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

y Snn4fn WHAT Iis ~tiA<tAb - ''"~t
:. ebusetts seems 10 have forgotten or III
. Icast which he has already ignored. that
~ rho average the bonds were bought
~ about 80 cents on the dollar. Sixty
ccnts unon the dollar, Does this not
mt 10 Hight the hi-h->oundsns pleas
of equity and honor 20 often sounded m
our cans?
Again sad Mr.. Morton:
II gives 10 those laws Il construction
do not believe in and that | have
: shown iS contrndicted by IT least four
acts of Congress.
Again:
Sir. it is understood. I believe. that
tho passage of n bill Of this Kind would
have the effect in Europe, whore our ii
nancial questions are not understood, T.
increase the demand, and that Will en-
able the great operators to sell the bonds
they have on hand at a profit.
1T is in the nature Of 4 brokers Ope-
ration. 1t is a bull movement intended
to put M the prices of bonds for the
interest of parties dealing in them.ThiS
great interest Is laundering at the doors
Of Congress, and has for many month
and by every means been attempting to
drive us 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 unanimity in the
Senate Of the United States when. N
1869. the act to strengthen the public
credit was passed upon one point-thOse
for ~creenbacks and those for hard mon
ey all concurrcd-that this money meant
silver as we'll as gold: and. indeed, we
need not be Informed that such is the
case, for such is the express language
of tho statute itself.
I turn now to the second act. the act
!, of July II, 1870. which is mentioned in
the resolution, being the act to authorize
the r%cfunding of the national debt. The
i bonds provided for in that act are made
''redcemablc in coin of present standard
value" and the interest is made payable
'seni-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
taken.
Why do bondholdcrs and money lend
ers put in tEeir contracts rcquisition CT
+ present standard value aS measures Of
payment? Obviously to prevent 4 posi-
bic change in the standard by legisla-
ton from bringing them a less mount
Of metal. 1t is a bad rule that does not
work both ways.
The United States put ''prescnt stand
ard value in their contracts to destroy
the motive III the moncycd class TO
change the standard for their own bcne-
fit; it warned them beforehand as to
the precise standa by which they
would be paid: and where can astutc and
greedy soEllietry find anything in this
statute to argue from that even if we
changed orr standard it should be given
OK post facto application to measure
payments and liens which have already
been measured and provided for accord
ing to Il specifically named and identified
! standard then IN vogue and referred to
az the standard in those contracts?
The third act referred to in the resolu-
tion before Us is that of January It,
1850, for the resumption of specie pay
mcntS. There is often much even III the
title OF an act or in the common name
by which the act is called. There Is
| much in tlris title and i'll this name. 1t
waS for the resumption OF specie pay
mentS. not for the resumption OF SOld
payments. We had never had gold pay
mcnts to resume. 1t WAS not for the re
sumption Of silver payments. We had
never had silver payments to resume.
1t WAS for tie resumption of specie pay
ments, and by historic definition that
very n1c applied TO gold and silver
coin.
That act specifically required that sill
yer should be coined i'll 10, %, and 90
cent coins, to redeem fractional currcn-
cv of similar denominations; 1t repealed
the limit on the aggregate of national
bank circulation; it fixed 4 limit OF three
hundred millions Oh the amount of Treas
ury notes to be continued III c%irculation:
49, Ii ;AI ssi,, an ~ -
of greenbacks then outstanding on and
after January 1, 1879; it appropriated
ANY surplus revenue in the Treasury
TO redemption purposes; not gold or sill
yer. hut ANY tuInltlS money and IN
describing the bonds to be ISSUED II
reached back to July II, 1870, before
silver had been tempered with, apd au-
thorized the Secretary of the Treasury
to issue bonds such rs are described IN
that act Ito authorize the refunding of
the national debt, Will like qualltles,
privileges, exemptions"
It 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
written law, that no man can clam
under Il particular provision OF a viii.
deed, contract, or statute and at the
same time repudiate its other provisions.
Accepting the exemptions and privileges
accorded them in the statutes, how can
the bondholders renudiatc the qualities
Inherent in the BOND and expressly en-
graved upon its face?
The resolution points out that the coin
referred to in the bonds issued by the
United States includes silver dollars of
tho weight of 4121a grains each: that
) they are among the coins of the present
standard value as expressed IN fhe au-
thorizing act, and that they We're by
!. act of January 4. 1887. made a legal
tender of payment according to their
{ nominal value for any sum whatever.
Back to this act as their basis do all
j, the statute IN the subject of bonds re-
fer by plain expression. and by neccs-
sary and inevitable implication if the
! expression We're lacking. The act of
= 1887 is as much a part Of every coin
bond Of the United States now OutStand-
5 ing as if it We're fully written out Upon