Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1878-02-16

declaration Of independence until silver was
demonetized by mistake, aud without ths
knowledge oil the people or congress, BY the
enactment Of the revised statutes In 1874
Both metals are suited TO pefiOm the func,
tons Of money, and silver does perform that
function among large majority Of the hu.
man race. Silver is especially suited fol
small transactions, and may therefore be
properly called the money Of the people in
| humble circumstances. 1t follows that tie
burthen of proof rests on those who insist
that silver should be demonetisad. It was
argued that to rehabilitate the dollar with
| 1l2E grains would defraud the public cred
itor. This can not be true, for the contract
is to pay in either gold or silver of standard
value in the United States on July IA, 1870
when the silver dollar of 4l2h grains was
| full legal tender, with the right of unlimited
coinage, and it is simply impossible that the
creditor performing his Contract, entered
| into by both parties, but with full knowledge
of its terms and effect, can thereby be guilty
| OF fraud or dishonor. Both houses Of con
gress have, by overwhelming majorities, de
cided that no such fraud would be perpe
uated by paying public creditors in the
silver dollar Of 4l24 grains. If remonetis
ing silver will bring it to par with gold
the public creditor tsnnot lose, It is said
that to coin silver dollar Of 4l2k grains
and make 1t a full legal tender, would de-
fraud individual creditors who have loaned
money or sold property to other individual,
since silver was demonetized-tha is, since
June 22, 1874. This is a great mistake
Every creditor Of the foregoing description
Is compelled by law to receive greenbacks il
| payment, unless his contract expressly pro
| Yijes for payment in metallic money, and
these exceptional cases are not affected by
the bill under consideration. Now, no one
| think, doubts that if the coinage Of the
dollar OF 4l2x grains be restored, and it be
made full legal tender, its value will be al
least equal to that Of the greenback hence
| no possible injury to the individual creditor
such as that above supposed, can occur. IT.
ag has been asserted, the average duration oI
! ini+idGal debts in the United Safes is
! ABOUT two years. think it is less-then il
is easy to see that the passage Of this bill
| cannot injure any considerable number OI
creditors, If, indeed, it should injure any
for it is certain that in 'he nett two years
net ryer afty million silver dollars could be
/ coined, and nearly all such dOllarl
would be absorbed by the payment of custom
| duties, and would be used for nothing else
II is argued that if this bill pass, silver vii
be less valuable currency than gold, anC
will expel gold from the country, In accord
ance with what is called Gresham's law
/ namely; That the least valuable currency
drives oft the more valuable, and hence
several amendments have been offered t.
increase the number of grains in the silvel
dollar, SO as to make it an equivalent, is it il
said, OF the sCid dollar This objection Il
the bill rests upon the assumption that tht
silver dollar of 4l2h graius, if made I'll
legal tender, will he ct less value that thu
gold dollar. mir. Thurman argued that thi
assumption was incorrect, and said ii
grecu6ack, which has 10 intrinsic value, nj
circulation outside of the United States, an(
is a limited legal tender here, is yet within
less than two per cent, OF par with gold, whit
should not silver nonet, which hes On H.
t.insir value. and which crculates over til,
greater part of the globe, if indolsed wtl
| hlll legal tender faculty. rise to a par will
gold especially If we rate metals al is 1S.tOt
70 enc whiie most other nations using bOtl
give but l5lE for one? The reason VIII,
greenbacks have been and are deprecated
is on account Of the fact that they have no
been receivable ia payment Ot ,ustOm
igties 0. Of interest on the public debt, bu
make the silver dollar of 4l2H grains ful
legal tender, and it will be receivable 70
both these purposes and it must closel,
approximate, II it. does not reach par wi,l
gold. believe that it will reach il, bu
suppose It does not, and suppose Gresham
law to have It's effect to what extent woulC
gold We expelled from the cosihtvy By silver
Maniiestly only SO far as silver supplied it
Three hundred millions in gold could not b.
driven out by an issue Of fifty millions il
silver, The utmost effect could only be {,
vypel 6ity millions Of gold, the place 0
Which would he taken by SILVER, and tn
volume OF metallic money would be tn
same But would fifty million dollars o
gold be expelled? Not unless three hun
dred million dollars was all the metalli
money that the country needed. II IL need
three hundred and fftt m'llior dollars, an,
It needs more to safely and certainly main
tain specie payments, the gradual addition
of fifty million dollars of silver to the thre
hundred million dollars of gold wotld no
drive gold out. but we have not half O
three hundred million dollars Of gold, an,
when we consider how slow will be the pre-
cess of coming silver dollars, we will find "
are in no immediate IanGer OF losing on
cold. If gold be expelled il will not be 6
much by silver as it will be by small note.
Whether the people of the United State
would ever give M the use Of small notes h
would not venture to predict; but If the
would not they must agree that with u
metallic money shall be shorn OF Its iun'
tions--that Of circulating medium. Al
other set of reasoners argued that silvt
would go out OF the country should the dol
lar OF 4l2l5 grains he coined that as silvt
was undervalued in the dollar of 4l2j5 graiI
as compared with its valuation in the STATE
of the Latin union, 1t will leave here an
flow into these states. SO 1t would undouo
edly tend to do so were these states to rpe
miuts TO an unlimited coinage oil hve irar
pieces. But he thought they would not
so. Another objection to the bill was that
it should become the law we would be tioode
with silver; that Germany would pour hi
surplus on US, and our mines would produt
so much that we would have more than
/, would know what TO do with. He had 4
fears from Germany. 1t was said she ha
! eighty million dollars TO spare, Suppose
were all poured into the United States "
: could absorb it all without injury; but
would not be poured into this country. Ge
many could not spare her silver but If Il
: could the greater part of 1t would be muC
more likely TO 90 to Asia and to Russi
Austria and Spain, to say nothing OF IL
: Latin states, than to come to the Unite
S,otoS ,ybo updsrvalue silver as compsre
,r;tb tbo rost of tha would He did moi Thin
WA ws'% haJ onytbing N fear from nm ercessiy
Io. VIC I"u "y nt om ,n, n,ints Ha had mot heen co
lP;5"raJ On Or V ;nAat;on;st but he knew NJ n
iVu roi;d raosnn CO. oeainstenlsrUing our snscie ba
is and If We are toShaye and maintain speci
mavments Il must he enlarged. Another oil
"ct;on to The hill was the well.known arg,