The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-08-02
LANDERS' LOGIC.
A Plea for the Old Silver Dollar.
THE DOUBLE STANDARD DIS
CUSSED

THE DOUBLE STANDARD DIS
CUSSED.
THE MoNETIzATIoN OF sILvER-THB RIeHTs
OF THE DEBTOR CLAss-THE RESTORATION
OF THE SILVER DOLLAR THE SIMPLE Full
FILLMENT OF A CoNTRACr-THE DUTY OF
THE HOUR.
The following speech by our member OF
Congress was delivered In debate on the
silver bill, reported to the House by the
banking and currency committee July 13:
Mr.. Lsnders. of Indiana. The House can
clearly see my object in Introducing this
amendment; II Is cOuched in language s.
plain that no man can fail TO understan.
1t. My object is to restore the silver dollar
to its proper position. the position il has
occupied ever since 1892, until by the sc-
ton of Congress IL YVES demonetizsd In
1873 My friend from Ohio (Mr. Psyne)
objects to this proposition because silver
has deprecated in value, and insists that
to agree to my proposition "would be q
great hardship on the creditor class" Mr..
Speaker, want to be understood here as
being disposed to give every msn, whether
debtor or creditor, the benefit OF his con
tract. The large portion OF our debt has
been created under the act of 1862. That
act provided for the sale of bonds. 1t pre-
vided for the use OF legal tender currency
and for the payment OF interest on the
bonds. 1t also provided in what way the
tariff dues should be collected. 1t Will bs
found by examining that act that the in
terest on the bonds of the government
was to be paid In coin. 1t also provided
that the tariff dues shall be collected in
coin. IL provided further that the bonds
of the government should be placed on the
market and sold at par for gold and silver
or Treasury notes. / ask you, Mr.. Speak
er. whether or not the creditors of the gov
eminent have not obtained every privilege
that belongs to them under that law? The
creditors OF the government invariably
took their option. They bought our bonos
with treasury notes when they were
NOT WORTH OVER FIFTY CENTS ON THE
DOLLARi
am not complaining of that, because it
was the law; and when a man lives up to
the letter of the law there is no ground for
complaint. But the debtor class has an
option in that law. They have right to
pay those bonds ana the interest on the
same either In gold or silver coin. Now il
is clearly TO be seen that the object OF this
law of 1873 wa to- deprive the debtor class
OF that right; and it Is for that right am
now contenoing. L CONTEND that the right
w ich was taken from the debtor class by
the act OF 1873 should be again restored TO
them. Diu not that act Iepudiste the
con rsct? Did it not say that the
debtor should not have the rights that be-
longed TO him under the contract? Andis
not that Reputation? 1t is OF the same
class of legislation as that of 1869 The act
| OF 1869 was a repudIsting act. Il repudl-
ated the contract, and said that the bonds
should be paid in lawful money. 1t said
that hereafter they should be paid in coin
alone. Aud now because one kind of coin
is deprecistiDg in value this BODYBUILDING
| class Is not satisfied with the first re pudis-
ton, but come in with a second repudist-
ing act, and declare that such silver
coin shall not be regarded as money. The
object of this amendment is to prevent
| this second outrage and act OF repudia ion.
Now, II the debtor class has right to pay
their debts In silver, will this Congress
deny to them that right? If they have
not That right and Congress should cay
that silver is full legal tender, it is a
question tor the courts to determine, and
a mat or of course they are always
open to decide such questions. From the
| legislation of the past 1t would seem that
the
DEBTOR CLASS HAVE NO FRIENDS HERE.
Shall this thing continue? Are your con-
stiiuents all creditors? Mine belong to
both classes. But the gentleman from
Ooio dwells on the fact that silver has de-
clined in value. Now, wnen a contract
mas been made AID parties bound by it to
pay a debt either In silver or gold coin at
Iis fixt d lawful rate, ak il IL is any fault
| of the debtor II either OF these commodities
decline in value before the debt falls due?
never heard that question raised before.
Suppose a CONTRACT to be made to pay a
| debt in wheat or corn and the price fixed
is the standard OF a certain number OF
pounds to the bushel, and when the time
| for delivery arrives grain has declined in
value, would any sensible or honest man
Say Tor that reason more pounds should
/ be put into the bushel to pay
the debt? There is Just as much
sense in one proposition as the other.
| Certainly your contract Is not to pay in
| the precious metals at what they are
| worth at time of payment, but to pay in
them at their value when the contract Was
made; and it would be as much an act OF
injustice to the people to change that
standard as 1t would to the bon1nolder
should they appreciate in value. But
| would like the gentleman from Ohio or
| any other gentleman occupying the posi-
ton on this question that he does to prove
| to this House that silver has declined and
| that gold has not advanced in value.
would like any gentleman TO show how
he would determine the question of value
/ compared wi b eacn other. We know that
/ they are separated and apart. Is there not
Just as much argument TO prove that gold
/ mas dvanced as that silver has declined 2
! The argument that silver has declined is
because in many governments, including
/ our own, 1t has been demoneJIZsd. Has
| not that act alone created a greaser de-
msnd for gold? The value OF all com.
/ moditits
Is REGULATED BY SUPPLY AND DEMAND.
| II you cut off the demand for one and in :
crease it for another, ask IL each would
NOT be equally affected by the change. The
question now is whether or not we have q
| right TO pay our debts in silver? The word
coin used in all the acts authorizing the
i issna and sale of hOnds According to Cnief