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

Danlby nonsense when they taught tillS
and exhorted the people to stand by the
/ ancient money Of their fathers and TO
stop making money dear and 10 stand
guard over the poor and the lowiy
j shall pass by these questions, whlch
have no place in this debate. Ihey nave
been brought in to exc out the non
skin with that of the fox. 1t is not q
/ oucstion of honor which is submitted to
us; it is question of law; a great ques-
| tiCn Of public policy; and if these gem
/ tlemen who are discussing here had met
this question upon the lines to which it
nronerIy belongs | should not have had
| to take the trouble of holding up to them
ahe lesson which they have taught the
| country. and to remind them o. the
teachings of their illustrious leaders and
i champions.
Now. Mr.. President. | shall undertake
/ the proSaic task of going into these reso-
| buttons. of attempting to eXpound their
| history and meaning, of sitting the stat
! uteS which relate to them, and of show
| ing so clearly that he who runs may read
/ that there is no doubt about their cor
rectness and about their being the es-
scence of our Constitution and of our
| law.
The first act referred TO in these resolu-
/ tions is that entitled AN act to
Strensthen the public credit" approved
March 1S,1S69. The present policies OF
/ the Republican party are ostcnsibly to
strengthen the public credit. The pub
| lie credit is so good, Mr.. President, that
| all of our securities of every kind are
| far above par; nay. the securities which
we absolutely refused to agree to pay
in gold or TO impart any golden tint to
Sold high above par upon the market
when. according TO the construction of
| President Cleveland. we paid big
jEonus of S16,0O0,000 10 preserve the
option which we vet retain. That act is
brief, and is as follows:
Act Of March 49, 1869, to strengthen
! the public credit:
| BE it enacted by the Senate and
4 House of Representatives of the United
States of America in Congress assem-
bled, That I'M order to remove any
doubt as to the purpose of the Govern
ment TO discharge. all just obligations
TO qhe public creditors. and to settle con.
ficting questions and interpretations of
the laws by virtue of which such obli-
cations have been contracted. it is here
Iby provided and declared that the faith
of the United States is solenrnly pledged
/ 10 tIS l}dIHlHAil III GUlii 1tS StluiNdISUt
| of all the obligations of the United
| States not bearing interest. known
las Unitel States notes, and
of all the interest bearing OBJ
/ legations of the United States,
except in cases where the law authoriz-
ling the issue of any such obligation has
expressly provided that the same may be
Iaid in lawful money or other currency
i 4 h.aa, a1,I -SI1r ptrk rsf az
| interest-bearing Obligations not already
due shall be redeemed or paid before
maturity unless at such time United
States notes shall be convertible into
/ coin at the option of the holder, or I'M
less at such time bonds of the United
States bearing a lower rate of interest
than the bonds to be redeemed can be
sold at par i'm coin. And the United
States also solelnnly pledges its faith
to make provision at the earliest prac-
ticable period for the redemption of the
! United States notes in coin"
I will observe about it That there was
no contention at that time that the
public debts of the United Staes should
be paid in gold. nor was here a single ex-
, listing circumstance out of which even
the most shallow pretension could be
: drawn that there was any obligation
either existing before that act or created
t Iby it to pay them in gold coin. There
2 was not a suggestion or u trace of gold
: in the debates upon the subject.
The sole point of difference at that
} time was. as shown by contelnporaneous
history by the debates in Congress, and
! by the very explicit language OF the act
itself. whether these bonds should be
} Ipaid i'm the paper currency of the United
States. which had been made legal
. tender for public and private debts. or
lin the gold and silver coin which Con-
gIess is authorized to utter under the
|, Constitution.
:. The doubt referred to i'll the act as
to the purpose OF the Government with
respect to it's obligation was II doubt
Il created by the expressions of leading
public men and by political bodies and
public meetings iii favor Of discharging
the bonds in greenback notes; and 1.-THE
conflicting questions and interpretations
of law" by virtue of (which such obliga-
tions had been contracted thus hinged
upon the meaning of the word dollars
as used in the obligations themselves.
4 The act of February %, 1862, author
LIKING fine first issue CT greenbacks, "S150,-
100000, not bearing interest, payable TO
the bearer at the Treasury, provided
that they shall be receivable in payment
of all taxes, internal duties excuses,
debts, and demands of every kind due
to the United States, except duties on
IMPORTS of adj claims and demands
against the United States of every kind
whatsoever, except for interest ON bonds,
which shall he payable i'll coin; and shall
also he lawful money and a legal ten
der in payment of all debts, public and
private, within the United States. eX>
cept duties ON imports and interest as
aforesaid"
And it was additional provided:
''Saich United Statcs notes sthadl be re-
ceived the same as coin, at their par
value, in payment for any loans that
may lie hereafter sold or negotiated by
the Secretary eff the Treasury, and may
be reissIIed from time time as the ext
gencies of the public interest may re-
quire"
Thus in most explicit and discrinlnat-
ing language was this paper currency
made legal tender Tor Federal, State,
and private debts, indeed, except duties