Iron County register., 1899-02-16
THE MATTHEWS RESOLUTION
A Measure Introduced in the Senate
In 1S77 During the Currency
Controversy.

ton of the government to pay its bonds
in gold or in coin. To settle this ques-
ton Hon. Stanley Matthews, then SEN
ator from Ohio, afterwards associate
justice of the supreme court, intro
duced in the senate, on the 9th of De-
cember, 1877, the following concurrent
resolutions:
Whereas, BY the act entitled An
act to strengthen the public credit,
approved March IS, 1869, it was pro-
vided and declared that the faith of the
United States was thereby solemnly
pledged to the payment in coin or its
equivalent of all the Understanding
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 lawful money or other currency than
gold and silver; and
Whereas. All bonds of the United
States authorized to be issued by the
act entitled An act to authorize the re-
funding of the national debt, approved
July IA, 1870, by the terms of said act
were declared to be redeelnable in coin
of the 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
the resumption of specie payments,
approved January Il, 1875, are required
to be of the description of bonds of the
United States described in the said act
of congress approved July IA, 1870, en-
titled An act to authorize the refund
ing of the national debt; and
Whereas, At the date of the passage
of said act of congress last aforesaid,
to wit, the 14th day of July, 1870, the
coin of the United States of standard
value of that date included silver dol
lars of the weight of 4121a grains each.
declared by the act approved January
IS, 1887, entitled AN act supplementary
to the act entitled can act establishing
a mint and regulating the coins of the
United States,"' to be a legal tender
of payment according to their nominal
value for any sums whatever; there
fore
''Be it resolved by the senate (the
therein), That all the bonds of the
United States issued or authorized to be
issued under the said acts of congress
hereinbefore recited are payable, prin-
cipal and interest, at the option of the
government of the United States in sill
yer dollars of the coinage of the United
States, containing 412H grains each of
standard silver; and that to restore to
its coinage such silver coins as legal
tender in payment of said bonds, prin-
cipal and interest, is not in violation of
the public faith nor in derogation of the
rights of the public creditor"
This resolution was called up for con-
sideration in the senate December 10,
1877. In calling up the resolution, Sen
ator Matthews read the following reso-
luton passed by the general assembly
of Ohio the winter before, Hon. Charles
H. Grosvenor being speaker of the
house:
Resolved, by the general assembly
of the state of Ohio, That common hon.
esty to the taxpayers, the letter and
spirit of the contract under which the
great body of its Indebtedness was as
sumed by the United States, and true
financial wisdom, each and all, demand
the restoration of the silver dollar to its
former rank as lawful money"
He:might also with propriety have re-
ferred to the following resolution in the
Ohio republican platform of 1868:
Resolved, That the republican party
pledges itself to the faithful payment
of the public debt, according to law,
and we hereby express our conviction
that according to the laws under which
the five-twenty bonds were issued said
bonds should be paid in the currency of
the country which may be legal tender
when the government may be prepared
to redeem such bonds"
In support of his resolution Mr..
Matthews said:
This resolution was passed with
great unanimity. There were but three
negative votes in the house of repre-
sentatives and but one in the senate,
and l have no doubt it expresses the de-
liberate and considered public opinion
of the people of that state with the
same proportion among them as to
unanimity as was evidenced by the vote
of their representatives in the general
assembly. I have been moved, Mr..
President, in part by that expression of
public opinion of the state which have
the honor in part to represent in this
body, to introduce the resolution which
has just been reported to the senate by
the secretary. The resolution of which
/ now speak does not cover the entire
ground covered by the resolution of the
general assembly of Ohio, for the latter
not only expresses the opinion con-
tanned in the resolution now pending in
this body that the restoration to the
coinage of the country of the silver dol
lar authorized by the legislation prior
to the year 1873 is not in violation of the
public faith nor in derogation of the
rights of the public creditor, but it also
expresses the opinion that this restora-
tion of that coin is demanded by true
financial wisdom; in other words, that |
it is only the right of the United States, |
with it's obligations to its
creditor, to restore to the coinage the |
silver dollar, but that it is expedient |
and wise and in pursuance of proper
public policy so TO do
Mr.. Matthews then goes on TO ex-
pain his resolution and to argue the |
equities, the meaning of the several |
acts creating the public debt, and espe
cially the refunding act of 1870. This |
speech is commended to those who |
maintain that the public debt is pay
Ii