Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1878-02-08

There are % course Two sides 70 the
Silver Quesslon - 10 Ell others and the
ssdE slrsm pavtsn Induces
us 70 give senaior Whyte's side. hav-
ing already given the views Of Nr.
voorhees,. The issue In debate Is the
fsmOhssizlkinn OTsElver and Ihs extracts
cOllated below retrom q recent speech
Of Whyts il the Senate speaking Il
the Bland Bin. Che Senator says: 80
y'sThe prop0sitioa, stripped az ell IN
neeessar7 veFbiage. Is that il Is nol in
el6f9lson Of ah& niihiic aniih nnr IN der
egaaion ot the rights Of the public ctsd-
ItOF TO pay the national debt ID silver
dollars, worth oniy ninety-two cents
each in gold. and Deprecated more THAI
81 per cent. below the paper dollar.
And. further, that inasmuch o. the dol
lar Of 412l grains Of standard silver has
nov no existence in our circulation as
legal tender Iaoaey. and - the act Of
coming il Just at the moment when the
public debt - redeemable, and OF shoot
ing IL from the mint, like grain from an
elevator, into the golfers Of the pubic
creditor would throw some cloud over
the eleanliness Of the transaction, II j.
TO begin now the cosnage Of
these silver dollars and put them into
circulation, so a. TO be ready 20 avail
ourselves Of those technical advantages
Of tue law Ia the redemption ofthe pub
lie debt, which the Senator from Ohio
and others think they have discovered. :"
Such a proceeding. the Senator says,
sis fatal stab At the public credit and
will put . foul blot upon the hitherto
financial fame Of our coun-
try" The suggestion. no matter in
what rhetoric clothed, says Mr.. Whyte--
"when subjected to the microscope Of
honesty, Is simply to pay in clipped
coin the national debt, crested in time
of sore distress for the maintenance Of
The Union. The proposal has this ex-
tent, no more. Will the honest in
stincts Of the people justify such q pro-
position Would this be . compliance
with the contract ofindebtedness, as the
people understood itF'
The Senator'S remark OF The canon
Of construction to be observed in inter-
pretung fiscal legislation. such Is that
creating the nasiORal debt. is nOtewOr-
thy; t7
"Tn the Interpretation oflaw, evIden-
chg the terms Of the contract, creating
= great nationA debt for the salvation
Of a republic, due regard must given to
the understanding which the people had
3: 4: .5fee ana effect at the tin. Of its
rontraction. So, to ascertain the true
Of this contract, we must
take into consideration the eircumstsn-
ees which existed at the time Of its Gre
alton and what appears 10 have been
The understanding Of the people when
hey Endorsed IL or when they consent
ID to its extension 1t lower rate OF in
crest"
The loans, be says, obtained during
he war were necessary for the defense
of the country, for the PreservstIop Of
he Union, and The original negOtiatOrs
,f these loans are no longer the holders
of the securities thus created. They
have passed into the hands Of the great
trusts and savings companies: they rep
resent the. estates Of widows and OF
phans all over the country. Senator
Whyte says:
These are the people to whose dol
srs You propose TO apply the national
shears and clip eight cents each and
drop It into the Treasury pocket. II il
rue that the war debt was paid for in
great measure with deprecated paper
money; it is true that this money Was
used TO buy shoddy a ruinous prices;
I Is true We did not get The full value
of the face Of the bonds and were sub
eeted to the most onerous taxation ~
he creation Of this great debt. None
IAN deny that Il 10 hard, very hard, 20
pay in foil, in coin or rs equivalent
Iuch Q debt for which we secured .
currency. But this Il the
history Of debt, public and private; nor
% IL ct all new 10 the people Of this
II 10 stated upon eminent su-
hoFity that the Government during the
var Of 1912 gave
Certificates Of stock, amounting TO
$50, 600. 600. in exchange Tor @66. co.,
100 in such bank psper IS could be OBJ
sihed. Bot the sum Of e68, 900. 600
By the Government was in .
iepreeiat~d currency, not more than
1alf IS valuable as that In which the
Itock given in exchange for it has been
md will be redeemed.
Mr.. Whyte gives . history Of the e.
saneial Legislation d the country, beth
sefoFe and since The war, and the Fela-
ion Of parties 10 Il. He contends that
he question Of boz The bonds are to b.
paid, and in what coin. has already been
ought cat Of the hassings and decided
y the people, without regard TO the
q ths politicians. u 1891
here was not . single dollar Of 412B
yrsins in cireuIati0n-- e
''And how can any practical man say
hat II was contemplated BY the people.
" lender % borrower, b. creditor 90
Iebtor, thst she debts. 90 created for TIE
'uFposes of tbs Wa, were % be paya-
sle and paid In eoins actually obsolete
. ehsrsetes, AFelgn 10 che basinsBs