The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-09-01

Promise of Congress to Pay United
States Bonds in COiE-The Credi-
tors Demand for Gold Unjust.
From the New York Tribune.
SIR: have been a ''looker-on'' fol
several months during the discussions
in Congress, and in the press, of the
silver question. My merely superfic.
ial knowledge of finance leads to SC
much distrust that approach the sub
ject with much hesitation. Yet SC
strong are my convictions that leading
journalists are misleading their readers
that l have determined to break
silence. The persistent effort to re-
ject silver as an element in resumption
seems to be so manifestly unwise that
l desire to call attention to facts
which most of those who speak or
write upon the questions have forgot
ten or choose to ignore.
The constitution of the United
States confers upon Congress the right
TO "coin money!" and in a subsequent
section prohibits the State from COIN
ing money, or from making E'any-
thing but gold and silver coin a tender
in payment of debts" Gold and silver
coin, therefore, is declared by the fun
damental law a legal tender IN the
payment OF debts, and hence gold and
silver became the specie currency of
our country. Every law of Congress
authorizing the issue of bonds and
notes, the proceeds from the sale of
which were used to preserve the Gov
ernment and Union, provided that
both the interest and principle of
those obligations amounting in the
aggregate to nearly three thousand
milliOns) should be paid Gin coin,' -
and finally, on the 18th of March,
1869, when it was deemed important
to solemn1y assure the public creditors
of the good faith of the Government,
Congress passed a declaratory law,
saying that:
'The faith of the United States is
solemnly pledged to the payment in
coin or its equivalent of all obligations
of the United States not bearing inter
est, known as UAited States notes,
and of all the interest-bearing obliga-
lions, except in eases where the law
authorizing the issue of any such obli-
CATION has expressly provided that
the same may be paid in lawful mon
ey, or in any other currency than
gold and silver. And
the United States also solemnly pledg-
es its faith to make provision at the
earliest practicable period for a re-
demption of the United States note in
COIN"
The Court of Appeals of the StaLe of
New York having decided that a con-
tract made before the passage of the
legal tender act, payable expressly ''in
gold and silver coin, lawful money
of the United States,' might be paid
and satisfied by a tender of United
States notes, the case was taken to the
Supreme Court of the United States at
Washington, by whom the decision
was reversed. Chief Justice Chase, in
announcing the opinion of the court,
in February, 1869, said, "The coined
dollar was piece of gold or silver of a
certain degree of purity and weight.
The note dollar was promise to pay a
coined dollar" By the constitution
of the United States, by the laws of
Congress authorizing the Secretary of
the Treasury to borrow three thousand
millions, and by the language of the
Supreme Court of the United States,
''silver and gold" have been solemnly
decls red and affirmed to be the legal
tender in the payment of debts. The
distinction, therefore, between the
values of silver and gold which has
recently obtained is in disregard of the
constitution, legislative and judicial
authorities, and in view of the fact
that throughout the commercial world
silver has been for centuries, and is
now, more largely used than gold, this
new revelation rests upon extrinsic,
artificial and arbitrary ideas and acts.
1t might, with far better reason, be
claimed that gold should not be legal
tender, because, unlike silver, it has
never had an international circulation.
Even in England and France, divided
only by a narrow channel, the En-
glish sovereign, with the queens head
on it, and the Napoleon, with the en-
peror's profile, circulate principally in
their own dOminiOns, while the Span
ish milled dollar, the Mexican dollar,
the French franc and the English
shilling have a worldwide circulation.
Nor has silver been the currency of
modern civilization only. 1t was a
illegal tender" when ''fine gold" like
"rubies," was only "precious,' for or
nament. The Jewish shekel was OF
silver. Joseph was sold to the Ish-
maelites, by his brethren, for "twenty
pieces OF silver" and Judas, for the
betrayal OF our SAVIOR, received "thirty
pieces of silver" AS early as we have
any knowledge of currency, silver was
its basis, and was the medium of ex-
change for all commodities.
1t is claimed that the largely in
creased supply of silver from
the American mines is affecting its
value throughout the world. This re-
suit, when we were augmenting our
public debt, was anticipated. Our
ability to pay both the principal and
interest was based in part upon the
value of mines then being developed
in the far west. And now that these
hopes are realized, shall we Yoluntari-
ly deprive ourselves of a resource
which will essentially aid in re-estqb-
fishing and restoring the credit and
prosperity of the country? Congress
under authority derived from the con-
stitution, inaugurated the coinage of
silver and gold, fixing the value of
each. That authority remains. Con-
gress has the power, to-day, as it had
the day after the constitution of the
United States was adopted. to coin
silver into money, to fix its value, and
to declare it legal tender. In this
view OF the question, the discovery and
development of rich silver mines was
providential.
Why, then, if Europeans depreciate
the abundance of American silver,
should we so readily Join in Temporal
rily popular cry against it? If it be
just and wise or patriotic to unite in
the efforts to depreciate the value of
silver because our mines are too pro-
lifiic, would it not be better equally
so to unite with foreign countries to
cry down the prices of agricultural
products when our bountiiui harvests
enables US to export largely to Europe
l have insisted in former communion
lions that return to specie payments,
so desirable in all respect, did not
necessarily require 'tcontractionn or
suffering. Resumption is not cruel or
relentless. 1t could have been made
not only easy, but beneficent. This,
however, required craftsmanship. 1t
was in the power of the administra-
ton and Congress had they set them
selves diligently and wisely to the
task ten years ago, to have accomplish
ed resumption without derangiug, de-
pressing or disturbing any section,
any class, or any interest. But most
unhappily, the craftsmanship which
the emergency demanded was lacking.
The administration and Congress have
only been distinguished as ''circumlo-
cutionists." The efforts at resumption
so far have been in the direction OF
show not to do it," and finally, when
the proposed action of Congress on the