Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1876-06-29
silver once More.
New York Tribune.

Congress in acting upon the Silver ques-
ton should keep certain facts clearly
fixed in mind, namely:
l That prior to 1873 all debts contract
ed to be paid in coin were legally and
equitably payable either in gold or sill
| yer.
| 2. That it is just as immoral to change
the obligation of contracts in the interest
of the creditor as to change the Obliga-
ton of contracts in the interest of the
debtor.
8. That the unexpected fall in the price
OF ISL silver YER in no way affects obligations, le-
! gally and equitably payable, according
to the terms of the contract, either in
gold or in silver coin.
4. That the question whether the sin
| gle or the double standard should be
| adopted, with respect to future transac-
tions, should depend solely upon the gen
| eral public interest, and in no degree up
on the private interests of individuals as
| owners of gold mines or of silver mines,
/ as debtors or as creditors.
1t is not necessary to dwell upon the
| statement that gold and silver were equal
~ legal tender prior to 1873. The fact
| is not denied, nor is it of the least con-
| sequence that there had been for some
years no silver dollars in circulation.
Under the law it was wholly within the
power of the Government to coin silver
to any amount and at any time; under
the law debts payable in 'gold or silver
coin" could at any time have been dis
charged by the payment of either; and
every creditor under such a contract
made it with perfect understanding
that either silver or gold might be paid.
| In fact, prior to 1873, the presuption was
that the United States would coin silver
largely, whenever it should become the
less valuable metal, because an important
part of its own indebtedness was PAYABLE
in gold or silver coin.
It is a cheat to impair the legal obliga-
tions of a contract for the benefit of eth
er party. Morally speaking, Congress
has no right to help debtor or CREDITOR
what it may. Let it be enforced accord
ing to its terms. If a man agrees to de-
liver thirty tons of iron on a certain day,
and the price of iron meanwhile falls,
that does not impair his right to a full
discharge upon delivery of the iron. If
he agrees to deliver a certain quantity of
Winter or Spring wheat, and the Winter
wheat becoming peculiarly scarce or the
Spring wheat peculiarly abundant, the
relative value Unexpectedly changes, that
does not impair his right to full discharge
upon delivery of either. Congress has
no more right to change the terms of
such contract than either individual
concerned. If it says gold shall be paid,
when gold or silver is specified, it wrongs
the debtor who has in law and equity the
r right to pay in either, and as between in
dividuals such an interference with con-
; tract would be void.
q Suppose that, instead of silver, gold
! had just now met such remarkable de-
cline in price as has more than once oc-
CURED, would not honorable and sensible
men agree that it would be fraud to re-
, qufre payment in silver aloneP For years
! after the discoveries in California and
4 Australia, gold was abundant and silver
! scarce, Had Government then required
q / debtors to pay in silver, it would have
a wrOnged them; had it then insisted upon
a paying public obligations in silver, il
would have robbed the people of the
/ United States. What difference does il
f make, legally or morally, whether one
4 metal or the other has declined in value
!. Senator Jones has weakened the posi-
n tion of advocates of the public standard
by resorting to some positions that are
very untenable, not to say absurd. He
says, for example, that demonstration Of
silver would practically double all debts
because the amount of silver and of golC
z in use approximately equal. We mus
: presume that Mr.. Jones has read enough
of political economy to know that cur
IL rency, and various forms of credits useC
r as currency, affect prices quite as muel
y as coin itself, and that an insignifcan
~ proportion of moderate transactions il
l. civilized countries are settled by pay
Is ments of money. In London the use Q
81 money is as one to twenty compared t
le the use of commercial credits, and nearl
lG the same proportion prevails in NeN
le York. If the demonstration of silve
should result in no increased use of cred
10 its, 1t would lessen by not more than one
Il fOrtieth the amount of currency used a
4 the chief commercial centers in deter
l. mining prices. The real objection, Whic
g the Senator inexcusably misses, is tina
e, silver is naturally and mainly used in re
e tail transactions by the poorer and labor
= ing classes, and its disuse would there
q fore affect prices out of all proportion
et its share in the general work of exchange
a. It is unnecessary to add that if he attrit
y utes increase of crimes or suicides, in
y crease of failures or decline of prices, t
70 demonstration of silver in this country
Sc he only brings ridicule upon the cause h
re wishes to aid.
y The old dispute between the single an
z the double standard ought to be settled i
OF this country, with respect to future trans
u actions, not at all with regard to MI
10 Jones' interest as sflver-prOducer, nc
~ Mr.. Belmont's interest as a creditor, BIT
ye with sole regard to the general and pars
el mount welfare of the people of thes
". United States. IF they are honest the
Ae, strictly according to their terms, an
G. provide ample means for such Settlemen
It; AS to the future, if the general welfal
nd will be promoted by adopting the sing
OF standard of England, they should pref
et that course. # it will be promoted, o
rs the contrary, by adhering to the doub
ne standard of France and other countri
p. of the Latin Union, which has also bee
tn the standard of this country until vel
3O recently, they should take that cour!
eo promptly, and without qualification.