New-York tribune., 1886-02-15
THE WORDS OF SEYMOUR.
UNFOLDING THE PUPLIC FAITH.
AN OLD MESSAGE THAT BEARS UPON THE PRESENT
SILVER QUESTION:.

SILVER QUESTION.
rrRoM TIE REGULAR CORRESPONDENT OF TIE TRibuTk''
ALBANY, Feb. II. - Horatio Seymours
death recalls TO the memory OF many persons
his notable acts Governor One of IN" most con-
spcuous of those acts to the Legislature
in 1864, calling upon tnat body to make provision ior
the payment in gold OF the bones OF the STATE III New
York held hy persons not living In tho United otaes
II was In war time ana the ereenback currency OF he
United States greatly deprecated IN value. MI
Seymour protested against paying on foreigners VINO
held New-YoIk bonds. purchased by them before the
began with G0lc or us equivalent Will t"o "'P''
ciated greenbacks.
MIR Sewn our I'm lis mcssacc Ech bears the date OF
Aprl 49, sea- SAYS that his attention had been called
to resolution passed by the Legislature declaring tht
no distinction shoud he made between the torel2n ana
domestic holders Of York bonds as to the currency
I'm which the prncpal and interest OF the bonds should
be pain TO the rrinc,pe laid down III this resolution
Mr. Seymour Says there he no objection oifered oil
the creditor. o the state whether they he OF
people or foreign should be alike paid, raid promptly
ami IN full all that promised thcm"
But as Mr.. Seymour Ibns ont the Legislature the
year passed resolution declaring that the
interest due to foreign holders OF New-York bonds
should be paid in gOd a1d appropriation was male
which enabled the Controller to buy the gold Domes-
tic holders Of tine bonds werc however, paid In cur
rency no appropriation being made in their behalf to
buy gold distinction TINS made by che Legslat-
creditor also greenbacks Commenting on this Gov
ernor Seymour wrote:
In practice distinction thus male between the
non -rc.lsut ere litor and the resident creditor We
Lent faltn with tue stranger who had trusted ns We
broke foith only with those OF our OSn household Iho
effect of the resolution o this year IN the absence OF any
will be that part OF the interest II be
paid rs II was promised to be Iad to wlt IN COIN or us
cuuivalcnt When sought the markets of the worn
Win our securities we pledged ourselves to redeem
them I'm the currency o the world The partial neglect
Ot plighcd faith ,ast year l. now To De follow ny an
omen refusal to pay ui our promises according 10
their plain sen The disgrace OF last year WAS itrd
IL kept within onrselve~; no" our sihr ana 'iT
honor are, T. borne IN the face o. the world look
upon tn, matter IA oi So wucn moment 10 lhe wel,nfe
Ia the character oi New l"k aug o' @ I,s p"e a'
frcl constrained 70 ask yon 10 gave the subject recon
sderaton and 10 urge You To pass
that shall enable tue ohtI oipI =" ~! ,,' III
which may fall duo before the next session OF the Leg
wear can he carried into consistently with the good
credit ni the and no di'tncti"n VIII ne maze
n ,on do not do This let ue You ia Trpydc ~
least Tor tue interest tnat Is due residents Of other
rTbc refusal 10 pay I'm con to citizens may
instiiy ilst to some nds although nor 10 NINE ~
mea sure qHdS taNatiOn special, discriminating ana
Unfair put ~ ~tAcu U} "U nr crcdttors i'm other conn
tries no sucn consideration can come IN W" nave over
them no legitimate power Of taxation; ines" creditors
o. omS have novoice nor phTt ID % n, Ip'" we we
lave no claim upOn them that they rhouli hkc snare
I'm te ulsfortunes that he;a our career They
M, ~ our u,ehod not bound to take part OF
domestic caninitics upon Tie usrlve- Ihr burdens ana
mSforunes Of this belong to uS; Is uhIehei"nS
to sh,ft any por ion Of tuciu Others who
mart of ns These furel.n creditors Of oui~ ~" strAu
gers who lrnt their money when We wAht,dl' upon
no security hut word ~ honor. u we d" not pay
them bat their money The stid letter oi onr bargain.
W. incur shame hat can never .. fcnVrn ~ IN w US
dcpIive Now York ~ an element OF strongth whloh
heretofore has been wisely used and thirh ~ people
have iound prortablcio W.T. irs nnquestionei credit
Principle and policy unlic 10 urge li' N'Ipn te'o'-
rnend yen Il Is the only way IN which M the state
can I'm truth. fudl us courartt II j. Ine only Wy IN
which Tho state can keeg itse In Io'lilon To- go to
tile market Hereafter deceutly as borrowed. To"
saving proposed hy aging IN coin Is small aud TEN
porary while the dshonor is lasting and nd the pccunnry
uss consequent mon this dslonor VII p ia ihr rid
enormous Bad faith the part OF New York the lead
ing member ~ our cohederacy must ieNluny "eAheh
greatly. II II do not destroy the cr"' o our Govern
mpu securities In foreign markets. compared with inc
inportnnce 81 THIS state action ln is Uh'ot uIon la
credit OF the the cost oi phylng oar interest
interest on policy duty u my judgment j. plain u
is m pay IN debts OF the states Ia them Ia precisely
the honor oi tho unsul ed aud 10 this plain duty
wc should hc true. cost what II may.
Mr. seymonr's words can ho recalled with remarkable
app opiaeness now when 1t is proposed to pay holders
of United ties bonds In eighty cent silver doar- In
return for the hundred cent gold dollar given Tor
those bonds The Democratic Congressman wh" axe
pressing the payment oi the bonds In silver have de-
parted tar from the STANDARD OF their candidate for
President in s6-. IIoralo Seymour.
Republican Governor. John A. DIX was as sensitive
As Governor Seymour the dshonornvolved In paying
debts with deprecated currency In hi message to the
Legislature In 1873. he thus denOuncrs the dishonest
PAYMENT 81 Ncw-York bonds with greenback- and ro-
phrticaly the payment OF United states bonis with
dcbssed sil' or dollar:
Itrust the good faith oi the State in it, fsca trans
actions Will DO scrupulOusly maintained and that tie
public creditors Will not be asked To receive depcoats
naprr I'm payment OF the debts due 10 them ~ II he usti
liable n SEASONS of public danger L. make anything but
srecie legal teDaer n contracts between lnd'hluas
thus departing from oI!ly Of value
uzed by CIVILIZED state, and the only one to which trans
nctiOns hstwocu independent communities ran he made
10 conform tue policy and Ino,"liy o continnne th'
pratce In time OF peace are both quesons9lo Indeed
difference In rincipe :, ed % co ,no
n adulteratiOn OF the ia lonal coin