National Republican. (Washington City (D.C.)) 1872-1888, 1877-06-18
THE Sill YER QUESTION.

's'H 'f'sF IN t'S'Ab'A''
The important question of the day seems
to he "a to whether the Government shall
remonetize silver by coming "the silver dol
lar Of our fathers" Public sentiment in
favor of the measure is growing, particularly
in the West, and IL is therefore highly inn
portant that the subject should be thor
oughly and intelligently discussed. This is
! all the more important for the reason that
the statute authorizing the coming of the
silver dollar was repealed without the
knowledge of the people. Although it is
} true that the proposed measure was pend
ing in Congress for u considerable time he
fore it was finally passed, it so happened
! that public attention was not called to it,
1nasmuch rs that act affects the interests of
the debtor class untavorably by compelling
} them to pay their obligations with more
valuable money than could be demanded
! by law ut the time their contracts were en-
tered into, VIC think that public justice de-
mands that the subject should be opened
up and heard upon its merits
There has been undue tmidity mani
tested in the consideration of this ulsect
by journalists and public men who take it
for granted that the reconciliation of silver
il necessarily q measure which would affect
the public credit unfayonbly and rob cred
itors of their Just rights. The question Is
by no means the one-sied one il is so often
assumed to be. The decentralization of sill
yer in America and so many countries in
Europe is undoubtedly one important cause
of the financial depression under which we
are groaning, for thereby the demand for
gold has been greatly increased, and its con-
seguent rise has added u large percentage
to the burdens of the debtor class.
This condition of things has greatly in
| arppgnI Tho InpunrS aud ,1iHipullip of
sumption, for in addition to the natural
effects of contracting the currency we have
had to bear the consequences Of the financial
policy of Germany and other nations which
have adopted the gold standard largely at
our expense; besides, we are compelled to
pay our public debt with one metal instead
OF two rs the original contract permitted.
These evils have become so great as to
demand II prompt remedy, and that remedy,
we think, can be found in qualified re-
monetization of silver, making il legal
; tender for all obligations for which green
backs are now receivable. This is the safe
, middle way in which the Government may
20 50 as to protect the public credit, and at
the same time do justice to the business in
terests of the country, which are now bearing
: an undue burden resulting from contraction
and other causes.
CO. Although the sovereign power has the
. right, jure gcitium TO alter its monetary sys-
: TEN ut any time us may be deemed expe-
dent, sound public morality would not
permit the Government TO pay its bonds in
u commodity less valuable than that pro-
T yided for by the spirit of the contract.
Double legal tender was the law when the
bonds were issued and therefore by the
letter of the contract could now be properly
paid either in gold or silver had not Con-
gress needlessly complicated matters in 1873
by the repeal Of the law authorizing the
coming of the silver dollar Since that date
large quantities of the bonds have been
, Thought and sold, and the present holders
have unquestionably taken them upon the
| faith of their being payable in gold. Public
, credit is so sensitive that the nation cannot
afford to bubble for a moment about the
matter, for already we find the sale of the
four per cent. bonds suspended until the
world can be officially assured that they
will be paid in gold. In the present state
Of the double-standard question in Europe,
=. bare suspicion that the Government in
tended to pay the public debt in silver would
affect our national credit us disastrOusly rs
the success of the ALLEN Greenback party
would have done.
, Although silver has been 80 generally de-
monctizcd, there are many sound reasons
in favor of the restoration Of the double
standard. Gold and silver are both recog-
nized by the Constitution rs fit for money.
! Historically silver has the highest claim to
be considered the standard, since in Eng
land the pound sterling of silver was the
monetary unit from the earliest ages, and
in our own country Congress, by the acts Of
1792 and 1884, established the principle
r. hot ,vh;ln Inlln. ba
larged or diminished, the silver one was not
| to be changed. BY the act of 1894 the gold
, dollar was reduced from 2l.75 to 23.2 grains
fine gold. Our country being u large pro-
Queer Of silver, 1t is suicidal for us to adopt
policy which depreciates the value of our
own mines. The annual production OF
gold is decreasing, and the relations OF
. the metals may ultimately change.
Notwithstanding all these facts it is mex
, pedient that any immediate action should
be taken by our Government to absolutely
remonetize silver. The European nations
T which are seeking to demonetize IL look ia
us to aid them, and If we begin to coin the
: silver dollar without limit we in effect bid
for their stock Of deprecated material. II
we attempt to remonetize silver without the
aid OF other nations We would do it at q
great loss while Europe would make q cor.
Hdiu ouf IVpuuht NOuiu ID
/ cursed with currency deprecated below
: gold, and irreparabe damage would be done
, to the credit of the nation. The doubl,
i standard cannot be safely restored unless il
, is done by an international commission, sucl
as was proposed first by Senator JONES il
E April, 1876, in his speech in the Senate upOr
. resumption. That proposal has met will
3 the general approval of the commercial
world and is heartily advocated by that
eminent publicist, NJ. CERNUsCHL
!, If four public men look at this subject dis
passionately we do not see why there need
be any difficulty in dealing with it in suef
4 way as to settle it without seriously dis
turbing the financial affairs Of the country
q The sooner the uncertainties growing out o
/ this subject are disposed of the better II
I will be for the best interest Of the nation
q 1t ought to be distictly understood that
. while the Administration does not favor
policy which would give us n deprecated
n silver currency, they do favor such a policy
I as will result in the settlement Of the bi
, metallic by an international commission $,
! that when double standard is restored tn,
/ interests of debtors and creditors, of tax
/ payers and bondholders may all be equita
i bly, protected.
al SENATOR CONRLING.
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