The advocate., 1892-05-25

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strong popular demand, San act to
authorize the coinage of the standard
silver dollar, and to restore It's legal
tender character" was passed over the
presidents veto. A part of section l
reads as follows:
Be it enacted by the senate and house of
representatives, of America, in congress as
sembled, That there shall be coined at the
several mints of the United States, silver
dollars of the weight of 41215 grains, troy,
of standard silver, as provided in the act of
January 18, 1887, on which shall be the de-
vices and superscriptions provided by that
act; which coins, together with all silver
dollars heretofore coined by the United
States, Of like weight and aneness, shall be
a legal-tender at their nominal value, FOR
ALL DEBTS AND DUES PUBLIC AND PRIVATE,
except where otherwise expressly stipulated
in the contract. (The small capitals are
mine.)
Like the act 1873, this law is general in
It's nature, with an exception. Do the
bonds come under the exception? If
not, they may be paid in standard silver
dollars at maturity.
The present outstanding bonds of the
nation have been issued under and by
authority Of the act of July IA, 1870, en-
titled, IAN act to authorize the refund
ing of the national debt" and the act of
January 20, 1871, amendstory thereof.
A part of section of the funding act
reads as follows:
Be it enacted by the senate and house of
representatives of the United States of
America, in congress assembled, That
the secretary of the treasury is hereby
authorized to issue, in sum or sums not
exceeding in the aggregate $2O0,OOO,OO0,
coupon or registered bonds of the United
States, in such form as he may prescribe,
and Of denominations Of $50, or some mul-
tiple Of that sum, REDEEAABLE IN COIN OF
THE PRESENT STANDARD VALUE, at the pleas
ure Of the United States, after ten years
from the date of their issue, and bearing
interest, payable semi-annually IN SUCH
COIN, at the rate of 5 per cent. per annum;
also a sum or sums not exceeding in the
aggregate $500, 100000 of like bonds, the
same in all respects, but payable at the
pleasure Of the United States, after fifteen
years from Che date of their issue and bear
ing interest at the rate of AZ per cent. per
annum; also q sum or sums not
exceeding in the aggregate $1,00O,-
100000 of like bonds, the same in all
respects, but payable at the pleasure of the
United States, after thirty years from the
date Of their issue, and bearing interest at
the rate of per cent. per snnum, all of
which said several classes of bonds and the
interest thereon shall be exempt from the
payment Of all taxes or duties of the United
States, as well as from taxation in any form
by or under state, municipal or local
authority; and the said bonds SHALL HAVE
SET FORTH AND EXPRESSED UPON THEIR FACE
THE ABOVE SPECIFIED CONDITIONS.
The act Of 1871 merely allows the "5
per cents" to be increased to S5OOOOO,-
600, without increasing the total issue,
and permits the secretary of the treasury
to pay the interest quarterly at his dis
cretion. There is the law, and that is
the contract written In the face of the
bond. Where Is the exception? 1t can
not be found.
Both principal and interest are payable
By the termsC of the contract in coin, either
silver or gold Of the standard of July IA,
1870. Where then is there any "impair-