Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-08-29
RECOMMENDATION OF SILVER

GENERALIZATION VI SILVER
A Letter From ThurlOw Weed,
In Favor Of the Specie
Double Standard Of
Gold and silver.
To the Editor of the New York Tribune:
SIR: The discussion of the silver
question, as hope and believe, pro-
crosses satisfactorily. The strong
positions taken by tho advocates Of
the silver standard have not been
shaken or weakened by its Oppo-
nents. The fact that the constitution
designated silver and gold as the lc-
gal currency of our country, author
izing Congress to determine the
weight and value Of coins, and pro-
hibiting the States from making any
thing but silver and gold legal stand
ards, is neither denied nor ques-
toned. Nor is the further fact that
the laws of Congress, from the inaug-
uratiOn of the Government, with UNI
important exceptions, provided for
the payment Of principal and interest
of the public debt in coin, denied.
Nor will it be asserted that there is
any constitutional power to impair
the obligation of the contract which
entities the public creditor to the pay
ment of his debt, principal and inter
est in silver or gold. So clearly IN.
conference.-the is this point, that if the
Secretary of the Treasury should ten.
der payment of a debt contracted be.
fore the law of 1873 in silver, and the
creditor refused it, the question, il
carried to the Supreme Court of the
United States, would be decided in
favor of the Government, on the
ground that even Congress has nc
power to impair the obligation of the
contract.
1t is not perhaps to be regretted
that the consideration of the bill re-
monetizing silver, which passed the
House of Representatives by a large
majority, was postponed by the SEN
ate. The merits of the question will
be better understood when Congress
reassembles. Those who saw re.
sumption and prosperity in the neal
future, by repeal of the law of 1873
will not long be stigmatized as 'In.
tlationists." We are enjoying in the
subsidiary silver which has quietly
taken the place of paper stamps a
gratifying installment upon the full
measure Of the blessing which re.
turn of the silver dollar as legal
tender will confer upon the people.
And yet these bright half and quarter
dollars and dimes are held by the ad-
vocates of single standard as part;
of q policy calculated to debase the
currency
Meantime, the one-standard theory
as the discussion progresses, grows
weaker. The one-standard advo
Gates, until their positions had beer
ventilated, carried every thing by
storm. | have carefully examined
their side of the question. The argu
ment is narrowed down to two
points, viz: the Latin Government
insist that double standard is incon
venient; and, second, that Americs
produces too much silver. For these
reasons Northern Europe requires
the adoption of gold standard. II
the dawn of civilization, and fol
many succeeding centuries, there was
but single standard, and that stand
ard was silver. ""Silver has been 9
standard" in the language of a dis
tinguished statesman, "since the days
Of Abraham" If during the last
thousand years single standard had
been deemed advisable, that stand.
ard would have been silver.
The law of 1873 demonetizing sill
yer was quietly but skillfully worked
through Congress. The purpose and
effect were not understood by one
out OF five of the members who voted
for it. Nor, until this discussion
commenced, was the existence of sucf
law known to any considerable
number of our citizens. twas passed
simply to promote the interests of the
bondholders, usurers and spectators
in gold. Its effect has been to cripple
industry and Cypress labor. There
seems in the minds Of the advocates
Of the gold standard but one intcres
entitled to public consideration. Ev.
erything must yield to the bondhold'
ers. No matter what amount of LOST
or suffering reaches other interestt
and other classes, the bondholdel
must be protected. The bondholderl
are not only wards of the Govern
ment, but enjoy the sympathy of the
press. Every other department and
branch of business may suffer. La.
Dor may seek in vain for employment
but the bondholder must have his in.
terest in gold, which he Immediately
converts into greenbacks at pre-
MUM.
The vigilance of the Government
and the press in their defense of the
bondholders suggests an inquiry
which is certainly pertinent, and may
possibly prove useful. Foreign CAPT
talists naturally took advantage of our
necessities during the Rebellion to
purchase our bonds at low figure.
In November, 1862, gold sold at. .l3l
In December, 1862, gold sold at. ..l3l
In January, 1868, gold brought las
In February, 1863, gold brought . l65
In March, 1868, gold brought. lG(
In April 1863, gold brought. +. l5a
In May, 1868, gold brought 47
In Jnnc, 1868, gold brought. .. lat
In July, 1863, gold brought. ... .l3a
In August, 1863, gold brought. l2t
In September, 1863, gold brought.135
In October, 1863, gold brought las
In November, 1868, gold brought.l4s
In December, 1861, gold brought .l5C
In January, 1864, gold brought. 155
In February, 1864, gold brought .15s
In March, 1864, gold brought. j.. /. .164
In April, 1864, gold brought 49,. ia
In May, 1864, gold brought 49,. ..lS2
In June, 1864, gold brought -. 900
In July, 1864, gold brought -. .40
In August, 1864, gold brought .254
In September, 1864, gold brought. 22C
In October, 1864, gold brought .2lC
In November, 1864, gold brought 240
In December, 1854, gold brought, .23o
In 1865, 1866, 1867 and 1868 the pre-
MUM on gold averaged ITO. 1t was
during these years of depression,
when the fabulous premiums on gold
opened the purse-striDgs of nsurers,
that American securities found pur-
chasers in Europe. Our bonds, there
fore, were purchased in Europe du-
ring those years at prices alternating
between thirty and fifty cents on the
dollar. simultaneously our own cit
liens were subscribing for the five.
twenty loan at par. paying for their
bonds in greenbacks. Subsequently
these bonds, the interest and princi-
pal being payable in coin, rose In val
le to the coin standard, changing in
value as the premium on gold chang
ID never, however, until recently,