The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1877-06-30
MONEY MATTERS.

The money OF a great nation Is always
a matter OF the grayest import in legs-
lation. The money of a country, wheth-
er 1t be gold or silver or copper or cow
ries, stands as the representative OF the
exchangeable values Of all the property
of that country. And he must be most
unwise statesman who would rudely lay
a disturbing hand upon that measure of
values by which all the property and
possessions of the people are to be regu-
lated. And yet that is precisely what
has been done in this country; and that,
too, at the most critical period OF our
Whole financial history, when, OF all
other times, the country most needed
the widest basis Of coinage in order to
meet its outstanding Obligations. why
it. was that, four years ago, Congress
took upon itself to suddenly revolution
ize our whole monetary system, by the
rejection of silver. not one statesman y
OF them all has ever been able to ex-
plain. Not single substantial reason
has ever been assigned for this uncalled-
for act Of legislation.
The monetary matters Of nation
ought never to be made the subject Of
mere partisan legislation. Differences
of opinion as to financial theories IN
the administration Of public affairs,
there may be, but the subject of money
itself, simply as money, should never be
tho rxyhi onprinnc
party majorities. That which lies at
the very foundation of the property OF
the people, the wealth Of the nation,
should be sacredly preserved from the
fluctuations incident to party elections
and political campaigns. We are glad
to perceive that the present discussion
of what is called The "Silyer Question:"
has not as yet assumed partisan as
pect. Upon this subject both political
parties are divided as among them
selves. We nevertheless regret to see
the bitterness of sentiment manifested
on both sides, which can not fail to be
adverse to calm discussion and sound
conclusions.
We think 1T would be overtaxing the
discernment and ingenuity OF man to
definitely point out the distinct and ex
act motives that led to the demonetiza
lion OF silver upon any principle or by
pothesis of the public good. Ordinarily
legislators are able to give some kind o
treason for the faith that is in then
touching their acts OF legislation. But
as to this act of 1873, not single legis
lator whose vote contributed to its pas
sage has ever vouchsafed a respectable
reason for his vote. We know that mo
lives, at once selfish and mercenary
have been attributed as the impellini
3ower, the us a tergo, for the enactmen
Of that law. But we refrain from max
Ing such, allegations or imputations
And yet it is obvious and unquestiona
BILE that the ultimate effect of that Law
must be to enhance the interests o
those whose possessions place them il
the relation OF creditors of the Gov
ernment. For, where ultimate pay
ment Of any public obliga
ton is sure, the diminutio
Of the means OF payment in the hand
Of the public, is equally sure to enhanc
the value OF the security held as agains
the public. That the demonetzation G
silver must diminish the means of pay
ment OF our public. obligations, no ma
Of common sense will undertake t
deny. II com payment means only goZ
payment, then the public has clearl
been crippled, to the extent of all it
silver, in its means for meeting its oi
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