The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1896-07-10
THE BOND AID CONTRACT
What the Law Declares ana What the Pso-
pie Promised to Do.
Congress Has Declared in no Uncertain
Tone inst It's Bonds aFs Payable
ia Either Gold or Silver Coin
ct Its Option.

tlzation OF siiVer-the congress Of the
United States, by a tWO-thirds vote in
a republican senate, adopted the fol-
lowing preamble and resolution intro
duced in the senate by Stanley Mat
thews, of Ohio:
whereas, By the act entitled 'An
act to strengthen the public credit
approved March Is, 1869, it vas pro-
vided and declared that the faith of
the United States was thereby solemn
ly pledged to the payment in coin, or
its equivalent, of all the interest-bear-
ing obligations of the United States,
except in cases where the law authoriz-
ing the issue of such obligations had
expressly provided that the same might
be paid in lawful money or other cur
reney than gold an silver; and
"Whereas, ALI the bonds of the
United States authorized to be issued
by the act entitled An act to authorize
the Fefunding of the national debt sp-
proved July IA, 1870, by the terms Of
said act were declared to be redeem
able in coin of the then present stand
ard value, bearing interest payable
semi-gnnually in such coin; and
whereas, ALI bonds of the United
States authorized to be issued under
the act entitled AN act to provide for
the resumption Of specie payments,
approved 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 IA, 1870, en-
titled AN act to authorize the funding
of the national debit; and
"Whereas, At the date of the passage
of said act Of congress last aforesaid,
tO-wit, the 14th day of July, 1870, the
coin of the United States of standard
value of that date included silver dol
lars Of the weight Of 1929 grains each,
declared by the act approved January
Is, 1887, entitled AN act supplementary
to an act entitled AN act establishing
a mint and regulating the coins of the
United States to be a legal tender Of
payments, according to their nominal
value, for any sums Whatever therefore
"ResOlVed, By the senate (the house
of representatives Concurring therein),
that all the bonds of the United States
issued, or authorized to be issued, IN
der the said acts of congress hereInbe-
fore recited, are payable, principle and
interest, at the option of the govern
ment of the United States, in silver
dollars, of the coinage of the United
States, containing 1928 grains each of
standing silver, and that to restore to
its coinage such silver coins as a legal
tender in payment of said bonds, prin-
cipai and interest, is not in violation
of the public faith, nor in derOgation
Of the rights of the public creditors"
This was an explicit and authorita-
tive construction by both houses of
congress of the contract contained in
the bonds of the United States issued
up to that time. Every bond issued
since then has been issued in the same
form, and has the declaration on its
face that it is issued under the act
which makes bonds redeemsbIe in
coin, either of gold or silver, of the
standard value of July IA, 1870, date
three years prior to the demonstration
of silver. From that date to this every
purchaser Of a United States bond not
only has notice, printed upon this
bond, that he cannot decide for himself
whether it shall be paid in gold or in
silver, but that he viii receive which
ever is most convenient for the govern
ment. In addition to the notice print
cd upon his bond, every b0ndholder
has had the foregoing preamble and re-
solution of congress TO teach him how
false and fraudulent are the promises
made TO him in newspapers and by
presidents and secretaries Of the treas
ury that he shall be paid in gold. This
notice has been standing for IS years.
No gold monometallist has dared to
offer a resolution TO Fescind it. Mr.
Cleveland and the Morgan syndicate
themselves bore testimony that the
bonds we're not payable in gold when
they besst congress last year and the
year before to pass a law making them
| payable in gold. It viii be remembered
that Mr.. Cleveland leCtuFed congress
severely on this subject, and plainly
declared that the reason he could not
sell the bonds at a higher price was be-
cause they we're not payable in gold.
An efost to make them payable in gold
vas defeated in congress.
It remained for the national repub-
lioan convention of 1886 TO pledge
itself 70 the alteration Of this contract
between the government and the
money lenders. During all the pre-
| iimiReEy discussions on the financial
pIanL. I'm the platform at ST. I.1nis not