The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-02-08

of the standard silver dollar 1WI d..
store It's Iecal-tcndcr character tI. ..
tract of the United States with .~ ...
itors remained the same. atHl a1 ..-
contracts were made on tn" >-nn -f...
"a basis. \ suspension If tho ox.r.
Of right does not alter right. y -,u-..
airy Impairment Of 4 contract I'm IFS f.
fillment does not affect the intc-r5tr
its obligation.
Why the senate when il fayor~ r...
holders or seeks IL favor baut1u....
1T the expense Of the people viii NOT
into the question Of corstderat.au f..
bond would IL more fully ~N-llr@.
We were 10 pcrusc Scuat" EN,rr-
Document No. Ga Of the Forty-hfth c..
-rc>S. second session. There w5f
found information in official form
d~:Spo~cS Of the >o-cal,cl equity at
b~ondholdcr To demand gold In p1yu...
OF his bond.
That document Is 4 letter from II..
John Sherman. Secretary OF th" Ir.-
ury. dated April -. 1878. written n. r.
plv Is Il resolution Of tho Senate adoHt.
january II. 1879. ON the motion af VI.
Hereford. Of West Virginia. Irndin- r@.
consideration OF the Matthews r,~.#
ton. Of which the resolution now }"f.r
rs is 4 copy. The letter contaau~
statement of the issues Of loans All.
Treasury notes from March t. 1861. B.,
June 30. 1877. inclusive, with C|lt3'inn
Of the authorizing acts. the rate at Wala.
sold. and the currency IN which ta."
were paid for. This document | Shat
ask. Mr.. President, as | do not ,lr.
to read it all, 10 append to my remarks
as Il part thereof.
But. Mr. President. | Will refer To 5'
in debate. It Will be seen that the tuta.
-. +l,N -, go q
United States for the bonds of the Uni
ted States in currency up To that time
was $4.44S. 33l.S1G.21. and th" total d.
mount Of coin was $4,000. 9S1.12.
Mr.. Gallery. What is In" date
Mr.. Daniel. This was up To June 80.
1877. ! will put the document in taN
Record that the Stnatc may have full
opportunity to inspect it. OF currcucy
more than Of coin the amount was So
471.706. S22.55. Among the securities
we find that issued from currency WAS
the temporary loan. $50, 100, 7152 -.
certificates of indebtedness. SOL ,133.-
241.65. and Il great variety Of bonds. al.
of which are given in a >chcI-
ulc. .iS to the S916,G21 ,GNI. =
for which currency was not re-
cpivcd, what was received, MIR. Presjdtnt>
Cola? No one say so: but the very
thing which we propose 60 pay-tlat lis,
coin-and which we propose To- pay 10y
tho pending resolution not only those for
which which we received coin but those
also for which we received currency.
Now. to sum up the effect of THAT
statement, let me say that in all the
acts referred to therein which may affect
any obligations which were issued under
any law passed between the time whoa
silver was l~enlonetizcd in part and
when The Bland-.NlI;Son Act restored it
in part it Will lc found that there * mot
4 single act that affects either the law
or The equity Of the pending resolution.
| have examined those acts. One of
them, Of December II. 1873, authorized
500, 100000 of coupon bonds to take up
1 dcit contracted in 1858 and 1899.
The act of January II. 1879, was Tor
the redemption Of Greenback notes. and
IS The act to provide for The resumption
Of specie payments which | have here
toforc pointed out. anaIyzed. and inter
orcrcI. The act Of March =. 1870, was
III appropriation for public works, with
/ proviso that the bonds ISSUED shall b"
the character and description set out
n the act entitled An act for the re
funding of the public debt" approved
July Il, 1870. The act of July II, 1879.
S the act to authorize the rcfunding Of
he public debt, referred to in the pend
ing resolution, which | haye already
described. The act Of January 2o,lSI1,
IS an amendment 10 the act of july II,
$50, to merely increase the amount of
authorized to be issued without
hanging the character as to the medium
If payment.
SO. then, Mr.. President, Il careful OK
animation Of all the statutes shows that
loans for which We received coin
between 1878 and 1878 were either mad"
10 continue or pay off loans contracted
the free coinage of silver "&io' I'd
Dr were expressly authorized To be made
only by bonds of the character and
description Of those prc-cXisting at a
time when free coinage existed. 50 at
the bottom Of all of the outstanding
bonds Of the United States, without eN-
Of any kind, is the consideration
Of money without regard 10 whether il
was gold or silver or paper, for in rhcl-
is the express contract that they shall
of the character and description Of
those which are payable in any kind
Of United States coin, whether it be
gold or silver.
Has anything happened il this coun-
try since 1878 to weaken the effect and
force Of this resolution Were There
any subsequent laws or any subsequent
pubic Facts that impaired or chdu-ra
contracts therein precisely ami cicar
~ constructed! Nothing has transpir-.
to weaken this resolution. Much I.-
TRANSFERRED to strengthen it. Thc Bla#s-
Allison Act Of 1873 strengthens il. Thu
restored TO coinage the STANDARD Sill
VCr dollar. For twenty years, under its
provisions. that dollar has been It fa..
legal tender for all obligations except
otherwise specified in the contract.
There is not Il single bond issued jt
the United States which specifics any
thing else than coin. As ii is not oth"u-
wise specified in any Of the bonds. stan
darl silver dollars have been for tween
~ years, under the law Of this land,
as they were prior 10 the time Of th"
issue of the bonds. legal tender for their
payment and legal tenders in hand for
that express legal purpose.
The Sherman Act Of : strengthens
cd thi, resolution, for il increased the
LL4 N-