The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1895-02-20
Hon. G harles Devens,
Attorney General.
Department of Justice,

Washington, April 26, 1877.
Sir: In answer to your letter of the
21st inst requesting my opinion upon
the following question growing out of
"Can stipulate in the body OF the 4
per cent. bonds about to be issued that
they shall be redeemable in coin of the
present value, that is, the standard
value at the date of their issue, or must
it be the date of the law?" I have the
honor to reply:
The act provides for the issue of bonds
redeemable in coin OF the present stan
dard value" The word present. un--
doubleday refers as matter of date to
the time when the act was passed, and
not to the time when the bonds were
thereafter issued. 1t contemplated that
long period would elapse before it
would finally be carried into effect, and
that changes in the coinage of The
country might occur during that period.
Whatever changes in the coinage should
occur, these bonds were, however, to be
redeemed in coin of the standard value
as it existed at the date of the act. BY
this provision the holder was guarded
against any depreciation that might take
place in the value of the coin, ana the
government would not be compelled
to pay the additional value should the
coinage be appreciated. All the bonds
AoSdCQ uAdCA uAC dOb WCIO W SGdHU dlIk6,
no matter what was the date when such
bonds were issued. Each was to be re-
deemable in coin which was included in
the authorized coinage of the country
at the date referred to, it being of the
standard value as it then existed. Since
the law was passed, no change has taken
place in the standard value OF the coin.
1t has been further provided by the
statute of February 18th, 1873 (Revise d
Statutes, sections 1855, 1856, that, "The
silver coins of the United States shall
be legal tender at their nominal value
for any amount not exceeding SIS in any
one payment"
Notwithstanding this practical change
in the coinage of the country and the
passage of this act in regard to legal
tenders, the form of bond to be issued
the mode in which. it is to be redeemed
is concerned. 1t was not intended that
this should be varied according to the
changes which might be made in the
coinage, because a definite rule was
given by reference to the coin of a par
ticular date. That which will pay the
bonds heretofore issued under this act
will pay the bonds which you may here
after issue.
1t cannot be authoritatively said that
the words Payable IN coin" or "Paya-
BILE in goldn are equivalent to the words
used by the statute.
Even if this leaves open for discussion
the question whether bonds issued under
this act are or are not redeemable in sill
YER coin of the character aud standard
which existed July IA, 1870, it is not a
doubt which it is in your power t /, reme-
dy by the use of words in the bond other
than those which this statute provides.
While I comprehend the difficulty sug-
gested in your letter and the convenience
that there might be in removing any
question upon this matter / am, there
fore. of opinion that it would not he
safe to issue the bonds, except as redeem
able in coin of the standard value of
July 4, 1870.
Very respectfully,
your obedient servant,
CHAS. DEVENS,
Attorney. General.
Fl on. John Sherman,
Secretary of the Treasury.