The Southern herald., 1898-03-11

States, in such isrm as he may
prescribe, aud of denOninatlun oI
$50, or some multiple Of that sum,
redeemable in coin Of the present
standard value, at the pleasure OF
the United States, after ten years
from the date Of their issue, and
bearing interest payable srmlanu,
ally in such coin.
All Of which said several classes
Of bonds and the interest thereon
shall be exempt from the payment
of all taxes or duties OF the United
States, as we'll as from taxation in
any form by or under State, munic-
ipal, or local authority; and the
said bonds shall have set forth ana
expressed upon their face the above
specified conditions, aud shall,
with their coupons, be made paya-
bic a, the Treasury Of the United
SIa,es.
This act is cited in the bond, and
1t is stipulated in the bond that Ii
is redeemable at the pleasure oil
he United States after a certain
date in "coin Of the standard value
Of the United States Oh said July
/ IA, 1870, with interest in such coin
from the day ot the date" oi the
bond. Could contract be more
drfnite than this2 The contract
desiguates the "coin with great GER
,ainty by the fixed and unfailing
guide of the STANDARD value oi the
United States" " Any coin, there
fore, that fills that standard OF val
us is lawful coin with which 10 pay
, the debt, and the creditor can not
lawfully refuse 10 accept 1t.
2 The commercial value Of gold oT
silver is not hinted at in the stat
ute or the bonds. The law ha;
p. made no pledge as to the CONNER
/ cial value Of these coins, here OF
5 elsewhere, and our contracts arr
= free from such construction. Con
0 gress used the utmost care IN pro
5 viding this law under which th'
/. public debts were to be founded
Ii provided for the issuance .
p bonds, and the act specified all tn
/. terms and conditions OF the agree
r ment, leaving nothing to inlerieT
"a vnce, and precluding the right Z
=. any and all to alter. vary, or ell
5. large the stipulations, directly {
indirectly.
he A declared purpose Of the reiun'
IN ing act of July IA, 1870, was to r,
Ia move all dot b 5 as to the natuI
I'd and extent Of the Obligations incu
Y. red by the Government, then
in afterwards, and TO Tx d certain AL
ns Interchangeable basis Of the value
~ the contracts, and this was mac
n. even more explicit in the act
Jauary IA, 1875.
= Ii was intended that the value
n the coin should he fixed by a stan
IN ard that prescribed the quantity
Is silver or gold Of certain hnene
rd that should comprise the doIla
in which the debt should be pal
hv So the contract, with all the les
If obligations, is correctly stated
-. the resolution and recitals Of t
:. preamble before the House. 1
l,o question Of good faith is met
m, every legal sense by the fact Il
,op the stipulations Of the contract a
. q. the rights of the holders of
bonds, as declared in the rssoluti'
the correspond exSclly.
y Now, as to the question ofiusti
Iect Justice and good faith are one a
BILE the came when we come TO mea+,
on. the rights Of the parties to an agr
late ment. The law Of the COniraC
are the true rule OF justice, asd
and faithful execution Of this law is
of full satisfaction of all the DENIAL
mi OF honor. Each party is still boI
.rn. by the contract as originally ma
hat and the real question before US
does the national honor require
nss. to absolve our creditors from
un part Of their contract which
4 Of ouires them to take silver dol
tioD Of 412t grains, containing !
BE- grains of pure silver, or gold c.
! in. at our option, in payment ther
hing II certainly can not be sssur
aims that as a part Of our national q
,isp CATION We are bound legally or q
der. ally to pay our bond holders abb
red. 10 coin better than that which
It Of would compel our own peOpl