The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1877-06-09
THE SILVER VETO.

of its inexpediency and unconstitutionality
| Yet in all this Incorporate criticism, the two
leading points of objection the Governor
makes to the bill remain unassailed; to wit
first, that illinois by this law would assume
the burden and inconvenience Of a dcbascd
currency over the manufacture and coinage
of which II has no control and out OF which II
deserves no profit; and II would not make
money more plentiful, because 1t would expel
an equivalent amount of better currency;
and secondly, that congress being endowed
by the constitution with exclusive power to
coin money and regulate the value thereof
the act is unconstitutional.
1t is assumed that Gov. Cullom, in vctoing
tins bill, puts himself on record rs opposed to
the remonetIsing Of silver, which it is asserted
the whole country is now demanding. But
the Governor in his veto really intimatcs the
very opposite. The old silver dollar for
which The country is supposed to be c!amor-
ing contained 412i5 grams of silver but the
pre5cn, subsidiary coin, which Is lega! ten
der to the extent Of but s., contains but 3S5aI
grains to the dollar. The former was worth .
per cent. more than grccnbaCks and the latter
in spite Of the demand FOR it as change is
worth } to per cent less than grcenbacks.
The Governor objects 10 making this latter
dcbascd coin a legal tender to any amount in
Illinois for the obvious reason that it Will not
oalv exclude the silver dollar, when congress
shall again have made that a legal tender for
all amounts, from our state but gold, green
backs, national bank bills and all other cur
rency leaving US nothing but the present de.
based subsdiar coin. Aside from this IN
answcrab.c objection, the Governor makes no
opposition to the remonetzing of silver by
congress, but expressly says he hopes it will
be done.
On the constitutional question the Governor
could have fortified his position impIegnably,
as the ytlaCs suggests, by citing the decision
of the Supreme Court of the United States
the legal tender acts unconstitu.
tionul the court holding that at was designed
to provide the same currency, having uni.
form legal value IN all the states. 1t was for
this reason the power to coin money and reg
ulate its value was conferred upon the gener.
al government while the same power, as well
as the power to emit bills of credit, was with
drawn from the states. The states can no
longer declare what shall be money, or regu
late its value. Whatever power there is over
the currency is vested in congress-
The IrijuRe even attempts to be tacetious
at the Governors expense over his statement
that the law he vetoes "woud not tighten the
load of taxation because, says the Tribune,
all taxes In Illinois are made payable in sill.
yer by our revenue laws in spite of the Gov
ernors veto We fail TO see the Joke In the
Governors admission of that fact, which his
statement simply amounts to.
This remOnetlsing of silver, we beg leave
to suggest, involves problems which the or.
binary precinct politician is hardly compe-
tent to deal with. Undoubtedly if all the
world, or 4 considerable portion of it, as, for
instance the United States, England, France,
Germany, italy and Austria, should agree to
Ihhc ollNCi III liiN VI OuC W Ola
teen of gold legal tender for all sums, silver
would very probably at once rise to a level
with gold and would be received ut that rate
all over the world with little exception but
whether the United States alone can safely
and wisely make silver legal tender, either
At the rate OF 3SG or 4l215 grains to the dollar
Is very different question. Certainly no
greater mistake can be imagined than that the
of silver, at depreciation below
gold, will make money any cheaper or plen-
ier in this country. There is, in dollar value,
en- times as much gold IN the world as silver,
and 10 nation can hope TO Increase the
amount of its circulating medium by driving
1ut all the gold and retaining silver alone
which there is great danger would be the CT.
iect IN this country of such an act OF congress
But at the bottom of all this silver talk lies
he fundamental economic error, that by max
ng one thing or the other legal tender, con-
yress can make money permanently plenty
Or scarce. There never was more insane
lelusion. Whether congress shall make gold,
silver, copper, iron, buttons or paper exclus-
vely or all together legal tender, will not
Increase or diminish ultimately by dollar
he real value in gold or by whatever else
shall he the standard of measurement of the
world, the amount or real value
IF the money in the country. All the coun-
Try wants is 10 have hequestion OF currency
or settled in some shape, and
Afterwards the laws of commerce will adjust
to the situation as certainly and in
syi,ably as water finds its level
RAILROAD FARES.
The people always gain when the big rail.