Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-08-28
STANLEY MATTHEW'S RES
OLUTI0N.
This Preamble and Resolution
was introduced in Congress-
December s, 1877, and pass
ed January rs, 1878, and has
Never been Repealed.


was legal tender in any amount
the Congress of the United Slater,
by two thirds vote iii IL Democratic
House aud n three fourths vote in
Republican Senate, adopted the fol
lowing preamble and resolution in.
PRODUCED i'll the Senate, by Stanley
Matthews, of Ohio:
Whereas, By the act entitled sAn
act to strengthen the public credit
approved March eighteenth, eighteen
hundred and sixty nine, it was pro
vided and declared that the faith OF
the United States was thereby solemn
ly pledged to tho payment in coin, OF
it's equivilant, of all the interest bear
ing obligations of the United States,
except i'll casses where the law author.
izing the issue of such obligations
had expressly provided That the same
might be paid in lawful money or
other currency than gold and silver
and
"Whereas, All the bonds of the
United States authorized to be issued
by tue uct entitled Gan act to author
lied the refunding of the national
debt approved July fourteenth, eigh.
teen hundred and eeventy, by the
terms of said net were declared to be
lede enable in the coin of the then
present standing value, bearing inter
est payable semi-annually III such
coin; and
"Whereas, All bonds of the Uni
ted States authorized to be issued
under the act entitled AN act to pro
vide for the resumption of specie
payments approved january II, 1875
are required to be Of the description
OF bonds of the United States describ-
cd i'll tho sail act of Congress approx
ed July IL, 1870, enitlel An act to
authoriza the refuntling OF the nation
al debt; and
"Whereas, Mt the date of the pass
age of sad net of Congress last aiore.
sail, to-wit, the 18th day Of July,
1870, tho coin of the United States
of standard value of that date includ
ed silver dollars of the weight of
Il24 grains each, declared by the
act approved January Is, 1887, eli
titled AN act supplementary to the
act entitled An act establishing n
mint and regulating the coins of the
United States to be legal tender
of payments, recording their nomi
nal value, for any sums whatever;
therefore
Resolved, BY the Senatc-tho
House of Representatives concurring
there;n-that all tho bonds of the
United States issued, or authorized
to be issued under said acts OF Con.
gress hereinbefore recited, are pay.
able, principle and interest, ut the
option OF the Government of the Uni
ted States, in silver dollars, of the
coinage of the United States, con
taining 4l24 grains each of standard
silver, and that to restore to its coin
age such silver coins rs legal ten
der in payment of said bonds, prin-
cipal and interest, is not in violation
of the public faith, nor in derogation
OF the rights of the public creditor"
This resolution WAS never recinded
and is still in force. Every bon1 is
sued since then has been issued uh
der the act which makes bonds re-.
deemable in coin, either of gold or
silver, of the stan car | value of July
IA 1870, date three years prior to
the decentralization of silver. From
that date to this, every purchaser of
the United States bond not only has
notice, printed upon this bond, that
he can not decide for himself wheth.
er it shall be paid in gold or in silver,
but that he will receive whichever is
most convenient for the Government
In addition to the notice printed up
4
on his bond, every bondholder has
had the foregoing preamble and res
olution of Congress to teach him how
false and fraudulent are the promises
made to him in newspapers and by
Presidents and Secretaries of the
Treasury that he shall be paid in gola
This notice has been standing for
eighteen years. No monometalist
has dared to offer q resolution to re
cind it. Mr.. Cleveland and the Nor
gan syndicate themselves bore tesfi.