The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1877-11-27
Would Converting silver Into
Money be Unjust and IniuriOusf

Hung at LueIu laSt anu lutlOusly.
Unregenerate human nature feels like
retorting that the demonetization Of sill
yer was sneak.thief operation, and that
opposition to righting the wrong is the
struggle of thieves to retain their plum
der. But mere reviling convinces no
body and persuades nobody, SO we will
put it in milder form, and say that one
class of men by secresy and artifce did a
wrong 10 the masses of the people which
the masses propose to remedy.
About the softest terms in which the
Eastern papers can mention the restora
ton measure is to cali it ''the Western
silver lunacy."
The word Western" is applied to the
measure in order to belittle it by localiz-
ingit. Itcalling it "W estern" the down
casters wish to convey the impression that
mere minor section is demanding the
restoration. The truth is that those who
justify the demonstration act, and who
insist upon profting by it, arein major
ity only east Of the Alleghenies and north
of the Potomac. isses
4, The word slunacyp Is employed solely
because of the deplorable lack Of rea-
Il traH NHe
sons: It's 50 much more convenient to
assume that something is repreheusible
than to oproveit to be so,a especially when
all the proof persists in gravitatingto the
other side., = 3.5fi5,l go !.
One thing bearing the form 81 q reason
thatis urged against srigbting this wrong
is the claim that it does injustice to:the
bond,holders-that they were led to ex-
pect their bonds would be paid in gold,
and that TO make them payable in silver
would causes shrinkage in their value. sd
It is not an answer to this to say that
the property Of all classes other than
moneyed men and bondholders has
shrunk fearfllly in value; but lis an an
sNerlto say. that on atheir face, payment
Eof the bonds in gold was never promised!
Payment In silver was never promised
We mean now the greater share Of them;
But Congress took snap judgmen. on
the people, and years after the bonds
wereall sold, declared thatthey should be
paid in..coin." This was q gracious gift
to the. bondholders. The people who
to do the paying were not consulted
aboutiits Congress simply added tothe
public debt and public burden to benefit
the pockets Eof bondholders. 5 ! l'aa !. :
But silver s'coin. became from various
causes less valuable than gold "coin,"
and lest the people should be relieved
of part OF this added burden BY using
the cheaper ':scoin," Congress steaithily
Idemonetized the silver coin, so that only
the gold coin would remain with which
to discharge the Indebtedness. sThusin
defiance OF the contract, and in contempt
Iuous disregard Of the will Of the people,
the holder Of the bonds would receive his
pay in brightly elbow, gold pieces.
II would doubtless be adoing injus tice
to some Of the enemies Of. silver to say
that all OF them design to put money in
the pockets Of moneyed men and bond.
holders at the expense of the people, bu1
|it is doing them no injustice to say tha
such viii be the plain, transparent result
Of their success. ied, lies al .s.,;5
The one other objection to silver mon
ey which has plausibility to sustain 1
finds expression In the maxim that th,
cheaper and poorer currency viii always
drive out the dearer and better currency
Therefore silver being cheaperand poor
ef than gold, will drive all the gold out o
| the country. Itisnot worth while to al
| iict ourselves greatly over such q possi
bilitya Fpriwhile tits as Gasp as solving
the frstsunl In Rays Arithmeticto prov
that the worst currency ought to driv
out the better, it stili remains the obsti
=
nate, unshaken fact tBatit does mot do 81
10 any damaging extent. SO Iongas gol,
| is let, free to 'fow where II will, as rnncl
viii abide with Us as. there .is afair Dc
mand wforsl The surplus only viii see
other markets, and thiso can hardly b
looked upon as an ipsdpportable calaml
ty,s s ..,. y s Il ,'.',.,,.; e. .',sei !, 80, =
This is only one Of the many cssesi
which very symmetrical theory d
wrecked by the rude force of practic.
axner;ancel alsaifg 9ai5si sostA 1851
The conclusion is thatthe only injul
| tice done, the abendheldes will be inttsl
lingfrom him apart ofothatiwhich he hs
wrongfully obtained ;and' that the appr,
Ihended disasters, To follow the banisI
ment Of gold are purely .chimerical, 4n6
laaed5 -F77r7-- - ~ --z.il HI
lan&g The f-Eaq9irer's correspondent
L. -