 3, 1864 for loan Of
$2OO,O0O,OOO, makes it payable not in gold,
but coin.
The act of June 80, 1864 to borrow $780,
C00000 makes it payable not in gold, but
coin.
The act of March 3, 1865, for 100000 900,
makes them payable sin coin or other law
full money!" not gold, but coin or green
backs.
The act of March IS, 1869, An act to
strengthen the public credit" ''to remove
any doubt As to the purpose of the Govern
ment to discharge all just obligations to the
public creditors, and to settle conflicting
questions and interpretations of the laws by
which such obligations have been contract
ed" solemnly pledges ''the faith CT the
United States" ''to the payment of all the
Obligations Of the United States not bearing
interest, known as United States notes."
sin coin or its equivalent" and of all inter-
est bearing obligations of the United
States, except in cases where the law au-
thoriZing the issue of any such obligation
has expressly provided that the same may
be paid in lawful money or other currency
than gold and silver"
All our debt is payable in coin. Silver
was ega! coin when the debt was contract
ed. Therefore the debt is payable in silver.
The odious cant about reputation and
dishOnor is knavish device TO intim iGate
a people who haue always respected their
oblig ations. The great Journals of Europe
entertain no such opinions. The London
Time, recently said 1T could in no sense
be called Reputation if silver were made
the sole standard OF the United States to-
morrow"