Democratic Sentinel, Volume 1, Number 45, Rensselaer, Jasper County, 21 December 1877 — COIN, NOT GOLD. [ARTICLE]

COIN, NOT GOLD.

While Patterson is in the Senate, says an exchange, it is supposed that the Democrats can use him upon important questions. It is only necessary to whisper “penitentiary” in his ear, and the poor radical scoundrel flops. Kellogg is in a similar condition. In fact, there are several rads of that stripe who begin to realize that they must occasionally cast honest votes or wear striped (lothes.

Hpecial Correspon fence of the Sentinel. The most appropriate und hand* some Christmas Goods that ever graced the counter of any mercantile establishment are displayed to the public gaze at Imes’, and it is no won der that Charlie Ross was spell bound at the sight. And we would here take occasion to say—ii you have a wife, or a husband, ora mother, ora father, or a sister, or a brother, or a sweetheart, or a lover,or a mother-in-law, whose heart you wish to gladde n with some kind token of remembrance that will ulways be prized and treasured, do not fail to call at this house, anfl, with Charlie Ross, spend a few hours in looking over the beuurtful attractions there presented. We will not attempt to enumerate the attractions. Those who have not been on hand should call at once.

On Saturday evening last we were informed by our old friend, Willis J. Imes, that himself, M.L.Spitler, Esq., and Mr. Silas Swain hud a conveyance with one seat reserved for the editor of the Setinel, in which it was detei mined to proceed next day to Bradford. Accordingly, on the next morning, with the reins in the •skillful hands of Swain, wo left Rensselaer on our tour of observation. Everything moved smoothly until, in crossing a ditch running through one of Ihe broad pastures of A. Thompson, some miles distant, a whiffle-tree • napped in two. We replaced it with another at the residence of a Mr. Tyler, and proceeded on our way.— At “Cat-Tail Swamp,” the railroad men, anticipating a “spell of weather,” were busily employed in throwing up the grade. Bradfoad was reached by noon, where we met Messrs. Dr. Ira C. Kelley, Johnny Wuinbaugh Torn McCoy, C. Ensminger, Bro. Cissel, of the Union, and R. H. Purcupile, who hud preceded us. By previous arrangement, a sumptuous dinner wa= partaken of at the house of our old Democratic friend, Joe Sain, and none enjoyed it more hugely than “Curg.“ At 1 o’clock Messrs. Hogler and Milliken, contractors, invited “all aboard,” near two hundred complying, and in a shost time the staunch and beautif il engine, “A McCoy,” whizzed the party to the terminus of the track t lieu laid—about three miles—mid returned in su’ety. Everything passed off orderly und pleasantly, and all tiro fully satisfied that the road will meet the expectations of its warmest friends and supporters, and the transportation demands of the country.— Those who expect to see a road and and rolling stock in “miniature” wili he disappointed—the difference! bethem and the “staudaid” is apparently so slight.

The Law Upon the Subject. The New York Graphic says, “It is a notable circumstance that in every act oi Congress relating to the public debt the word “coin” is always used, and if the word“gold” occurs, “silver” is always associated with it. Mr. Hubbell, of Michigan, in a recent speech, thus grouped the history of all the debt acts prior to 1873: The act of February 25,1862, authorizing the issue of 5-20 I onds, provides that the interest shall be paid in coin; not in gold, but coin. That act also provides that duties on imports shall be paid in coin; not in gold, but in coin. The same act created the sinking fund—payable in coin; not in gold, but in coin. /The act of February, 1862 makes its obligations payable in coin; not in gold,, but coin. The act of July 11, 1862 makes its obligations payable in coin: notin gold, but coin. The act of March 3,1863, providing for the issue of $900,000,01)0, makes them payable in coin; not in gold, but coin. The act of March 3, 1864. for a loan of $200,000,000, makes it payable in coin; not in gold, but coin, The act of June 30,1864, to borrow $400,000,000, makes it payable in coin: not in gold but coin. The act of March 3, 1865, for $600.o,)0,000, makes them payable in “coin or other lawful money;” not gold, hot coin or greeli backs. It will be noiiced that the only addition to the word “coin” was in the act cf March of March 3, 1865, when the original indebtedness of $600,000,000 was created, which was payable in coin, or “oteer lawful money,” it being clearly understood at the time that the intention of congress was to pay the debt in greenbacks. This was the interpretation that Tliaddeus Stevens pui upon it, and it was so maintained for some time by the present seoretary of the treasury, hot the people who bought thd old 5-20 bonds for 40, 50. 60 and upwards, made a clamor for payment in coin, and as the country was prosperous aud desired to stand well in the money markets of the world, the act of 1869 wa s passed, declaring the public debt payable in “coin,” the words gold and silver being used conjointly in the resolution. This was an enormous bonus to the holders of the public debt. It was understood at the time that the declaratory act of March cost the large holders of bonds some $3,000,0()0 to get through congress, but it so advanced the price of securities as to pay handsomely. It is these same persons whe are now trying to alter the bargain and get paid iu gold ex-

elueively instead of “coin,” as provided by every act of congress passed upon the subject.”