The advocate and Topeka tribune., 1892-12-07

metals, nor change of weight or purity
Of metal in either gold or silver dollars,
could either deprive the country Of any
Of its rights or relieve it Of any Of its OBJ
legations in respect to bonds issued under
the act Of July IA, 1870. Nor could such
legislation build up any new rights or
break down any old ones Of the holders
Of bonds issued under that act. The very
terms, "coins of the present standard
value," used in that act to describe the
medium in which bonds issued under it
we're payable, implied not only the power
Of the government to change the "stand-
ard value" of its coins as existing July
IA, 1870, but the probability that such
changes might be made. What the act
does is to protect the holders Of bonds
issued under it from being affected by
such changes. Those bonds hold the
United States, not to pay dollars Of such
weight, purity, and material as may con-
stitute coin of the standard value when
the interest or the principal Of the bonds
falls due, but to pay, at It's option, in dol
lars Of either gold or silver, Of the weight
and purity of "coin Of the standard value
OF the United States on said July IA,
1870" II the United States should make
its money to consist Of paper, or Of plati-
mum coins, such as were formerly minted
in Russia, it must still provide gold or
silver COINS for the holders Of bonds
issued under the act Of July IA, 1870, and
of the " standard value " existing on that
day. If the United States should here
after diminish by one-hslf the weight Of
pure metal in the gold and silver dollar
the rights of the holders Of
those bonds could not be prejudiced
thereby; neither could the rights Of the
government be prejudiced under oppo-
site conditions. Under all circumstances
the holders Of those bonds have the clear
right to demand coin of the STANDARD
value" of July IA, 1870; and equally
clear is the right of the United States to
pay in coin Of gold or silver, at it's option,
Of that standard value" These rights
are the correlatives Of each other and
must stand or fall together. II the gov
ernment should refuse to pay bonds
issued under the act Of July IA, 1870, in
coin of the then "gtandard value" it
would be repudiation of the rights Of
the bondholder. If it should deny to the
nation it's option Of selecting for such
payment either gold or silver coin Of the
standard value" Of July IA, 1870, it
would be q reputation Of the rights Of
the people.
The object of the act Of July IA, 1870
was to refund the public debt at lower
rates Of interest, and the trainers Of the
act naturally desired, 30 far as they could
do so, to make the terms OF the
bonds authorized by it acceptable to the
classes of persons most likely to sub
scribe for them. 1t is well settled rule
of law in this country that public and
private contracts to pay dollars, without
\ specification of any particular kind Of
dollars, are satisfied by the payment Of
whatever may be legal dollars when the
contracts mature. The principle Of this
.ule is recognized among all civilized ma
ions. In view of this well-known rule,
md in order that the rights and duties
If both the government and the bond
,oldar ahould ba anecifcallv dainad. the |