People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1893-03-03
The Sale of Bonds.

| lions or the country, Nortn, OOutn,
East and West, manifested so much
general concern as they have over
the proposed sale of bonds. They
have awakened from a dream of
fancied security to a realizing sense
that all their toll, all their economy,
and all the hard lines they have en-
dured have counted for naught, and
the hopes of the future have been
crushed in pieces through the treach-
cry and corruption that has domi-
mated the legislation and admins
tration of the laws during the past
thirty years. The national debt In
1866, consisting of interest and non
interest bearing obligations, as the
Treasury designates them, was 49,
783,000,000. We have paid on the
principal about 81, 800,000,O00, about
$2,600,000,000 as interest, and $780,
100000 as premiums On bonds
bought, or grand total of about
$5,000,000,000, or nearly twice the
amount of the original debt, and are
now threatened with an additional
issue of bonds. These bonds are to
be issued not for the purpose of
liquidating an obligation, but for the
purpose of buying gold to hoard in
the Treasury. Such proposition is
neither honest nor lawful, and should
meet with the severest ccndemna-
ton from every one. These bonds
are to be sold for gold to maintain,
as it is alleged, gold payments, while
there is not a bond or any other
form of indebtedness that is not
payable in coin, which means either
gold or silver.
Hon. Edwards Pierrepont, At
torney-General of the United States,
and Minister to England, in a letter
to the New York Times of April
IS, 1884, says:
There is not an outstanding bond,
coupon or greenback issued by the
United States which may not be law
fully paid in silver. Not one of them on
its face or back, or in the statute au-
thorizing the issue, or in declaration, or
in resolution of Congress, has any pro-
viso that they shall be paid in gold.
And the act of February %, 1878, di-
recting the coinage of silver dollars,
declared that such dollars shall be
81 FO1
all debts and dues, public and private,
except where otherwise expressly stipu
lated in the contract.
The most conclusive evidence of
all is the following resolution. This
completely explodes the idea of
single standard CT gold in payment
for bonds.
The following resolution passed
the United States Senate January
IS, 1878, and the House Of Repre-
sentatives January %, 1873, by
vote of ~ to 20 in the Senate and
189 to 70 in the House:
That all the bonds of the United States
issued or authorized to be issued under
the said acts of Congress hereinbefore
recited are payable, principal and in
terest, at the option of the Government
of the United States, in silver dollars of
the coinage of the Untitled States, con-
tanning 4123 CRANES each of standard
silver; and that to restore to its coinage
such silver coins as legal tender in
payment of said bonds, principal and
interest. is not in violation of the public
faith nor in derogation of the rights of
the public creditor.
The following is the contract on
every bond of the United States out
standing at the present time except
ing the rate of interest on those ex-
tended at 2 per cent:
This bond is issued in accordance with
the provisions Of an act of Congress en-
titled can act to authorize the refund
ing of the national debt, approved July
the 18th, 1902 amended by an act
approved January the Goth, 1871, and
is redeemable at the pleasure of the
United States, after the first day of
July, A. D., 1907, in coin of the STAN
dard value OF the United States on said
July the 18th, 1870, with interest in such
coin from the day of the date hereof at
the rate of 4 per centum per annum,
payable quarterly on the first day of
October, January, April and July in
each year. The principal and interest
are exempt from they payment of all
taxes or duties of the United States as
well as from taxation in any form by or
uuder State, municipal or local au-
thority.
Mark the language, SIN coin Of the
standard vdy1e on said July IA,
1870" What was that value? Just
the same as now-412 ID grams of
silver or Is $40 grains of gold
nine parts fine. That is the contract
to-day. The United States notes or
greenbacks are also redeemable in
coin as plainly stated in section of
the resumption act of 1875. That
act directly provides that the Secre-
tary of the Treasury shall redeem in
coin the "ZegaJ tender notes then out
standings" and the law cannot be
warped to include the notes issued
under the silver purchase act of
1890. With these cold facts stand
ing squarely before us may we not
ask why this purchase of gold? The
answer comes at once it is not to
maintain gold payments at home. but