The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-06

The Hon, oliver T., Morton, 0f india
ma, nuahted out ia thla Chamber four
j distinct nota at t'GngfpHH under which
| lle t0ntended there Wna vested right ~
the people 60 pay the bonds Ia legal
| tender nutes,
And now ! rfHpand the question. II
! IL either intended hy this bill 70 make
a now contract 90 u - not " II " lHt'br
| ded so make u uaW contract, J protest
against it"
| we shuuld ia fUti Injustice ~ Vie
| government ahi The people 9f ~" ~
| ted MATES after Wn imta sed ilHHe
| honds on 40 average For h0i nor" llhh
| Go eehs HH the dollar H0H ~ max" q
/ hcW Cuhirdgt FOR lie hebfht " tltf l1'I.
4 eTs.h
I This was man rf large influence ~
/ tle councils ~ iha tleiHibliehh iaf'F, .
! WAf governor, q Hait " hlHIl W 500 WiH
! Aud learning aud character lIf DE-
| naHeBi tin matiHg ~ y beH contract
| as \ fNHi ittiHHRbH ~ tho bepttl" ~ tho
| ttNitpi EtAtps, and tD reminded the
! Senate what llr FH6HtH from Mh"an
! iiusaiiH sepina ~ have Forgotten ~ ~
! tBasl N7tlph tu his niFfndR ignored, fhHt
| oai thn aFprape flin h0Hds were bWuRbf
| az aiAut go oHutA Oh the dollar. Sixty
! nut a. HiHht The ligI-soHudHR pleas
of equity aud honor $50 often sounded m
! or ears
| AgniH sad Atr, Norton
II gives TO thGze laws n construction
| ,la ot believe in aud that ] have
phown ia contrndicted by at least four
acts of Congress.
AeAn.
"Sr. t. IN UNDERSTOOD / believe. that
| the pneEagc Of a liI of this kind would
| have the effect in Europe, where orr IL
nancial questions are not understood, ~
| increase the demand, and that will en-
| able the great operators to sell the bonds
! they have on hand at n profit"
at is in the nature Of a brokers' Opc-
ration. 1t ia bull movement intended
/ to put mp the prices of bonds for the
! interest of parties dealing i'm them. This
! great interest is laundering Mt the doors
! of Congress, and has for many months
I and by every means been attempting TO
| drive MS into legislation for the purpose
| of making money for the great opera
| tors. That is what it means, and moth
ing else"
Indeed. there was unanim!ty in the
i Senate Of the United States when, n
/ 1869. the act to strengthen the public
| credit was passed upon one point-those
/ for greenbacks and those for hard mon
ey all cOncurred-that this money meant
1 silver ais we'll as gold; and, indeed, we
need not be Informed that such is the
case. for such rs the express language
/ of the statute itself.
I turn now to the second act. the act
of July IA, 1870. which is mentioned in
/ the resolution, being the act to authorize
the refunding of the national debt The
| bonds provided for in that act are made
| ''redeemaIble in coin of present standard
value" and the interest is made payable
| 'semi-annually in such COIN" that is,
/ Of present standard value that is, of the
standard value of July IA. 1870. Stand
| ard value, not market value; present
| standard not future standard; coin, not
gold coin. not silver coin, but coin
| whether of gold or silver, indifferently
1 taken
! Why do bondholders and money lend
ers put in their contracts req1Iisition CT
| present standard value ls measures Of
| payment? Obviously to prevent posi-
/ BILE change i'm the standard by legisa-
! ton from bringing them Il less amount
/ of metal 1t is a bad rude that does not
work both ways
| up OMItu put GICSCht cNftiiu-
/ ard value" in their contracts to destroy
/ the motive in the mOneyed class to
| change the standard for their own bene-
! fit; it warned them beforehand as to
the precise standard by which they
would be paid: and where can astute and
greedy sophistry find anything in this
| statute to argue from that even if we
| changed our standard it should be given
1 ex post fact0 application to measure
! payments and liens which have already
/ been measured and provided for accord
! ing to n specifically manned and identified
| standard then in vogue and referred to
| as the standard in those contracts!
The third act referred to in the resolu-
/ ton before us is that of january II,
/ 1876, for the resumption of specie pay
4 mcnts. There is often much even in the
1 title of an act or i'll the common name
/ by which the act is called. There is
much in this title and in this name. 1t
| was for the resumption of specie pay
mcnts, not for the resumption of gold
i payments We had never had gold pay
/ ments to resume. 1t was not for the re-
sumption of silver payments. We had
| never had silver payments to resume.
! 1t was for the resumption of specie pay
! ments. and by historic definition that
very II; y &c applied to gold and silver
/ coin.
! That act specifically required that sill
! yer should be coined in 10, %, and 80
| cent coins, to redeem fractional curren-
| cy of similar denominations; it repealed
| the limit on the aggregate of national
bank circulation; it fixed a limit of three
| hundred millions on the amount of Treas
ury notes to be continued in circulation;
| it provided for the redemption lin coin
of greenbacks then outstanding on and
after January /, 1879; it appropriated
amy surplus revenue in the Treasury
to redemption purposes; not gold or s!l-
ver but ANY surplus money" and in
describing the bonds to he issued 1t
reached back to July IA, 1870, before
silver had been tempered with, and au-
thorized the Secretary of the Treasury
to issue bonds such as are described in
that act ito authorize the refunding of
the national debt, with like qualities,
privileges, exemptions"
1t is a general principle of law apply
ing to deeds and wills and contracts. 1t
is Il general principle of the moral law,
as we'll as of the common law and of the