Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-02-13

Us badly ailrighted ia this country u
what was called an ovcrproduction o
gold as the holders Of similar secnritic
and bonds were in Europe. The law
which govern the human heart in il
love Of gain are the same everywhere
The creditor class is not so much con
e ccrned what coin or other materia
y shall constitute money us il is thu
there shall be M redundancy after il
demands are paid,
The report of the Monetary Com
mission submitted TO his body il Marcl
; last by the distinguished Senator irou
Nevada Mr.. Jones1 comments on tbi'
fact ~ follows;
IN oil the furop, an discussions. after lsiS ans
prior 10 thr German d.ln netzati n of silver and
rs consequeners, the point made was not thai
either metal had drlrecia'ei relatively to tn,
other, but that by teispn OF extraordinary sup
! plies OF gold ir"m california and Australia. sup
pismenied, about 1865. bN new supplies df silver
from Nevada. 10th metals had deprecated rela'
: uvtN To lahor and comm 'ditiea, and that thuse
having hAei Incomes were being injured by o.
in prcrf. So long Ms The douhle standard existed
= new supply OF either metal was only 40 addi.
ton to nnd only Affected the value o' the general
ms,si. s', a. "''' '"' NV '"' '''''"' 'Au' " '"'
Thr "Gll in gold" which rheyalier anenied
Ia 1857, was it, lall iu relation 10 property. Hy
p.la'sa s Out ho~ Toe a"anle s,andaTa nal pre-
20 sil, er AMI how il would continae to DO 90 IN
III The silver, Of doubIe-staniari countries was
sAosu,ed, IN Srdsr, tnrr'iore' To protect the
be- Necessary to drmonc,i1r one Of the metals and
sold being the metal which then promised the
'nI,' a"u"aa"' y''a was s''ts'Fa 'or ,h' purpose.
prrsiou. metals and II money. supposed to have
already resulted irvm the new supplies of gold,
rhl'h maze nun ,.e osa'p'ea'Is ,d,9eate Of the
rrrd 10 ori,r 10 "redrrs. the ,itua,ions
1t appears, therefore, that gold, even
gold, the very god OF fierce idolatry
IN our midst at this time, has commit
ted the mortal sin Of initiation, and has
been cursed and Ustrarired on that ar-
count by the usurers and money
changers US well as Ills more modest
companions, silver and paper. Aud il
now both the precious metals threat.
cncd To increase beyond the wishes and
interests of this class they would be
earnestly nQuriug AMI schcminv into
some plan by which they couli demone.
tlze gold and silver alike, and substitute
diamonds or some other srarccr ami
more difficult commodity to obtain as
the basis OF ~, ciu pay ments and the
money in which all debts due To them
should be paid.
Thoro remains, however. one other
argument ia connection with the
alleged Ovcrploductiun aud initiation Of
silver which r, our, satteItion. In the
name # good ialln il hu- been ur,ed
here in this hod, aud elsewhere that.
although silver is specified us plainly
a. gold III all ,ur financial legislation,
yet it was produced ~ such meaprv
quantities al the time our National
debt was created that The purchasers
OF our bonds could not have reasonably
supposed they were ever TO receive II
ia payment oi lhr.samr. notwithstand.
ing the law expressly snld the, should
In other words, IL is nn argument TO
release the bondhul,ler from the abso.
lute, definitely written word, of the
law ON the ground that he conld MOI
toresec that The et,oyrrnment vo,ld eyer
have silver enough 10 tulfll The law
This is the highest, boldcst note Of re
pudlutihn ever heard in tins couniry :.
an open admisslsn of the law and nm
upen. square d.mnud Tor its viul,uinn
No iac,s or snrroundiny cir.nm.
stances ut the time. the contract was
made can Tor "A moment instifv sncb n
hasrant nbronution of its must exnli,ii
terms, but even II outside couditiors
not EXPRESSED in ils tnre could be s,t
up now TO defeat il. | assert that the
conditions alleged by the advo,ate,. of
this argument never existed at all Il
usser; that when the luw Tor ib. nay.
ment OF the public debt wus construed
by the famous act of March. 1869. TO
mean pay ment in gold and silver bplh
the production of nur silver mines for
that year was s1l.625 900. mud had
annually averaged that amount sine,
1861 1t is conleudcd that the pur.
chasers of our bonds overlooked, when
they were first Issued, tho feeble SUI
ply OF silver. Did AN annual average
production of nearly twelve mlllluns
iur the space OF five wears preceding
the act ni March. 1869 likewise escape
their attention, when they were fran.
iny that act in their own interest and
To- SUIT themselves Bul ayain. bv the
rciunding act al July II, 1870, authoriz.
ing the issue Of new com bonds TO be
substituted Tor the fivctwcnty bonds.
making thereby new contract of that |
date, 1t was agreed Tint the bonds
issued by virtue of that nct should he
payable in silver ~ well M god.
During that very wear. the yeur of
the contract which il To be- enforced In
all It's demands against the arsh and
blood of labor. the generous silver
mines of the Umted States yiclled
SIG 900 00O Was not this sum snfIi
cient To put the anthors of that enact.
mcnt, the bundholdrrs IN Eurne aud
America, on their unard against mak.
inr n solemn slipuiation 10 receive al
yer money ia pu,mcut of their bonds
unless they intended nj that time IA din
so? During the wears 1871 and 1879
many hundred millions of bouds were
issned uuder the n,t or Julv II 1874
aud received in exchange for fiye.twen
ties. They were all pn,ablc by the