The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1895-02-11
DISTRIBUTING OUR CREDIT.
The National Credit Being Steadily
Attacked IY the PRESIDENT.

Editor Constitution-Mr. Cleveland told
congress on Friday last if power be given
him within ten days to sell bonds payable
in gold only he will dispose Of some $685.
600 600 of thirty-year bonds at per cent,
but if such authority be not given him,
he will sell like amount OF thirty-year
coin bonds at per cent under the act or
January IA. 1873. at a premium which Will
yield SA per cent to the buyer.
On January H. 1884, Secretary Carlisle
called for SJ00JJ.090 , per cent ten-year
coin bonds under the act of January IL
1915, and sold them at a premium Whlch
made the annual rate of interest not more
than per cent 10 any purchaser, and
- 295 900 were sold at a lower rate OIL In
terest.
On November II, 1891. Secretary Carlisle
called TOR bids for SJ0GOU,0JJ more per
cent ten-year coin bonds under the act OF
January II, 1910, and these he sold to a
New York syndicate al a premium which
reduced the annual rate OF interest 10
2.SiS per cent.
On February S, 1895, just twelve weeks
anu two days Subsequent 10 this last bond
call, Mr. Cleveland says ne has made a
private trade with certain persons, mostly
foreigners, 10 take over 80, vJJJUU IN DOnu5
: to run three times longer, al a rate q :
per cent, ii payable III g0id Cniy, or "a
iper cent If payable in coin, IS are the last
two issues. as well every Ctner bond
now outstanding.
in November, 1S9i a bond purchaser did
take u $IUJ bond at 4 rate which re-
turned TO hiin sos year On the invest
nent; IN February, 1850, ne viii not nave
a 800 com pond AT even longer time unless
ne draws 800 as annual interest; nor viii
he give as much Tor d goid pond III Feb
ruary GS he save Tor a com DJnd IN No
femUer. whose faIlt is tl.s?
On July 1, 1870, just previous to the
funding act Of That IuuEtI, the interest
bearing dent Vi the United states announced
10 Sz.U.b s5J, -. On July I, I3.6, not quite
SIX months aIter the passage Of the Mat
thews resOiu-iCn,' hereafter quoted II was
81, iJi, t50.63u. OI TINS amount over $780,
UyJ WAS IL PEI cents and over $sy0,yJJcyO
was IN nVe per cents. hsItnIn four years
after tne adoption 81 the ''4lattnews reso-
luton" which was notice 10 tie world
that every com bJEd OF the United States
w@s lawfully payable Ia SILVER dollars. eV-
cry = per cent ana . per cent bond had
been reured. In 100 ana 1873 over Se1JvJJ,-
100 OF i per cents we're issued to retlre ,
ana D per cents, III las over SiuU,0uU,UJO 3lz
per cents were ISSUED and IN lSoS over S5lo,-
$4,000 Of per cents were ISSUED On jan
uaTy j. LISA, just before Cleveland inst
pond call, the outstanding Understanding
debt was only SJoy, y,s',sIJ, CT Wcich sO5s,-
5JJsv0 WAS ! per cents ISSUED after the
paSsa So OF inc matthews resolution, and
ala oL Il Was governed Uy the acts men
toned ia Il.
The law under which this immense in
dcDtedn.ss has Deen refunded. anu III great
part disct..Tsed, under which Mr- CiuVe-
land mace MS TWO bond sales of last year,
and under which be VIII make ms third
issue, IS the act OF July Il, l3,O, now on
the statute books Tor nearly twenty-five
years. IS d biineLalhc bona law, 6oid and
silver bond law, anu III no way SUBJECT 70
the construction that q gold Dond may be
issued under IL. Attorney General DeEenS
So uecided III haycs's administration,
agains, TIE wishes OF secretary loan oneI-
man, and congress expressed ats opinion
iyr ali tine ~-ien Il passed. tne -MIJLneWs
resolution" il 1915 " over L t"O-lnirdS
vote.
"a January IT, 1878 Hoa. Stanley Mat
thews oAeied in tine CHLed States senate
the fOuoW4ns concurrent resoiut-On-
...V.uereas, Ey tae act emIu-1 An act
to Strengthen tne pup.c cred.t,' approved
.fdrcn 10, 1919. IL s.da PROVIDED aai ue-
cFar-d tnst the IaiJh Ct tne Lu.tod states
was thereby sOie.Hiily ple'Ise4 ~ me pay
Ment III Cetn oc AS eqalEd-oH~ uI a! me
iuLcresJ-oe--G.As u1..sauou@ - thv .hlrH
St4s,.S ts.e.;;. IN cases where the law 2u-
thOrzlG-s tile Issue vi SIgE Obligations had
expressly lIoNIGe1 tEdt the same might DC
pala ~ lawful money or Other currency
than sold ana S.iEvti anu
''Whcleds. Ali tne bonds OF the Lmted
STATE. authorized To DC issued by the act
emitted .A8 act TO authorize the refund
ing o. fEo national C-ot. approved July
H. 1870 by the terms oil said act were de-
cidr.u ~ Oe redeemaDle n con OF the
tncn present standard value, bearing IN
tcTest payable Seni-dilEuaiIy III s4Cn CON-
ana
authorized to be ISSUED under -hc act entt-
a-I An act 10 plOs-de tof tie t-S14H gti1tA
OF Specie payments, approved January H.
1879. are required 80 be of tne DESCRIPTION
Of bonds Of the United states described n
"a .
H. 1870. entitled An act 20 authorize the
refqnuIns OF the national debt; and
Whereas. At the date OF the passage OF
said act Of congress last aforesaid, tJ-WlJ,
the IItn day u Jdiy, 1870. the coin OF the
United States OF standard value Of tEar
date Included silver collars of the weisnt
of H. grains each, declared b5 the act
approved January is. lN,@, cnutlcdl An act
supplementary a. the act emitted An act
establishing u mint and regulating the
coins Of the United State5.' 10 be legal
tender Of payment. according 70 their NOM
iual value ior any sums whatever; there
.fsesoIved by the senate the house OF
representatives. coucurrIng tacrein, THAT
all the bonds OF the United states issued or
authorized to be issued under the said acts
Of congress heTcnbcf0Te reei-ed are payable,
principal anu interest, at the option or the
government of the United States, IN silver
dollars Of the COHaSe o. the tnlle0
states containing 4l2t2 grains each OF
STANDARD silyer; and tnat 20 restore 10
i+s coinage such silver coins as q legal
tender in payment Of said bonds, principal
ana interest, is not in violation OF me puD-
lie faith nor in derogation OF the rights or
the public creditor.
NJ EdmunGs moved 10 strike out so
much Of the resolution as provided for
lawful payment in silver. and TO insert
provision that Az bonds should be paid lin
gold or lis equivalent. and that amy other
uayrnent without the consent Of the cred
itor would be i'm violation of the public
faith and in Eerogati0n Of his rights"
This amendment, which would have COM
nletelv subverted the resolution. was lost.
IS ayes to Is noes, and the resolution was
PASSED by g ayes 20 - noes. 1t passed the
house. Of representatives,, just as II came
from the senate. on January -, 1878, by
1S9 ayes TO e noes.
This concurrent resolution was passed be
fore the Biand-AlIison act Of February Is,
1878. making silver fun legal tender. and
has not been altered or repealed, directly
or inferentiany, by any subsequent action
Of congress.
While this resolution was fresh IN the
minds of capitalists and investors, at home
and abroad and when our interest-bearing
debt was nearly SiSo00j0.eGG, the govern
rnent had no difficulty IN issuing new
bonds to the amount of over I,5Jooooc0O
at the interest of 81 and ~ per cent TO