The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-07-07
THE FINANCIAL QUESTION.
Conclusion OF the Review of Resump-
ton Article OF June I'd.


ton Article OF June I'd.
Ny friend next quotes the opinion
of the Supreme Court, as follows:
1 belieYe have the highest authority
in the land for saying that the legal-ten-
der notes are obligations of the United
States. Their name imports obligation.
Every one Of them expresses on its face an
engagement Of the Nation to pay a certain
sum. The dollar note is an engagement
to pay dollar, and the dollar intended IL
the coined dollar OF the UnitUd States, .
certain quantity in weight and fiueness
Of gold and silver authenticated by the
stamp OF the government"
consent to rest the whole case en-
tirely upon the above quoted opinion.
and will demonstrate beyond a ques-
tion that that opinion, and the correl-
alive circumstances, stamp the gold
redemption policy as unconstitution-
al, unjust and dishonest, and every
measure to carry out that policy as a
robbery of the public treasury and q
bare-faced fraud upon the tax payers,
Note just what the opinion says:
1.-The dollar intended Is the coined
dollar of the United States, certain
quantity IN weight and finess OF gold and
SiLUer, authenticated by the stamp of the
government
AS / briefly stated in article of 18th
ult., the law of 1892, to provide for the
coming OF money by the United
States, provided that gold and silver
should be coined, and that the silver
dollar should be the .sunit of value,'
80 that whenever any dispute arose as
to what dollar was, the courts had to
decide that the silver dollar was the
dollar. Silver was thus made the spe-
cific coin dollar of the United States
it was also made by that law legal ten
der for debts to any amount, and full
specie redemption for paper currency
This continued to be the case right
along under all circumstances and
during all specie payment systems, I'M
til February, 1873, when Congress, al
most without discussion, and practi-
cally without the knowledge of the
people, demonetized silver, by abolish
ing it as legal teRder except for insig-
nificant debts, and abolished it as the
unit of values and made the gold
dollar the unit of values. This revers-
ed the entire financial history and
precedent of the United States, and in
all other countries up to that time.
The same thing was done in 1873 by
Germany and England, while France
and all other nations refused to, aud
hold co the double standard, of both
gold and silver. The business prostra-
ton since 1873 in the three exclusively
gold basis countries, will begin to be
accounted for.
Now as the greenbscks were all is
sued when silver, whenever the ques-
ton was raised, was even more
specie payment coin than gold, it fol-
lows that their redemption in silver
fulfills all the contract and
in the case, and that to re-
quire their redemption exclusively in
gold, and refuse their redemption in
silver, is fraud upon the public treas
ury just to the extent-$63,OO O, 900
that gold would cost the treasury more
than silver. But rot asking for my
words to be taken, l
clip the following editorial from the
New York Daily Tribune of June q,
1876. The Tribune is the hardest hard
the most iron clad specie pay
ment, speedy resumption, gold coin
journal in that city, but seeing the
truth of the sreenback redemption
business can no longer be kept from
the people, it owns up frankly as fol-
lows:
SILVER ONCE MORE.
Congress is acting upon the Silver ques-
ton should keep certain facts clearly FIX
ed in mind, namely: % That prior to
1873 all debts contracted to be paid IN
coin were legally and eqitably pay able
either in gold or Silver; (2) that it just
BIS immoral to change the obligation of
contracts in the interest of the cred
ltor as in the interest of the debtor;
I'D that the unexpected fall in the price
Of silver in no way affects obligations
legally and equitably payable, according
to the terms of the contract, either in
gold or in silver coin; (4) that the ques-
ton whether the single or the double
should be adopted, with respect
to future transactions, should depend
solely upon the general public interest,
and in no degree upon the private inter-
est of individuals AS owners Of gold mines
or of silver mines, as debtors or as credi-
tors.
tits Eot necessary TO dwell upon the
statement that gold and silver were
equally legal tender prior to 1873. The
fact is not denied, nor is it OF the least
consequence that there bad been for
some years no silver dollars in cireuIa-
ton. Under the law it was wholly with
In 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
by the payment OF either; and
every creditor under such q contract
made 1t with perfect understanding that
either silver or gold might be paid. In
fact, prior to 1875, the presumption was
largely, whenever 1t should become the
less valuable metal, because an import
ant part OF its own Indebtedness was pay
able in cold or silver coin.
1t is cheat to impair the legal obliga.
tions Of q contract for the benefit Of eth
has no right to help debtor or creditor.
There stands the contract, be it what it
may. Let it be enforced according to its
terms. If man agrees to deliver thirty
tons OF iron on certain day, and the
price of iron meanwhile falls. that does
not impair his right to q full discharge
upon delivery OF the iron. If he agrees
to deliver q certain quantity of winter or
spring wheat, ands the winter wheat be-
coming peculiarly scarce or the spring
wheat peculiarly abundant, the rela.
tive 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 concern
ed. If 1t says gold shall be paid, when
gold or silver is specified, 1t wrongs the
1ebtorwho has in law and equItythe right
70 pay IN either, and as between individ-
lals such an interference with q contract
would be void.
What does this IeaSe for the gold
policy to stand on? How
lOes this justify the heightened phrases
about honesty and public faith and ma
,Ional honor, which have been dealt out so
literally for the benefit Of s.inteFconvert-
BILE bond fanatics.'' Who are the men,
n both parties, who have broken good
iaith, violated contracts, and attempted
% rob the public treasury of $50, 600 900
n order to get gold, instead OF silver, for
heir surplus greenbacks? Who have
oiindly. reeklessly, Insaneiy, prestrated
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