The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-02-23

the outstanding 500 bonds par for par,
or sold for coin, and the proceeds were to
be used in redeeming the 500 bonds.
In the first section of the law it was pro-
vided that the new bonds should be made
'redeemable in coin of the present stan
dard value" That Law, gentlemen. had
no uncertain meaning. The new bonds
were 10 be substituted for all the outstan-
ding 500 bonds They were to be sold
for coin and it was to be made part of
their language that they shall be redeem
able 10 coin Of the present standard
value" My views on this subject we're
recently considered of sufficient impor-
lance by distinguished citizen of New
York to call for a review and answer by
himself He had unquestionably given
the phraseology of the laws relating to
the bonds closer study than had Tor it
was in the line of his business and of bis
profits. had examined these laws with
no professional or business purpose, but
only as citizen, interested in the financial
policy of tie country. He found it fuse
full to his argument to show, if possible,
that the law under which the public debt
was being refunded required the bonds
to be paid in gold, He used
THIS LANGUAGE:
'Yet am supported by the opinion of
illustrious lawyers in the land that gold
payments Of the debt are required and
assured by the refunding act of 1870 itself,
which indeed mentions generally coin in
it's first section, but then in its fifth sec
ton TO carry out the act excludes silver
aud specifically commands the secretary Of
the treasury to receive only gold coin as
the coin of deposit and pawn ent
am sure it will astonish you after hearing
this passage read to learn that the fifth
section has nothing whatever to do with
the provisions and sales of the new bonds.
1t provides for this aud no more; That
the secretary of the treasury might fol
two years receive gold on deposit land
issue gold certificates bearing low rate Of
INTEREST," and that the deposit might b.
withdrawn at any time after thirty day.
upon ten days notice, and that Is PEI
cent should be retained in the treasury Il
pay the certificates and the residue useC
to redeem the $50 bonds, | was critl-
cised by this gentleman for using tn
words gold and coin as synonymous in
public speech, Yet to maintain his argu
ment he asks that it be believed tina
coin" and gold coin" are loosely use,
in the same sense in different sections o
one of the most important laws of tn
United States. Gold certificates were t
issue only upon gold deposits, but in tn
second section the bonds were to sell 70
coin, and in,the first section they were t
be redeemable in coin Of the presen
standard value" The solemn assuranc
given by that law to the public credito
was that the bonds issued under
should be redeemed in gold an
silver of the weight and fine
ness then fixed by law. Upon this sui
ject | have no new opinions to expires;
ln my letter accepting the st, Louis nom
ination for vice, president | said: "Gol
and silver are the real standard of value.
Indeed, | would rejoice if our supply c
the precious metals were sufficient for tn
wants of our trade and commerce, but W
all know that it is insufficient and that "
must also have