The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-05-27

IL not only provided that all the bonds
It authorized should be payable in coin
Cuf either gold OF silver), bat It declared
that the coins must he of the standard
value of that date This provision was
insertei at the instance Of tie operators
in nIs, and was dons to guard against
any reduction of the weight or fl iteness
of the coin. All the bonds Of the United
States issued since that time bave been
issued under the provisions of that act.
The resumption act Of 1875 authorized
the issue Of bonds in aid Of the resump-
tion of specie payment, and IL especially
provided that they should be issued
upon the terms and conditions Of the
act Of July IA, 1870. Every bond Of the
United States, therefore, which has teen
issued at any time during the last twenty
seven years, has printed upon it the fol-
loving language: This bond is issued
in accordance with the provisions of an
act Of Congress entitled An act to author
ize the refunding OF the national debt
approved July IA, 1870, amended by an
act approved January 90, 1871, and
redeemsble at the Treasury Of the United
States after (stating such number Of
years as applied to the various descrip-
ions of bonds whose issue was provided
for in the act), in coin Of the standard
value of the Uuited states on said July
IA, 1870"
There is nothing obscure or difficult to
understand in this language. Whatever
was the coin Of the United States on the
14sh of July, 1870, is the coin In which
all the bonds are payable, and those
coins included the standard silver dol
lar Of 4l2I gr ins.
In 1877 Mr.. Sherman, being then Sec
retary of the Treasury, developed
flaming zeal for the gold standard. Some
thing had changed his opinion He no
longer thought as he did in 1868, that
the bondholder violates his promise
when he refuses to take the same kind Of
money he pays for the bonds
He no longer thought I'VE ought not to
be deferred from doing whaty is right
by the fear of undeserved epithets." He
no longer maintained that If che bond
holder can legally demand only the kind
of money ne paid then be is repudiatJ
and extortioner to demand money more
than he gave. The money kings
had evidently pIicked his conscience. 1t
is true be had by fraud on congress,
abolished the silver dollar In 1878 after
several previous furtive and unsuccess-
fol attempts. Bot in 1877 he became the
importunate representative of the bond
holders, an example which has been
faithfully followed by all of his sue es1-
ors in the Treasury department. On the
27th of April, 1877, he addressed n letter
to Attorney General DeveDs, in which
he asked whether he could make the
bonds he was about to issue payable in
gold. He said:
Some doubts have been expressed
upon whether previous bonds issued un-
der acts passed prior to 1873 are not
legally payable In silver coin. This ques-
ton may become important, as any
doubt upon the legal terms Of a p1blic
security affects its value"
To this the Attorney General replied |
that lit would not be safe to issue the
bonds except as redGemabe in coin Of
The standard value Of July /, 1870.
Thus admonished, Secretary Sherman
obeyed the law and ell the bonds issued
Oy him had printed upon them the
words, Reueemable in c2in Of the stand
Ard value of the United States on July
IA, 1870"
In 1873, the Senate by vote Of 4S to
.s, and the House of Representatives,
1y a vote of 1S9 to 70, adopted resolu-
ion that the bonds Of the United States
'ould ell be legally and justly paid in
standard silver dollars of 4121a grains
zach. This was in January, 1878. Dur
DR the following month an act was
passed restoring the clinage of the silver
iollar. Although President Hayes
'etoed the bill, presumably under the
'dvice of the Secretary Of the Treasury,
Tohn Sherman, 1t passed both Houses
# Congress over his veto, ana became
he law February 2S, 1878. On the 10Th
f Marcn, 1878, Mr.. Sherman appeared
" invitation before the S enate com nit
go on finance, where, in response to
questions, be said among other things:
THE silver bill satisfied strong pub
ic demand for bimetallic money, and
hat demand is no doubt largely sectional.
10 doubt. there is difference of opin-
on between the West and the South and
he East on this subject, but the desire
or reconciliation of silver was almost
universal. In government like ours it is
lways good to obey the popular current,
nd that has been done, think, by the
assage Of the silver bill. Resumption
an be maintained more easily upon a
.ouble standard than upon single
tandard."
He then explained how much easisr it
vas to maintain specie payments under
he donble standard than under tho
ingle standard. He said
Resumption can be maintained more
asily upon double standard than upon
single standard. The hulKy character
f silver would prevent payments In it,
While gold, being more portable, would