Year: 1875

Tho astonishing claim OF the District OF Columbia
rng in the matter OF the interest the three
i've bonds which issued them for public i'm
provements in Washington and Georgetown, following
close upon the OF their scheme 10 developing
lhe fact that the United States government willingly
unwittingly, made sponsor for the redemption
the bonds excites suspicion that the suppression
Of all mention Of the kind or money which principal
and interest were be paid entered into the plans
the "ringp when they getting authority from
Congress for the creation Of the bonds The plot il
such was. reveals the presence OF sharp-wied
fellows in the "rng' who show a knowledge 81
The laws Of the United States superior to that possessed
even by Congress itself Keeping out Of sight
Ghe provisions Of the Public Credit act Of
Ihe year 1862 which passed at the instance Of the
Secretary of the Treasury assist the reundng q the
national debt the 'ring of contractors pushed the b
through Congress in shape which seemed % restrc;
Ihe payment OF principal and interest Of the bonds %
the currency of the country This object would appear
10 be secured by the absence Of any mention q the
kind of money; but this apparent safeguard Is just
what the 'ring avail themselves 81 in raising the
claim for payment Of the principal and interest in
coin the question OF the principal being less matter OF
debate just owing the length Of time the bonds
to run.


The law sanctionng the issue q tue ponds was
passed in the early part 1874 Section q the act
which printed the back oi the bonds and i partly
quoted in the verbal promise their face authorizes
The Commissioners Of the District Of Columbia to issue
ihe bonds sums Of $50 and $500 ITO bear interest
the Of three sixty five hundredhs per cent
per annum, payable semi.annuaIy,n the principal
being made payable il nifty years from The date
OF the bonds, which Is August !, 1874 In All
The phraseography there is not word about
payment in any particular kind Of money
grcenbacks treasury notes lawful money or COIN
Does not this look Ike plot or job? II the oms-
has been INTENTIONAL the failure to specify
the kind ofmoney IS oversight then Congress made
great blunder The next part Of section exempts
the bonds from al taxation like government bonds and
the closing part pledges the faith Of the government to
that the interest is paid, &c, which last portion
the subject Of the Interpretation and opinion
Of the Attorney General Charles o'Conor and the Law
Committee of the New York Stock Exchange to the
effect that committed the United States government
to the payment of principal and interest Of the bonds
With this opinion their favor the ringn have
startled Washington with demand ior the payment ot
principal and interest Of tie bonds in gold and when
the next coupons fall due February, 1876 they VIII
endeavor to have them paid in gold Their action Is
based as has been said, upon the provisions Of the
Public Credit act of 1869 RECORDER HAcKEFT SAYS
"EyES nsPosED TO THROW oPES THE BOOKS ASD
RECORDS CoURT TO 4 POLITICIAN COULD SoT 10
BECAUSE THE DEPUTY CLERK u NOT APPOINTED IT
THE JUDGES OF THE CoURr oF GENERAL SESSIONS z Tho
Grst paragraph Of this famous BILL which passed March
u.s. 1869, reads


The faith OF the United States IS solemnly pledged to
the payment In coin It's equivalent of an tie ohlga-
tons OF the United States bearing interest known
United notes and OF all the interest bearing
obligations of the United States except where
the law authorizing the issue Of any such obligation
has expressly provided that the same may bo paid IN
lawful money, other currency than gold ana giver


Now as the Of the obligation n these bonds does
not provide for their payment, interest principal


IN lawful money other currency than gold and silver
the "rng" claim they are payable IN coin.


A pool Of spectators has gone On to New York to
manipulate the market there the strength Of this
theory, and impudent request vii Be made to the
Governing Committee Of the New York stock Exchange
20 put the bonds the list Of regular United States
securities When the question 10 be referred 70
The Secretary Of Treasury and the Attorney General
It is to be hoped that the ring viii be less successful
than they In the last decisoa and that the equity
OF the viii be decided by the collateral debate o
Congress and the evident intention u The law make
the bonds payable in lawful money.