Year: 1878

10 the Edt10T OF inc HtTdta'


laval myself OF your proffered court.
esy to reply briefly by telegraph to Mr..


Belmont's letter, which appeared in the


Herald of the 30th ut. Tie purpose oi
his letter was to show that the views at.
tributed to me on the silver question are
Inconsistent with opinions heretofore ex-
pressed, and, therefore, that l cannot be
correctly reported. The report in the
Cincinnati Commercial was correct. l
do not know how it appears in Eastern
papers. very much desire to be con-
sldered consistent, but l would rather be
certain l am right than consistent upon
this question. / think have been con-
sistent.


Reference TO the Record.


Mr.. Belmont quotes me as holding
that since the act of March l8, 1869, the
bonded debt must be paid in gold as con-
tradistinguished from paper or silver.
In that he is not correct. The bill to
strengthen the peoples credit was pend.
ing in the Senate in February, 1869. l
made an argument against the section
which pledged the faith of the govern
meEt to the payment of the bonds IN coin.
l opposed it because thought the con-
tract allowed the payment of the princi.
pal OF the five twenty bonds to be made
in treasury notes. Mr.. Belmont takes
one sentence to show that held that the
effect of the measure would be to pay IN
gold as follows:


In opposing the passage OF the act in
the Senate, February II, 1869, he had
described the issue then joined as 'the
que.tion whether ithe holders Of the
bonds have an equitable claim upon US
now, while the difference between paper
and gold is so great as it is, to declare
that the bonds shall be payable in gold.


Had Mr.. Belmont read more carefully
he would have seen that l read the sec.
ton containing these words: "That the
faith of the United States is solemnly
pledged to the payment in coin or its
equivalent" and that then said:


1t will cause the removal Of doubts and
made the law read that the debt shall be
paid in coin. That is the effect of this
section.


pOU LudJ a.
gument against the section, Lot as in q
controversy whether the payment should
be in silver as against gold, but whether
it might be in paper ss against coin. 1t
WIS not questioned in that debate that
silver was coin, and that the debt would
be payable in silver whether that Sec
tion passed or did not pass. The section
substantially, as l read it in the Senate,
became law nineteen days afterwards.


In the State Canvass.


Its force and effect did not become
question of political controversy
in 1872, when | was elected Governor,
as Mr.. Belmont seems TO suppose, but it
did enter into the discussion of 1874. In
the Democratic Convention of that year
o resolution was passed declaring the five
twenty bonds payable in green backs. l
presided over that convention, and as l
could not give that resolution my sup
port, l took occasion at the first
public meeting which l addressed
in this city to say so and
to give my reasons. l thonght
then, as l believe now, that after
the faith OF the nation was pledged to
payment in coin we could not pay in
Treasury notes; that the purchasers OF
tho bonds after that date took them rely
ing upon that, and that we are bound by
it. That was my argument before the
public. Neither my hearers nor |
thought OF the question whether payment
could be made In silver. 1t was not then
doubted. II was not then known to my
self, and suppose not to one of the audi
ence. that the silver dollar had been
discarded" Mr.. Belmont refers to
that address and TO the use Of
the word "gold' in it instead of
the word "coin," as committing me to
payment of the debt in gold and not in
silver. The only question then discussed
was the right to pay in greenbacks. The
righ, to pay in silver was not then ques-
toned or considered in this State. In
the address which made as President OF
the Convention, two months before, my
opinions upon The currency were some
what fully expressed. l then said;


ave cannot too strongly express the
importance of the policy that shall re-
store uniformity of value to all the
money of the country, SO that it shall be
always and readily converted. That gold
and silver are the real standard of value
is a cherished democratic sentiment not
now nor hereafter to be abandoned


l certainly could not have used that
language in the campaign of 1874 had l
then known that silver was no longer
money.


The Exclusion of Silver.


Having disposed of the question of my
consistency, l come to the much more
important question made by Mr.. Bel
mont, which is that the argument which
excludes payment OF the public debt in
Treasury notes under the act OF March
Is, 1860, applies with greater force under
the act of 1873, which excludes the silver
dollar from coinage. l think that
is not correct. The act OF 1859
wa, to remove any doubt to
settle conflicting interpretations OF
the laws uuder which public obligations
were contracted and 10 pledge the faith
of the United States TO the payment OF
such obligations in coin. After full con-
sideraticn it became law 1t was soon
followed By the act 10 authorize the re-
funding of the national debt. That law
provided thst the 81, 500, 100000 OF bends
which it authorized should be redeema-
bic in coin of the present standard
value. Because the &C. OF 1869 WAS the
solemn pledge of my country, made by
competent authority, felt that it was
binding, so binding, indeed, ths. it could
not be repeated TO the prejudice OF these
TO whom II was given.