The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1896-12-24
PAYABLE IN COIN.


PAYABLE IN COIN.
The statement of James s. Cowdon,
candidate for Congress in Virginia in
the last election, that the 1878 law now
declares for the free coinage of silver,
upon careful investigation of the
laws bearing ON this subject is found
to be correct. as the reader may judge
for himself ON the following evidence:
The law of Feb. %. 1878, reads:
''That there shall be coined, at the
several mints of the United States,
silver dollars of the weight of four
hundred and twelve and half grains
troy of standard silver, as provided in
the act of Jan. IS. 1887, on which shall
be tho devices and superscriptons pro-
vided by said act; which coins. to-
gether with all silver dollars hereto
fore coined by the United States. OF
like weight and fineness, shall be
legal tender at their nominal value,
for all debts and dues public and prl-
vate except where otherwise express
ly stipulated in the contract"
The next sentence of the same act
commences with the words: "And the
Secretary of the Treasury is author
ized:" then follows description of
the purchase of from two to four
millions a month for the described
coinage Now. be it carefully noted,
that in the repeal contained in the 1880
law of part of this 1873 law, not Il
word in such repeal relates in any way
to the above quoted sentence compos-
ing the second paragraph of this ar
ticle, but relates solely and entirely to
that part of the act contained in the
purchase of the two to four millions
per month. as may be seen in the fol
lowing language quoted from the law
of July il, 1880:
Section g. That so much of the
act of Feb. %, 1878, entitled, An act
to authorize the coinage of the stand
ard silver dollar and to restore its le-
gal tender character as requires the
monthly purchase and coinage of the
same into silver dollars of not less than
two million dollars. nor more than four
million dollars worth of silver bullion,
is hereby repealed
This just quoted Section 6 is the only
repeal by Congress of any part of the
1873 law: and on its face and in good
law no other conclusion is possible
than that the first sentence above quot
ed of the 1873 law ye, remains in full
force and operation. AS may be noted
the unrepeaIed part of the 1878 law
above quoted is mandatory. The words
say. There shall be coined" leaving
our executive officers no choice in the
matter. which fact cOmpels them tC
coin such dollars when people hant
in silver bullion for the purpose. anG
at the 16 to 1 ratio of the 1887 law.
Our Bimetallic League should, conse
Quently, at once, force the executive
officers of this country to carry out
the unrepealed provisions of this 1878
law. wkich do in effect and unequiv-
ocally restore the standard silver dol
lar that was repealed in 1873. and
which are as good law in all respects
as this 1873 repeal act. If the 1873
law was operative until 1878, then the
1878 law, in its unrepealed parts. is
good law to-day, and our executive of
ficers can be compelled in our courts
to carry out this unrepealed 1873 law
to it's fullest extent and provisions.
Among these provisions is another I'M
repealed part referring to the issuance
of silver certificates to the holders of
standard silver dollars at their option.
in exchange for said silver dollars.
This is the only law that permits the
issuance of such silver certificates.
And the fact that the executive officers
of our Government have always acted
under and upon this part of the law,
and have ever since 1878 and 1890 is
sued silver certificates. proves at once
that it is considered good law to now
put into force and operation all the I'M
repealed parts of the 1878 law.
Nowfas all our bonded and currency
National Indebtedness Is payable in
coin, not gold exclusively, there can
hereafter be no legitimate excuse on
the part of any executive or admins
tratiye officer to issue bonds to get
coin. to pay any of these National debts
SO long as silver bullion can be had
from our mines and elsewhere to be
coined at 16 to l for the purpose. the
usurers of Wall and Lombard streets
to the contrary Notwithstanding
adelphia Item. !