The herald., 1898-01-27
THURSDAY, JANUARY 81. 1898.
THE OLD ISSUE REVIVED

The senate debate over the Teller reso-
luton, which will culminate in vote
today, is of more than ordinary import
ance as effecting the relations of the
government with its creditors and the
policy to be pursued regarding the kind
of money to be employed in satisfying
their claims. The adoption of the reso-
luton will, however change no existing
law, even were it also to pass the lower
house as we'll and be signed by the presi-
dent. for the question of the rights of both
parties to the compact is judicial one
and not a legislative pererogative, and ii
will have to be determined by the courts
and not by congress, should the issue be
raised.
A resolution of similar import and al
most identical language was adopted by
the senate of the Forty-fifth congress. at
its first session. October -, 1877, by the
decisive vote of AZ to %. The adoption of
that resolution at that time was
perfunctory declaration of the mean
ing of laws previously passed to provide
for the payment of principal and interest
of the public debt, and had no more legal
effect or standing than will the Teller
resolution when it shall be adopted. But
the Matthews resolution of 1877 served
the purpose then, as will the Teller reso-
luton now, of defining the popular idea
Of the governments obligations to the
bondholders, and what is meant by the
term "coin"-the money in which the
debt is to be paid.
There is one element of the people
who now claim that coin means gold and
silver, while another has advanced the
claim that it has come to mean gold
alone and at the present session of con-
gress this element is seeking to have
legal effect given to their theory.
The Importance of the contention and
It's far-reaching consequences warrant
the interest manifested in the discussion
and justify the extreme caution with
which it is approached by those who
voted in the affirmative twenty years
ago, but who, owing to partisan ext
gency. will be compelled to vote in the
negative today. although the contract
between the government and its credit
ors has in no way since been altered or
amended.
The preamble rectes the act of March
credit" the act of July A. 1870, "to au-
thorize the refunding of the national
debt" and the act of January H. 1875,
"to provide for the resumption of specie
payments" all of which provide for the
payment of the public debt in coin"
of the then standard value. as well
as the coinage law of January IS, 1897,
establishing a mint and regulating the
coins of the United States" and then,
by resolution, provides
That all of the bonds of the United
States issued or authorized TO be issued
under the said acts of congress here
inbefore reclted are payable, principal
and interest, at the option Of the gov
ernment of the United States, i'm silver
dollars, of the coinage of the United
States, containing 41212 grains of stand
ard silver; and that to restore to the
coinage such silver coins as a legal ten
der in payment of said bonds, principal
and interest, is not in violation of the
public faith nor in derogation of the
rights of the public creditor.
The preamble above epitomized and
the resolution set out in full was offered
=,
Ohio. who, before his election to that
body, had occupied high judicial
positions in his native state, and ranked
among the abest jurists in the country.
The preamble to his opening remarks in
support of the measure contains a reso-
luton. which he said had passed the gen
eral assembly of Ohio with great un-
animity," as follows:
That common honesty to the taxnay-
ers, the letter and spirit Of the contract
under which the great body of its in
debtedness was assumed hy the United
States, and true financial wisdom. each
and all. demand the restoration of tba
silver dollar to It's former rank as law
ful money.
Two facts are important to recall in
this connection, to the end that a propar
understanding of the situation that had
then obtained may be had
First-The standard silver dollar was
not then full legal tender money with
'ebt-paying function, it having been
Hrlcken from the coinage by the law of
1873 AT the same session Of congress