The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-08-23

1854 the variation In the two coins amounted
TO about six per cent the SILVER g Delng ss Inc
able by leading hnanciers of the country to
bring gold in ss an element of the currency
with silver lust as IL is now proposed 10 bring
gold in by equalizng the paper legal tender
and gold dolldrs; but a very different and
more Quitable plan was adopted 10 enect that
object than the one proposed for the same end
now. Mr.. Campbell White, the chairman OF
the COMMITTEES on coinage. Mr.; Ainert Gala
TIN, one OF the most distinguished nnaL cleis
of this or any other country, and former
senator of the United States, and
Mr. Ingrum, the secretary of the treasury, in
discussing the question, agreed, as did also the
Congress OF the United states mat as Ill uIne
contracts and obligations were based on the
and Injustice. not be thought of n tolerated
10 change the re atiDn oil silver 10 gold By In
@ , tne Sad1e OF ias deTess voIVed
in the changing OF the very essence OF all ca
listing contIac 5, IL was conteDded that tuch
course would severely shake the keen moral
sensioilities of the nation. II would be
LESSON IN FRAUD AND DISHONESTY
which it could not afford to inculeate, and that
we should not permit the creditor, by trick
oflegisIation, to exact from the debtor per
centum more than his just due. BY the trick
of legislation, as MI. Gallaiin and
Others said in 1881. The act of 1873 now gives
10 the creditor class no less than twenty per
centum more than their just due, according TO
their idea OF justice, which was the right OF
the debtor 10 pay IN Inc cneapeI me al. a
sensible and honest course was resolved upon
and pursued. A sufficient number OF grains
OF pure gold was taken from the gold eagle 10
eQualizeits value with the silver unit, which
was that upon which business and contracts
rested. The gold eagle was reduced 10 2oo
grains, a reduction OF twelve grains of pure
gold or about 41S per cent. In 1879 the nrst
gold dollar was authorized to be coined The
same act authorized the coins &c OF the oon Ole
eagle, or twenty dol ars. In 1858, for the nrst
time in the history OF the government, the
1rst act was passed by Congress In
any way demUnet1zing silver. That
coin to be Issued, and fixed the quantity OF
standard silver in the half dollar at 1872 grains,
half, in the same proportion. The subsidized
silver then an hoTiZed to be coined was made
a legal tender for i've dollars; but the standard
dollar. possessing the same proportionate
weight and fineIeSs, still remained as luli
Legal tender as they ali do 0eiore tne act t OF
subject until 1873. The act of which we com
plain was the coinage act regulating coins,
leaving he standard silver dollar out OF the
list of coins. and authorizing the coinage of
the trade dollar containing 40 grains and
making 1t legal tender for 1ve Illars. ms
is, in brief. the history OF the Legislation IN
this country upon the subject of silver. Now
want you to bear in mind that
TIE STANDARD SILVER DOLLAR
was a full legal tender for all amounts, and
the unit of value upon which all contracts
were based from l79Z TO 1873, and the amount
of pure silver contained in that dollar has
never been changed, but the gold coin was
made to conform 10 II when Il Was thought
necessary TO change the amount OF metal in
The coins in will be seen, never did VARY
much in value, and the great argument In IA
vor of a double star dard is that they regulate
the vslue of the other. II one, from any
cause whatever, from its scarcity or the de-
mand for it abr ad, Is increas ed IN value, the
CHEAPER take its place at home. there is no
demand for the dear or bust ess transactions,
1t always being me right OF the
debtor to use his option as 10
which he will pay in. In this
way tne rslallVe eai1eS Oh me tTO are kePt
ference between gold and silver that there
is to-day, were il not or the characterization
of silver. A act remon etzing silver and
making il a full legal tender for all transac-
tiOns in effect, fully reviving the double
standard, would again briI silver up and
bring gold down. Ii IL performs the same
offices that goId now does, there would not be
so much demand ior gold, and more demand
for silver. This was the wisdom of those u no
formed the vernme I, and has ever been its
policy, until. in he interest of the ond-hJld-
Ing class OF tnis cou Try, induced by our
of the United states passed the act of 1873.
The great fraud perpeti ated upon the PEG lie
regard to our bonded debt, making the
principal of the bond payable in CON, when
the law authorizing the Issue of the bonds pro-
you to the act of 49,. Tais acs OF 1862, which
authorized the issue of he 90 bonds, pro-
vided that the legal tender notes should be
ment, except interest upon the public debt.
After practicing this fraud upon the debtor
class, Increasing their obligations more than
four hundred millions of dollars on the day
that the act passed, gold vas worth 30 per
cent premium. The ponds that were affected
by Ii amounted to m IRE than fourteen hundred
millions. The bondhalder claimed that the
letter and spirit of the various ats au horiz-
Ing the issue Of boads, entitled him to coin
payment Be ause of This their friends in
Congress were induced to pass the act OF 1859
This act was passed, IL was said, to explaig
hat yuQg w he Qar mas a
by Congress authorizing the issue of bonds.
Among others ii defined
WHAT WAS MEANT BY THE WORD" COIN"
1t says that the interest bearing obligations
OF the fe6er government shall be paid In
gold or silver. Now, after having repudiaied
their orig nal con tract by the passage of the
law of 1863, and providing that the bonds
should be paid in coin, they indeed Co grt SIS
20 pass law demoneiizing one OF the coins
They did this in o. der TO get more from the
govern ment than their contract provided for,
as Ii was seen that silver was bound to depre-
ciate This is the only reason that can be as
signed for the characterization of silver. No
one VINO has spoken upon this subject in Con-
gress denies IN legal rightof the government
to pay both the principal and in
terest on our bonds in silver II
It chooses 70 do so. Mr., sherman
1t had the egsl right 10 do this. The Federal
government has never issued bond that pro-
Tddss ior payment In gold coin put they are
lected In coin, and appli first TO the pay
ment of the interest on the public debt. The
law of $40, providing tor the l. sue of bonds to
fund the pub ic q bt, bearing ~ and per
cent. Interest, provides that the bonds are 10
be pay abe in coin of the standard value, SIS II
existed at that day. Designing men, engaged
In legisIa ion for the bono holders of the coun-
try, now ms st that in order 10 bring about
the relative value between the NO metals,
more silver must be put IN the dollar, which
is contrary to ali precedent OF the government.
Their purpose is TO get the standard changed
so that they can have an argu-
ment agair ST. taking silver at all.
There is a conspiracy .gainst silver, not only
In this country but in Europe. The object is
contraction of the worlds money. Ii is
strange tn Il any man, Ii ing under our gov
eminent, would favor policy which is in the
interest Of all creditor governments, and
Arnnf Lite a