, 1877-07-06


Eororc dcrnonetfzlns It. and forcing Its aa1e ns
commodity upon the worlds maskcta.
The question Of next md fnAl Importance to be
considered II: n II calrahc 10 provide by tcUf.a.
ton that dchls incurred prior to ls13 when silver
was detnoncskci, mar 10 raid in either gold Of
silver, ~ tho law authorized before that pr s!odf
n silver IL tn be permanently md largely depre-
elascd relatively to gold IN consequence of a
dIminutton In the amount of labor required to
produce silver. this fsa practical and important
question Of constitutional law hnd norAte. lint II
tho present price OF silrcr n owing 10 tho action
Of 0esmnn7. and II within few ycara II Ia reason.
ably cortain 10 resume s old price In this markets
Of Tho world or It tho adoption the part Of tho
United states Of tho bt-mctAltc standard will I'm.
uedlaseiy restore silver to par or nearly par with
gold, tho question Ia comparatively uninportant.
Far the debtor cannot show that ho has been In
Jurcd uness he can provo that silver, ~ nerehan-
dlsc, wond bo deprecated relatively to gold. after
restoration Of tho bt.mcta!ltc standard ~ 1t
listed a. tho time his debt wns contracted.
Before 1879 debtor Ind a right to discharge hts
debts In either gold or silEos silver hhs now bfcn
demonatzcd by oct Of Congress, and she ide1 has
coms nbout that the debtor has Ia con.
sequence Ia soma way been injured. Dnt
wilt somebody point out wherein the In
Jury constslsf II silver had not been demon.
etred, and demand for silver should cxlss In this
country In any degree commensurate with The dc.
sire which. itn alleged, at present possesses lhc
community to pay cxlstlug dobts h sver. nothing
10 cortatn than that there would ba 1ttlo Ut no
depreciation Of silver ~ an nftlctc Of merchandise
ia comparison with gold; or At least that silver
wonld return 10 tho average market psce per
standard ounce that prevailed for years before the
act Of decentralization.
TsemonasIzatlon Of sllver Ia tho United Statcs
will, therefore, undoubtedly bring silvef TO par
with gold in the opcn markets Of tho world, and II
viii In NO uay benefit tho debtor, II he counts NJ
benefit the opportunity to pay hta debts In valuo
1css than ho received. ny tho restoration Of tho
b.mcta11lc standard. also. the debtor will not bo
bcneatcd, but Is certain 10 be materially injured.
He will not obtain siIvoT ~ money or merchandise
at less than he wonld pay for gold, md he will
thrust upon tho community a currency eumbcf.
eomo to handle md use; m antiquatcd, inadc-
Quate tool OF trade; coin that practically cannot
be used In our International tsausactions, and
policy sure 10 HINDER II not arrest Tic revival Of
development.
Wo tako these o1trncts from tho letter, as
they show how completely 31r. Willis ad-
mits tho want OF substance in all tho objec-
tions made to tho reconciliation OF silver.
Ho atlmits that tho fall In silver Ia duo to
temporary cause; that tho reconciliation Of
silver will advance tho price Of that metal to
pnr that It Is both legal and honest to pay
Tho debt In dollars defined by law wien tho
contract was mado :; TINT If tho silver dollar
bo rcmonetizcd, 1t is possible it, and not tho
gold, viii bo drained; and that "dollars"
will not be 80 cheap" that debtors Gun pay
their dobts with thom to tho injury OF cred
itors. After all, tho only objection ,s that
of weight which objection ho thus pro-
senta:
E7ghfsta dollars and fourteen cents, represent
I'd by the present subsidiary silver couagc Of tha
United States, stti1h pound: oH< huR&irsd doNdrs
weigh bvc and half pounds. and for overT thou.
sand doliars that man Il paid In silver wheel
bagow would become necessary II he proposed 10
remove It. The whcelbarrow. in fact, will become
the essential and possibly tho tash,onatie porto.
monneie for ali who propose to cngage In any con.
siderable noneYed transactions, II the dollar OF tho
fathers IL 10 b made by law the principal crrulat-
Ing medium. II d business WIS extensive, md tt
became desirable 10 pay At once 5000. 600 TN thu
dollar Of the fathers), then tho whec1bnrrov would
hare to be discarded, and tho railroad car called
into regulation.
Nevertheless, tho mincs Of tho United
States annually produce and handle silver to
tho auount Of S4k, ,0o0, 600; Germany has
just found uss for 800, 600 600 Of old silver
rccoinel In now denominations, and tho
world generally finds means and appliances
for handling an imnfenso amount Of silver
without any serious loss or Inconvenience.
Indeed, silver Is yet tho standard coin Of
three-tourths Of mankind. Having had his
objections To tho reconciliation Of silver re-
duced to that Of its supposed Inconvenience,
and as TINT objection Ia exploded BY the fact
that largo money transactions aro now con-
ductsd by the use OF bills and chccks, tho
generh foroo aud drift Of h{r. WE11s' paper
will bo accepted by tho country as strongly
in favor Of tic reconciliation Of tho ailvor
dollar.