The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-12
Shall the Bonds BE Paid In GoIds

Shall the Bonds BE Paid In GOIds
The concurrent resolution introduced
into the Senate yesterday by Senator Hin
presents squarely the question as to
whether II is the purpose Of
this country to carry out in
good faith its contracts with its
creditors The resolution recites that it is
the sense Of congress that the bonds
outstanding and those that may be issued
shall be paid in gold. even though silver
should not be at parity with gold.
The silverites now have an opportunity
Of saying whether or not they are in
favor Of the government dealing honest
ly with its creditors. There is no doubt
that the faith Of the government Is
pledged TO pay the bonds in the best
money, and there is no question that gold
is the best money. Those that have been
paid have been paid in gold
or its equivalent - showing that
in all the years 0hce the bonds
were issued there has never been
any question as TO the kind of money in
which they should be paid. While it is
true that the bonds call for coin, stim,
tically only gold coin. Neither the gov
eminent nor the purchasers of the bonds
had a doubt that coin meant gold or its
equivalent To say now, therefore, that
the bonds shall be paid in silver even
though silver should part company with
gold and have only half the debt paying
power Of gold, would be reputation.
There is no argument that would satisfy
any fair minded man that If the govern
ment should make such a declaration It
would not be guilty Of bad faith and
actual dishonesty.
1t may be that some Of the outstanding
bonds were bought with deprecated
greenbacks. but the most of them were
not, and the original holders Of them
doubtless disposed of them long ago.
Those who now hold them paid for
them in gold, or its equivalent. They did
so on the understanding that the prln-
cipal and interest of them would be paid
In gold, or money as good as gold.
The silverites may argue that gold has
appreciated and that the commercial
value of a silver dollar now is as great
as was the value of a gold dollar a few
years ago. The assertion Is not true, and
even if it We're 1t would not relieve the
government of the stain OF reputation.
The declaIati in the national demo-
cratic and national republican platforms,
that the debt-paying power OF the
silver dollar shall be kept at a parity
with the debt-paylng power OF the gold
dollar, Indicate clearly what the under
standing of the whole country has been
and stll is as to the kind or money in
which the obligations Of the government
shall be paid.
That part of Senator HIS resolution
which deals with bonds which may be
issued. while It is very important, is not
of so much consequence as that which
refers to bonds that are outstanding, be-
cause If congress should decide that
bonds hereafter Issued are not necessarily
to be paid in gold those taking them
would do 80 with the understanding that
the bonds might be paid in silver. even
though a silver dollar should have only
half of the debt-paying power of gold
dollar.
Senator HnIs resolution, If passed, is
likely to be productive of a notable debate,
but we do not believe that congress will
make the mistake of sanctioning pol
icy Of reputation.