Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-03-02
PAY THE BONDS IN SILVER.

PAY TIE BONDS IN SILVER.
Charles T.. Coon, lately Assistant Sec
retary of the Treasury, writes lengthy
letter to the New York Herald in support
of the proposition that good faith requires
that the bonded debt Of the United
States should be paid in gold, that being
the coin, and the only coin, Mr.. Coon
urges, which Congress, down TO June 10,
1877, had any thought OF when the mat
ter of the payment of our outstanding
bonds was under discussion.
To sustain his position, Mr.. Coon incor-
porates in his letter a number OF extracts
from the speeches of Senators and Rep
resentatives at the time the act to sustain
the public credit was under consideration
in Congress, and concludes as follows:
respectfully submit that in view of the
plain intent of Congress, as shown by the
debates and attendant circumstances, to-
gether with the action of the Executive;
there can be no doubt that we have agreed
to redeem these bonds in gold coin of the
present standard value, and that those who
invested their savings i'll our bonds, whether
before or after the remonetizing of silver,
rightly believe that such was the contract
between themselves and the Government.
But purposely or otherwise, Mr.. Coon,
who seems to have cvoluted out OF the
position OF Government servant into
that of an apparently well-paid agent of
the golb-bug ring of the East, overlooks
very important resolution which was
adopted by both branches of Congress in
January, 1878, and which any one may
find upon the records as follows:
WHEREAS, BY the act entitled "An Act to
strengthen the public credit" approved
March 1S, 1869, it was provided and declared
that the faith and credit of the United
States was thereby solemnly pledged to the
payment, i'll coin or its equivalent, of all the
interest bearing obligations of the United
States, except in cases where the law author
izing the issue of such obligations had e3-
pressly provided that the same might be paid
in lawful money or other currency than gold
and silver; and
WHEREAS, All the bonds of the United
States authorized to be issued by the act en-
titled "An act to authorize the refunding OF
the national debit approved July IA, is7O
by the terms of said act were declared to b'
redeemable in coin of the then presen
standard value, bearing interest payable
| semi-annually in such coin; and
WHEREAS, All bonds of the United State
authorized to be issued under the act en-
titled San act to provide for the resumption
of specie payments" approved January ID
| 1876, are required to be of the description O
bonds of the United States described in tn
said act of Congress, approved July IA, 1871
entitled "An act to authorize the refundin
of the national debt:" and
WHEREAS, At the date of the passage q
said Act of Congress last aforesaid, to-wi
the fourteenth day of July, 1870, the coin c
the United States of standard value of tha
date included silver dollars of the weight {
4l2h grains each, declared by the act al
proved January 1S, 1887, entitled "An AZ
establishing mint and regulating the coil
of the United States,'" to be legal tendt
of payment, according to their nomint
value, for any sums whatever: therefore,
Resolved by the Senate (the House of Rel
resentatives concurring therein) That all IL
bonds of the United States, issued,
authorized to be issued, under said Acts
Congress- hereinbefore recited are payabl
principal and interest, at the option of I'll
Government of the United States, in silv
dollars, of the coinage of the United State
: containing 4l2l9 grains each of standard 81
yer; and that, to restore to its coinage SUI
silver coins as legal tender in payment
said bonds, principal and interest, is not
violation of the public faith, nor in derog
ton of the rights of the public creditor.
Is it not clear from the foregoing tn
ample notice was given to all whom
might concern that this nation Won
liquidate its Indebtedness in silver ii
. so chose? And furthermore, is it n
clear that by "silvcr," the dollar
). to-day, containing 4l2la grains OF standa
v silver, was the money with which it W
: intended those bonds should be paid of
i 1t has very much that appearance to u
d The only bonds now outstanding tn
j. were issued prior to the passage OF t
. resolution above quoted, were $200,O0
600 OF As and $75 100000 OF 4s-all h
, rest are subject to payment as the reso
v ton directs, in silver, ii the Governmc
!, shall so elect. OF these / IS and As, t
l. former will become due in 1891, and wi
70 without question, be paid off in gold
% its equivalent. The $75,OO0,000 OF
IT therefore, are the only bonds TO viii
D. Mr.. Coon's argument has any practi,
- application, and in the language of
~ New York Sun, the amount is too SIN
to make it worth while to engage in a
,f dispute about them.
c. No, the Government does not sta
II pledged to pay off the national indebtc
lg ness in gold, and, with the exceptiC
ie noted, it will not so be liquidated. I
D. silver dollar, rs honest dollar as e.
70 - dropped from any mint, is good cnou
Of for the masses OF the people; it will a
n have to be good enough for the bloat
N, bondholders.