Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-11-21
THE DOLLAR OF TIE DADDiEs

In 1884 the American gold coinage
was at premium in silver, as it is
now. The Government then reduced
the weight of gold in the coinage.
Subsequently the new discoveries Of
gold reduced that metal, and Ameri-
can silver coins became more valua-
BILE than the gold coins. Gold being
the inferior or cheaper
metal, the gold dollar, being worth
about % cents in silver, became the
coin in general use, and remained so
until the close of 1875 and the Begin
ming Of 1876. The two coins had been
a lcgal-tender from 1892, and it was
not until the change in the relative
values ofthe two metals took place,
and when silver again BECAME ayaila-
BILE, that it was generally discovered
that in 1873 silver had been secretly
and, under the circumstances, fraudu-
lently demonetized. SO secretly and
adroitly had this been done. that
President Grant, who had signed the
law, was not aware of il for long
time after. The Chairman of the
Committee who had reported tho bill
alutk lHoSC W HI tiuo tONGU loI IL w tIc
no, aware of what was contained un-
der the phraseoloey ofthe act. There
were q few men in Congress who
were aware of what was intended /:
one of these was Mr.. Hooper, of
Massachusetts, and perhaps Secretary
then Senator, John Sherman was an
other. Here was a case of deliberate
fraud, perpetrated upon the country
in the interest OF the international
league of moncy-!endcrs, whose pur-
pose is to increase the value of gold
by making it the exclusive money of
the world. Al that time all the cx-
listing bonded Indebtedness of the
United States was payable III gold
or silver coins of the United States,
and silver was legal tender for all
the other indebtedness, public and
private of the country. No part OF
the national debt has been created
since the act of 1873 demonetizing sill
yer which does not on its face fecitc
that the same is payable in the gold OF
silver coin of the United States which
was a legal-tcnder in 1870. SO the
contract with the public creditors has
not been changed or altered by the
act demoncti2ing oliver, because the
contract still calls for payment in sill.
yer or gold, at the option of the Gov.
eminent. 1t is not n question OF
making new dollars worth % cents
it is q question, however, whether thu
Government and the country shall b,
permitted to pay all the indebte dness
hIIr nnH nrlNpfa ~
tender when the debts were contract
ed or whether these debts shall be pail
in gold dollars worth in silver To-
cents, Ifthe silver dollar was worth
as il was in 1870. l03 cents in gold
would the Government he compelled
to pay in the dearer or the cheape
coin? LIZ greenbacks. now worth 8
cents, which for any cause should de
cline to 93 cents on the dollar, woult
1t be dishonest to pay private debt
with them? If silver had not beel
demonctized in 1873, would any maj
or party in the United States propos
to demonetize it because the silve
dollar nad fallen from l03 to SO cent
on the dollar in gold? Was not tn
double standard adopted in thi
country, as ii has been in others, +
enable the Government and the PEG
pie, in case of variations in the rela
tive values of gold and silver. to EN-
ploy the cheaper metal? Did no
gold displace silver in general use j
this country so soon az the gold do
lar was reduced in value below tn
silver dollar Chicago Tribune.