The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1898-03-04
FINANCIAL PROBLEM
ISSUE BETwEEN DEMOCRATS AND
REPUBLICANS
Payment of U. q. Bonds-speech OF Hon.
Asbury O. Lstin,er, OF South Carolina,
in House of Representatives on
.. January 81, 1893

From the Congressional Record.
The house having under considera-
tion the following concurrent re-.
solution: .....
"coNCURRENT RESOLUTION NO. 22.
"Whereas by the act entitled: AN
act to strengthen the public credit
approved March Is, 1869, it wac
provided and declare that the faith
of the Unithd St4tes was thereby
solemnly pledged to the payment, in
coin or it's equivalent, of all the in
terest-bearing obligations Of the
United States, except in cases where
the law authorizing the issue of such
obligations had expressly provided
that the same might be paid in law
full money or other currency than
gold and silver; and
"Whereas all the bonds of the
United S tates' authorized to be sis-
sued by the act entitled tAn act to
authorize the refunding Of the na-
tional debit approved July ii, 1870,
by the terms Of said act where dc.
clared to be redeemable in coin of
then present standard value, bearing
interest payable semiannually in such
coin: and
"Whereas all bonds of the United
States authorized to be issued under
the act entitled AN act to provide
for resumption of specie payments,'
approved January ii, 1875, are re-
quired to be of the description of
bonds of the United States described
in the said act of congress approved
July II, 1870, entitled AN act to au-
thorize the refunding of the national
debit and
"Whereas, at the date Of the pas
eage of said act of congress last afore-
said, to wit, the I4th day of July,
1870, the coin of the United States
of standard value Of that date in
cluded silver dollars Of the weight of
Of 412 1-2 grains each, declared by
the act approved January l8, 1887,
entitled AN act supplementary TO
the act entitled can act establishing
a mint and regulating the coins of
the United States," to be legal ton
der Of payment, according to their
nominal value, for any sums what
ever: Therefore,
"Resolved by the senate (the
house Of representatives concurring
therein), That all bonds Of the
United States issued, or authorized
to be issued, under the said acts of
congress hereinbefore recited, are
payable, principal and interest, at
the option Of the government Of the
United States, in silver dollars Of the
coinage of the United States con-
tanning 4l2 l-2 grains each of stan
dard silver; and that to restore to it's
coinage such silver coins as legal
tender in payment Of said bonds,
principal and interest, is not in viola
ton of the public faith nor in dero-
CATION of tho rights of the public
creditor"
Mr.. Latimer said:
Mr.. Speaker: The resolution now
pending before this body, which has
passed tho senate, clearly states the
issue on tho financial question be-
tween the two great political parties
OF this country.
The resolution shows the condi-
tions under which the bonded in
debtedness Of this nation was con-
tracted. In addition I shall incor-
porate well authenticated state
ment Of tho different bonds that
have been issued, with the date and
amount Of bonded indebtedness that
exist to this day.
According to the last report of
tho treasurer of the United States,
the interest bearing debt of tho Uni
ted States consisted of $S47, 1865, 130,
exclusive of tho Pacific railroad
bonds. These are also substantial.
ly the figures as given by President
Mckinley in his annual message
sent to congress at this session.
The items of this debt are rs fol-
lows:
Funded loan Of 1901 interest at
2 per cent, payable at option of tho
United States, amount outstanding
$25,3G4,5CO.