The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-12-14

beginning Of the government down to that
time the silver dollar was known to the |
people of the country as one Of our coins. |
He next quoted from the act of 1862 the |
fifth section, which provided that allduties
on imports should be payable in coin, and |
coin so received should be set apart as q
special fund for certain purposes, &C. He
argued that up to the act Of 1873, which |
dropped the silver dollar from the coin of
the United States, silver dollars were re-
ceivable for customs duties, and were
pledged for the payment of interest on the
public debt.
He next quoted from the act of July IA,
1870, to authorize the refunding Of the ma
tional debt, and said it was intended to de-
fine with the utmost precision the medium
for the redemption Of these bonds. The
measure of value of these bonds was most
explicitly declared. They were declared to
be redeemable in coin of the present stan
dard value and bearing interest payable
semi-annually 10 such coin. There was no
ambiguity about those terms. There was
no doubt about what those words meant.
The act was as free from any possible shade
Of doubt as words could make it,
Il
enoe and no matter how much such coin
might be deprecated or debased appreci-
ated or increased in value by the exercise
of the sovereign power of the government
l-still that should not affect the rights of
the holder of these bonds. When they
matured the government would deliver
} them so many pieces Of gold or so many
pieces OF silver as were known to the law
II ~ L.. l., Il 4
that all bonds, by their terms-by the plain
and proper meaning of the words on them
were redeemable 10 the coins known to
the statutes of the United States at the
time such bonds were authorized.
He then referred to the specie resump-
ton act of 1875, and stated that prior to the
} passage of that act, but subsequent to the
act Of 1870, to-wit, by the act of 1878, new
, coinage was established, which dropped
from the list of authorized coins Of the Uni
ted States what had always been known TO
} our law as the silver dollar. Now, in law
! OF in morals, what difference did that make2
, The United States as one of the parties to a
contract, could not, of its own motion,
change contract Therefore that act did
D not affect the holders of bonds. The reci-
] tails contained in his preamble and resolu-
I ton logically and legally justified the con.
clusion that it was necessary for the
government to retrace its steps aud restore
the law as it was prior to '73 Put back
: the silver dollar as it stood legal tender
q for payment of all bonds and to do so would
not be in violation of public faith nor il
derogation of the rights of public creditors
t The government in order to keep itself IL
b position to perform a contract according tC
e the letter and spirit should restore the sill.
yer dollar and keep it just as it was, a full
and complete legal tender. Senators were
not acting for themselves. They were not
dealing for their private or Individual iD'
terests. They were here as Representatives
of great public interest. They were here
as trustees of the nation. Trustees of Its
honor as well as Of its pecuniary interest
| but bound to act as trustees according Il
: universally acknowledged principals ofrigh
D and law. What right had senators to give
away one particle of that great domain o.
I power which constitutes the public right
They were oonservators Of it. The presi
: dent of the United States could only speak
| for the people 10 limited channels marked
g out for him by the constitution. When ht
e (Matthews) heard talk that it was the ex-
D pectation of the purchasers of bonds thai
= because he paid gold tor them he must re
$ ceive gold for them, he asked who had giveI
out such expectation? Where had the
D people so spoken? Through what channel
: Through what agency? Let the record b
produced.
There were considerations of another ma
e ture which invited discussion, and int
y which perhaps the senate ought to GO int
= which perhaps some who would take par
in the discussion would necessarily go-bu
= he would only briefly refer to them. l
le had been said that silver had depreciater
is in value. How was the loss measured
: By gold? Why not say gold had appreci
4. ated in value? Silver can to-day buy NOR
'' of any kind of known product OF labor tha
re it could in July, 1870. Here, in Asia
al nowhere in the world has silver depreciate
RS the breadth Of hair. On the contrary,
y has maintained its position. 1t can buy tc
day more land, more houses, more calico
more Of anything than it could in 1870.
OIL Who is there who does not know fror
actual personal observation that every
l g thing has gone down and that gold alon
2 Concluded on next page.1