The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-08-05

11iH aaaITender by the Consti'
1851 bramise Of Congress 10
~. Tinifed SfnteS Bonds In
En;,..The Creditors Demand
lar Gold Unjust. -c.st-r,.i. b.
NEW YORK, July 25, 1876.
r, tho Editor Of the Nov York Tribune:
have been a "looker.on" for seyera
months during tho discussions in Con
Vrcss and in the press Of the silver ques-
lion. My merely superficial knowledge
of finance leads to so much distrust that
approach the subject with much hesita
ton. Yet so strong are my intuitions
that leading journalists are misleading
their readers that l have determined to
break silence. The persistent effort to
reject silver as an element in resumption
seems TO me so manifestly unwise that ]
desire to call attention TO facts which
most Of those who speak or write upon
the question have forgotten, or choose to
Ignore. -.
confers upon Congress the power to coin
money" and in subsequent section pro-
hibits the States from coming money, or
from making anything but gold and
silver coin tender in payment OF debts"
Gold and silver coin, therefore, is de-
olared by the fundamental law legal
tender in payment Of debts, and hence
gold and silver became the specie cur.
rency 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
eminent and Union, provided that both
tho interest and principal OF those obi.
cations amounting in the aggregate TO
nearly three thousand milliOns) should
DO paid "in coin;;n and finally, on the 18th
Of March, 1869, when ii was deemed i'm
portant to solemnly assure the public
creditors Of the good faith Of the Gov
ernment, Congress passed declaratory
law saying that
The faith Of the United States Is sOlcmnly pleds-
81 to the payment In coin or It's equivalent Of all
the obligations oi tho United States not be lrng In-
tere.t known N United States notes, and Of all the
interest. bearing obligations except 10 cases where
tue law authorizing the issue Of any such Obligation
has expressly provided that the same may DO paid
10 lawful money, or In other currency than god
and Iilrer. ARi The United States GLl1
JOlsmHy pledges IL Jaih 10 make prprliiOH al he
drlieIi practicable period for The redemption n Ne
United States RoieI IL coin.
The Court OF Appeals Of the State Of
New York having decided that con-
tract made before the passage OF the Lee
gal.Tender act, payable expressly lin
gold and silver coin, lawful money OF the
United States might be paid and salts.
fed by 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 certain degree OF purity
and weight. The note dollar was prom
Use to pay coined dollar" By the Con-
stitution OF the United States by the laws
Of Congress authorizing tho Secretary OF
the Treasury to borrow $4,000, 900, 900,
and by the language OF the Supreme
Court Of the United States, SILVER and
gold" have been solemnly declared and
affirmed to be legal tender Us the payment
OF debts. The distinction, therefore, be-
tween the values Of silver and gold which
has recently obtained is in disregard Of
the constitutional, legislative, and judi.
cial authorities; and in view Of
the fact that throughout the com;
mercial world silver has been for
centuries, and now, more largely used
than gold, this new revelation rests upon
extrinsic, artificial, and arbitrary ideas
and acts. It might with far better reason
be claimed that gold should not be le-
gal tender, because, unlike silver, it has
never had an international circulation.
Even in England and France, divided
only by a narrow channel, the English
sovereign, with the Queens head on 1t,
and the Napoleon, with the Emperor's
profile, circulate principally in their own
dominions, while the Spanish milled dol
lar, the Mexican dollar, the French
franc, and the English shilling have n
worldwide circulation. Nor has silver
been the currency OF modern civilization
only. It was illegal tender" when Zine
gold" like "rubies,n was only precious"
Tor ornament. The Jewish shekel was OF
silver. Joseph was sold TO the Ishmae-
lites by his brethren for "twenty pieces
of silver" and Judas, for tho betrayal Of
our Savior, received "thirty pieces OF sill
YER" As early as We have any knowl-
edge ofcurrency. ailyer was its basis, and
was tho medium OF exchange for all COM
modities. Il
1t is claimed that the largely increased
supply Of silver from the American
mines is affecting its value throughout
the world. This result, when we were
augnenting our public debt was antici-
pated. Our ability to pay both the
principal and interest was based in part
upon the value OF the mines then being
developed in the Far West. And now
that these hopes are. realized, shall we
voluntarily deprive ourselves Of re-
source which will essentially aid in re.es.
tablishing and restoring the, credit and
prosperity OF the country? Congress, un-
der authority derived from the Constitu.
ton, inaugurated the. coinage Of silver
and gold, fixing the value OF each. That
authority remains. Congress has the
power to-day, Us il had the day after the
Constitution Of the United States was
adopted, to coin silver into money, to fix
its value, and TO declare il legal tender.
In this view Of the question, the discov-
cry and development Of rich silver mines
was prOvidential. Why, then, II Europe
aus deprecate the abundance Of American
silver, should We readily join tempora-
rily popular cry against III II it be
just, or wise, or patriotic, to unite in
the efforts TO depreciate the value Of
silver because our mines are too prolific
would il not DO equally so to unite with
foreign countries 70 cry down the price
Of agricultural products when our
bountiful haryests enable Us to export
largely to Europe? / have insisted, in
former communications, that return to
specie payments, so desirable in all re.
specu, did not necessarily require "con-
traction" or suffering. Resumption Is
not cruel or relentless. It could have
been made not only easy, but beneticent.
This, however, required statesmanship.
i was in the power Of the Administra.
ton and Congress, had they set them
selves diligently and wisely to the task
zen years ago, TO have accomplished re.
sumption without deranging, depressing,
or disturbing any aaNi1nn anv elaaa mr.