The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1896-04-30
BEN HILL ON BOND PAYMENTS.
Said They We're Clearly Payable In the
Terms of the Contract.

Said They We're Clearly Payable In the
Terms of the Contract.
Secretary Smith quotes from n sneecb
OF the late Senator Benjamin II. Hill
to justify the formers sudden CONVEX.
sion against free coinage. In the same
address from which Senator Smith
quotes Mr.. Hill spoke as follows:
"There is another style Of argument
to which wish to express my utter dis
sent There are some who claim that
under these laws us they exist the
bonds are now payable in gold alone.
In my Judgment that is a totally unten-
able position. 1t is true, I admit that
you cannot pay the bonds in what was
not coin, but if silver is restored to the
coinage, that moment the bonds are
payable in silver as we'll as gold be.
cause the pledge in the act of 1860 is
not to pay in gold, is not to pay in sill
yer. but to pay in coin, and both silver
and gold are coin So the act Of 1870
says that this bond is redeemable in
coin Silver at that time was of as
much value as gold, and the best way
for everybody to meet this question is
to meet it according to the facts. There
is not judge OH earth who would not
hold that coin in the act of 1869 and
the act of 1870 meant gold and silver.
You may. by virtue of your sovereign
power, have right to strike either from
the coinage, but if both are coined. then
the bond is payable in either and that
position Is the true one-the correct one.
Gentlemen who are anxious for the
credit of the nation do an Injustice
when they charge bad faith upon the
government simply because it stands to
its contract. There is no bad faith in
executing the contract
"There is another thing I wish to say
which has not been said. 1t is said, in
crease the weight Of the silver dollar be-
fore you pay it to the bondholders.
Under the act of 1869 all bonds is
sued before that day, or which have not
been refunded under the act of 1870.
are payable in gold or silver ut whatever
is the standard value of silver and gold
when the bond is paid. But that rule
does not apply to the bonds that have
been issued under the act of 1870, be-
cause that act expressly says they shall
be redeemable in coin at the standard
' "AuS VI thaV uuy -llldU Is, LII silver OF
4l2n grains, in gold of 25.S grains.
You cannot change that act by changing
your coinage law. That is fixed. You
may pass my friends (Mr Eaton's) bill
to make silver dollar of 40 grains,
but the bondholder is not entitled to
440 grains He is only entitled to 412%,
because that was the standard of value
in 1870.
Though silver may fall in CONNER
cial value to so per cent on the dollar,
still if the United States chooses to paw
Ill that coin she has the legal naked right |
to pay in silver worth so per cent, so it
4l21a grains. That is the true
of the contract. If silver
decreases i'll value, the bondholders can
only get 412H grains to the dollar. If
silver increases in value, the bondholder
can still get his 412Ia grains, because
that was the standard value of the silver
dollar in 1870. That any lawyer or any
Judge on earth, believe, will be COM
PEELED to say. From Address of Sena-
tor Hill, Delivered in Senate Feb. 8.
1878.