St. Landry democrat., 1878-03-09
SILVER and Gold.
GOV. HENDRICKS VIEWS on THE EFFECT
OF THE PASSAGE OFTIIE SILVER BILL

- ioui iAtlltlt ith sptttn al 3fhllHll1lmS.i
f Since the inauguration of Presiden
, Hayes | have regarded the repeal o
p the resumption act as hopeless. He wa
piedStd to- resumption every vote TO
: MN was tor resumption. II John Sher
man, at the head of the Treasury, hold:
!, The position, he will enforce the strict
, est and hardest execution of the law
ana II Is understood that any bill to re.
peal tiie clause Will now be vetoed.
nave heretofore said that, in my be
lief, the resumption law has been the
source OF the greatest ca lamty to the
business interests and prosperity of the
country. 1T has had the fleet of caus-
ing men to hoard greentacks and the
banks to withhold and withdraw cir
cnlatlon IL the fear of being crushed by
f9rceh redemption in sohd. y favoln-
Ole foreign trade has promoted a re-
turn to specie payment, aud if balances
snail continue In our favor, | expect to
see our paper money at par with gold
at an early day.
VIII the restoration of silver money
mlug gate the evils OF contraction caused
ny the resumption law ? That is now
Tue nope OF the business men of Indiana
1t Is not as cheap money that the pco-
PIE demand Its restura tiun, but It's IL legal
Ienoer ana com contemplated by the
constitution. When restored it wilEbe
come again Il standard and measure of
value. Before its demonctization silver
! was at par with gold, and when res
torcd think it will rise again to the
same level. need hardly say to you
tnat the value OF any class or desciip-
tIon OF property greatly depends upon
! the lnpoi t;lnt uses to which it NAV be
applied: Silver was money. They
stripped it Of that its most important
use, and now say it is worth 8 per cent
less than before, and, therefore, it can
not be good money. Is that IL fair ar.
/ sumcnt us 4 material Tor the manuf;lc-
tultr or ware Silver will have onl,
5hc value which hat USE can give it;
out Wien stamped with the quality ot
money and made IL legal tender for the
payment of all classes of Indebtedness.
1t becomes the active agent Of trad,
ana commerce, measures value and dis
charges debts, and in such use becomes
cCrrespondlngiy more important to So
clety and more valuable. Were gold
stripped of the quality of money, villa,
would be the effect upon its valueo II
90 not believe the pennyweight of gold |
III the beautiful Wine-cup is as useful to
society nor as valuable as the same
weight OF gold in the stamped coin |
winch does its busy work in channels of |
trade, and the decentralization of gold |
would demonstrate that fact. | have |
heretofore" said that silver has become |
an important product of this country.
lnasmuch as the world recognizes il |
us a money eymedium OF exchange lean
not see why we should not utilize our
large product OF that metal to the great
est extent hat may be found practical
Die. Its value as money to this coun-
try IS too great to be thrown away.
should experience prove that because
OF the increased production OF silver
there VIII be Il permanent and impor-
tant difference between silver and gold
Congress is clothed with annie mower
10 provide the proper and ADEQUATE
remedy.
1T is objected to the restoration of
silver money that it will be in bad faith
towards the public creditors. If /
thought that possible would net favor
restoration, however important to oui
interests might esteem It, Nv iudg-
ment, however, is SC entirely satisfied !
that L have no anxiety upon that cues ;
ton. The question is settled by tlI.
falr reading ot7the public credit act OF
1907, ana the retunding act of 1870. AT !
the date OF the former act it was law
tutto pay the $50 bonds in treasur,
notes; but 1t was contended that be-
cause OF the circumstances attending {
t he creation of the debt it would not |
be proper so to construe the laws md i
that payment ought not to be made In "
paper. 10 remove doubt and SETTLE. (
all controversy the act was passed. It {
pledged the faith of the United States t
to payment in coin. | opposed the {
measures in the Senate and said that it's /
effect would be to make the law to reud Y
that the debt shall be paid in coin, The y
OIL passed ana became a law. There il
upon the debt became payable only in
coin, not III gold coin alone but in silver )
com as well, for the silver dollar was /
men part OF the coin of the country e
Is gold. '''' "- ''> Eh
Next came the law Of July ID, 1870. y
20 refund the national debt. That act >
provided for the issue of new bonds to =
ne amount OF 81 1,5OO, 100000, bearing 4 T.
d AND per cent interest. The bonds ~
70 to be issued we're to be EXCHANGED d
or the outstanding 4-20 bonds "par for
'ar," or sold for coin, and the proceeds
we're to be used in redeeming the $40 a
'onds. In the tirst section OF the law If C;
vas provided that The new bonds shonld
'e made " redeemable in coin at the ii
present standard value. That law,
Gentlemen, had no uncertain meaning p
he new bonds were to he substituted
or all outstanding $40 bonds. Thew Ia
we're to be sold for coin, and it was to Il
'e made part OF their language tlIat d
hey shail be," redeemed in coin of the IL
resent standard value.r ft
My views on this snb;ect were recant-
Y considered of sufficient imnortanca
y dlstlnguished citizen of New York a.,
caal lor review and answer by him W
eitf lie had nnquestionably given I'll. .
hraseology OF the laws relating tn the
ohds closer study than had. for Il
'as In the line OF his business and his ~
ronts; had examined these laws with
professional or business purpose. hnt
my as a citizen interested in the finan-
lal pollcy OF the country. He found If sa
sGlul s3 20 ms argument to show, if nos III III
'ole, tlat tle law under which the pub. Is
9 dent was being refunded re0nired OIL
ie pona 20 be paid in gold. He used su
ne opinion of illustrious laWvers IL thss ~ oil
md that gold payments Of S the ~ aah4 eie
re required aud assured bv tl,e ref',n5 u9'
ig act OF 1870 itself, which indeed n,an
ons generally coin in it's first sect;on
ut thenlts fifty section to- carry nnt
ne act, excludes silver and snso;al,.S n &C
the Secretary Of the Traasy di
ry receive only gold coin AZ the coin ef s.:
eRosit and payment" I am snre II er er
III astOnlsll you after hearing the mas
lge read, to learn that the fifth secf;on f; .
as nothing whatever to do with tho
rovlslMls and sales of the new honds -
provides for this and no more--that 6
ne Secretary of the Treasury miaht s
)r two years receive gold on dennsit
nd issue gold certificates bearing low