rty desires to pay the
national debt according to contract it certainly is not advocating
repudiation, but if a party desires to violate the contract it desires
to repudiate. Now, my friends, let us get right at the facts, before we
can tell who the repudiators are; we must know what the contract is,
and then we must know what the contesting parties want to do in the
premises. I will read you a copy of a U.S. bond:

(COPY OF U.S. BOND.)

The United States of America are indebted to the bearer in the sum
of One Hundred Dollars.

This bond is issued in accordance with the provisions of an act of
congress, entitled, "An act to authorize the refunding of the
National Debt," approved July 14th, 1870, amended by an act
approved January 20th, 1871, and is redeemable at the pleasure of
the United States, after the first day of July, A.D., 1907, in
coin of the standard value of the United States on said July 14th,
1870, with interest in such coin from the day of date hereof, at
the rate of four per cent per annum, payable quarterly, on the
first day of October, January, April and July of each year. The
principal and interest are exempt from the payment of all taxes or
duties of the United States, as well as from taxation in any form,
by or under State, Municipal or local authority.

Washington, July 1st, 1877.

J. M. DOTY, Register of the Treasury.

Entered (G. W. B.) (Recorded W. S.)

Now I am not trying to mislead you when I say that a party who proposes
to pay that bond according to contract is not a repudiator, nor am I
misleading when I say that a party who attempts to prevent its payment
according to contract is a repudiator. The bond, according to its own
wording, is payable in coin of the standard value of July 14, 1870.
When we learn exactly what that coin is we will then, like Saul of
Tarsus, see things in a new light. By the law that was in force on that
date silver or gold could be coined into standard money and their
standard value was their legal value. The Democratic party desires the
privilege of coining the metals according to that law, and then paying
the bonds with those coins according to that law. No repudiation there.
No, not a particle. (Cheers.) The Republicans do not want to coin
silver and gold according to that law, and they do not want to allow
the debts to be paid in gold or silver money according to that law.
There i