The Portland daily press., 1895-02-18

ecutive officers of the government would
give heed to it without specific legisla-
tion to compel them TO. There WAS only
one way by which the government could
maintain the parity of the two coins,
and that was by treating them as inter
changeable. and paying cut whichever
the creditors asked for, and when Con-
gress declared the intention of the gov
eminent to be to maintain the parity of
the two coins, it pledged the govern
ment to this policy as the only one
which could preserve their parity. What
the government said was that we will
discriminate neither against, nor in favor,
of either coin. The only possible way to
live up to this declaration is to allow the
creditor to have whichever he asks for.
If the government should insist on CIV
ing gold when the creditor asked for sill
yer, or silver when the creditor asked for
gold, it would indicate preference on
it's part that would be discrimination in
favor or against one of the metals. The
government has not declared that
nobody else snall discriminate against
one Of these coins, but has said that
SO far as it is concerned theys hall be
treated as interchangeable.
In the second place, we say that our
construction of this law as pledge has
the sanction of the ways and means
committee of the House of Representa-
tives, which only last week used that
in 70
port in favor of distinctive gold bond,
it used this language:
1t is not believed by the committee
that the issue of bonds specifically pay
able in gold will impose any additional
burden or liability upon the government
than if they are payable IN coin. under
it's pledge and policy to preserve the
parity, OF the coins of the two metals.
So much for the pledge of the Sherman
law. Now, back of this pledge, we
claim is moral obligation to pay these
bonds in gold, arising under the act Of
1869, entitled an act to strengthen. the
public credit. 1t will be 1emem bered
that President johnson i'll message tc
Congress recommended the payment OF
the principal of the bonds in green backs
Congress repudiated this idea, and, tc
set at rest all doubts, passed joint re-
solution declaring that the faith of the
United States is solemnly pledged to
the payment in coin or it's equivalent,
all interest bearing obligations of the
United States, except when the contract
expressly stipulated THAT they might be
aid in lawful money.
The word coin is here used, but the
general understanding at that time was
that coin meant gold. That was the
| only coin in general use. Up to that time,
and for several years after, the total
coinage of silver dollars had been but
a. little over 100000, SO that practical
| ly, at that time, by coin, was mean,
gold. The discussion upon the resolution
showed also that the general understand
| ing was that coin meant gold. Senator
Williams thus stated the question:
Was it the general expectation of the
| country that those bonds would be can
celled by promises of the government de
| preciated in value, or was it the genera
understanding that they would be pait
in gold or its equivalent?
And again, referring to the resolution
he said
1t is simply pledge on the part of tb,
government that these bonds, when they
are paid, shall be paid in gold or it,
equivalent here is solemn
pledge of this nation, made at this time
TO be noticed by the whole world, tina
| the government of the United States
will redeem all its promises, withou
| Sr+5 M L.,
nized as such by the world.
| In 1870, when the refunding act wa
passed, gold was practically the onl.
coin in existence az money, and the I'm
Outstanding was then as clear as in 1869
when the act to strengthen the pub
lie credit was passed that payment wa
to be made in gold or it's equivalent. o
course the payment of these bonds il
silver would be within the,letter of tn
law, just as the payment of the bond
issued before 1869 in lawful none,
would probably have been within tn
letter of the law, but their payment il
deprecated silver would, we contend, b.
a breach of good. faith. AS regards At
torney General Devens's opinion it i
sufficient to say that the government ha
never acted upon it.
| The contention that the government il
under obligation to pay in the coin tina
will impose the least burden on the peo
pie is practically the same as that OF
which President johnson relied when h.
recommended the payment Of the deb
in green backs. A more just rule, in cas-
of obscurity in the letter of of contract
we believe, is for government
or an individual to pay in the kind o
money that the circumstances surround
| ing the contract show was intended.
| NAMES GREAT MEN.