The comet. (Johnson City, Tenn.) 1884-1916, 1896-08-06
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On the 9th day of December, 1877,
Hon. Stanley Matthews, senator from
Ohio, and afterward q justice of the SUI
preme court of the United States, in
troduced into the senate of the United
States the following PREAMBLE and
resolution:
Whereas, By the act entitled AN
act to strengthen the public credit, APP
proved March 1S, 1869, it was provided
and declared that the faith of the Uni
ted States was thereby solemnly pledged
to the payment in coin or it's equivalent
of all the Understanding obligations
of the United States, except in cases
where the law authorizing the issue of
such obligations had expressly pro-
vided that the same might be paid in
lawful money or other currency than
gold or silver and
'"Whereas, All the bonds of the Uni
ted States authorized to be issued by
the act entitled AN act to authorize the
refunding of the national debt, ap-
proved July IA, 1870, by the terms of
said act were declared to be redeemable
in coin of the then present standard
value, bearing interest payable semi
annually in such coin ; and
"Whereas, All bonds of the United
States authorized to be issued under
the act entitled AN act to provide for
the resumption of specie payment, ap-
proved January Ia, 1875, are required
to be of the description of bonds of the
United States described in the said act
of congress approved July "A, 1870, en-
titled 'An act to authorize the refund
ing of the national debt ) and
Whereas, At the date of the passage
of said act of congress last aforesaid, to
wit, the 14th of July, 1870, the coin of
the United States of standard value of
that date included silver dollars of the
weight of 412R grains each, as declared
by the act approved January 10, 1887,
entitled AN act supplementary to the
act entitled can act establishing mint
and regulating the coins of the United
States, 90 to be legal tender of pay
ment according to their nominal value
for any sums whatever; therefore
be it
Resolved by the senate (the house
of representatives concurring therein,
That all bonds of the United States
issued or authorized to be issued under
the said acts of congress hereinbefore
recited are payable, principal and in
terest, at the option of the government
OF the United States in silver dollars of
the coinage of the United States con-
tanning 4129 grains each of standard
silver, and that to restore to its coinage
such silver coins as legal tender in
payment of said bonds, principal and
interest, is not in violation of the pub
lie faith nor in derogation to the rights
of the public creditor"
On the 25th of January, after many
unsuccessful attempts at amendment,
this PREAMBLE and resolution were
adopted by the senate precisely as they
read above, The vote stood AZ yeas, 20
nays and IA absent.
Of the absentees it was announced on
the floor that Cockrell, Harris and
Patterson would have voted for the
resolution, while Butler, Hoar and
Whyte, who were paired with them,
would have voted against the resolu-
ton. Those who neither voted nol
were paired were: Garland, Hill,
Ingalls, (r.) Kellogg (r.) Mcpherson,
Randolph, Sharon (r.) Withers.
1t will be seen that of the yeas Is
were republicans and of the nays Il
were republicans. OF the pairs one
republican voted on each side. We
call attention to the fact that this
resolution received the support OF
Senators Matthews and Thurman OF
Ohio, Mcdonald and Voorhees, OF
Indiana, Oglesby and Davis of Illinois
Ferry of Michigan, Cameron and Howe
of Wisconsin, McMillin of Minnesota
and Allison and Kirkwood of Iowa
These are the great middle western
states in which the people are nov
asked to say that the great statesmen
above named were all wrong, and tina
the bonds are not payable at the option
of the government in silver dollars, bu
that they are all payable in gold coli
at whatever price it has to be bought o,
the little handful of men who contro
the worlds supply.
On the 2Sth of January the PREAMBLE
and resolution were adopted by TIA,
house of representatives without
amendment by a vote of 1889 yeas, u
nays and "a not voting.
Among those who voted for it will be
found the name of that distinguished
gold bug, the Hon. Charles Foster o.
Ohio, afterward secretary Of the treas
ury under Harrison. He was the frs
secretary of the treasury to discove
that the option reserved by the govern
ment to redeem greenbacks in silve
dollars was reserved for the purpose o
giving it away to the holder Of tn
note, who has from that time forward