The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1886-02-19
uNHrBD STATES BONDs PAHABLE IN
SILVER.

t...l es.a SILVER.
A correspondent who 'is studying
che silver question:" says he stakes
issue" with q statement heretofore made
ia the DEMocRAr that the bonds Of the
United States are payable in Silvsr,and
asks for the proof. As tho best proof
Of our statement, we give below q Con-
current resolution introduced into the
United States Senate by Senator Stan.
ley Matthews, Of Ohio, on December
9th, 1877. This resolution was before
the Senate foe discussion for ssysn
weeks, and the Ablest men Of the Sem
Ats, ts,inoludiug such men as Allison, Beck,
BArnam, BAyArd, Blaine, Garland, Ferry,
Conkling, Ednunds, Hill, HoAr, Ingalls,,
Maxy, MOtrimos, Lamar, Thurman,
Windom, and OthOrs took part in the
discussion. After fall and elaborate
investigation aud discussion Of the
various acts Of Congress bearing upon
the question As whether United States
bonds are payable in silver, the rssolu-
tiOn was adopted by vote Of 43 in
favor OF and % against the resolution.
II passed the House at later date.
The following 10 the resolution:
WHEREAS, By the act entitled, "An
act to strengthen the public credit"
approved March 18th, 1869, it was
provided and declared that the faith Of
the United States was thereby sOlsmnly
pledged to the payment in coin or its
equivalent os all the intsrsst-bsaring
obligations Of the United States, except
ia cases whore the law authorized the
issue Of such obligations had expressly
provided that the same might be paid
IN lawful money or other currency than
gold and silver and
WHEREAS, All the bonds authorize2
10 be issued by tho act entitled, "An
Act to authorizs the rsfunding Of the
national debt" approved July l4th,
1870, by the terms of said acs were de-
clared to bO rsdeemable in coin Of the
then present standard value, bearing
interest payable semi-aunually 10 such
csin and
WHEREAS, ALI bonds Of the United
States authorized to be issued under tbs
act entitled, can Aot to provide for
the resumption Of specie payments, zap
proved Jan. .l4th, lS75,are required 70
be Of the description of bonds Of the
United States described in the said
act of Congress, approved July l4th,
1870, entitled can Act to authorize
the refunding of the national debt y
and
WHEREAS, At the date Of the pas,
sage Of said act Of Congress last sfors-
said, tO-wit,ths l4th day Of July, 1870,
the coin Of the United States Of stand.
ard value Of thst date included silver
dollars Of the weight Of 4l2l grain,
each, declared by the act Of Jan. 18th,
1887, entitled "An act supplementary
to the act entitled, An Act establishing
= mint and regulating the coins Of th'
United States" to be legal tender oI
payment according to their nominA
value for any sums whatever. There
fore,
Be Il rss0Ived by hs Senate, (the
House Of Representatives concurrinf
lhereiu,) That all the bonds Of the
United States issued or authorized tc
be issued under the said acts Of Con
grsss hersinbsfore rscited are payable
principal and interest, at the option o
the Government Of the United States
in silver dollars of the coinage of th,
United States, containing 4l2l graini
each Of standard silver, and that to re
store to its coinsge such silver coins a
legal tender in payment Of Hucl
bonds, principal aud interest, is not il
violation Of the public faith, nor in de
srogation Of the rights of the publ
creditor.
This was followed by the act of Fet
18th, 1873, by which silver dollar
were made legal tender "for all debt
and dues, public and private, unlsu
otherwise expressly stipulated in th
contract" This Is the law to-day, bu
1t has been violated in the interest of
special class who demand gold a. th
only ba1is Of currency and Of paymen
Of the national obligations.