Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-01-26
WHOLE NO. 1921.


question beyond the possibility
doubt.
The resolutions introduced by tn
Senator from Ohio assert this, an
nothing more They declare tn
terms OF the contract and the right
of the Government as one of the con
tracing parties. But we are me
with the objection that In 1873 Con
gress, in the exercise of its constitu
tional power, revised the coinag
laws and dropped the silver dolla
from our system that after this
mauy of the bonds authorized to b
issued by the act of July, 1870, ant
bearing upon their face the same
conditions, were placed on the mar
ket and sold; that the purchasers o
these bonds, looking to the law II
force at the time of their purchases
or misled by the agents of the Gov
ernment, We're induced to believe
they would be paid in gold dollar
alone.
We are told that the disappOint
ment of these expectations will
bring discredit to the Government
and impair the high standing of it,
financial position, and we are urged
not to exercise the option that the
contract so clearly confers.
Why, sir, these bonds We're not is
sued by authority of the act of 1873,
but under the authority given by
thesact { July, 1870, and each one
carried on its face express notice OF
the terms of the contract. The very
object and purpose Of the stipulation
to pay in money, the standard of a
particular date, was to guard the
public creditor against possible
changes i'm our coinage system. The
agents of the Government had not
the power or the right to change in
a single iOtd the conditions on which
the bonds were to be issued. To as
sumo that the bankers and syndi-
Gates, the merchant princes of Lon
don and Frankfort and Paris and
New York did not understand the
terms of the contract, or that they
did not know that the agents Of the
Government had no right to go be-
yond the authority of the law, by
assurances not embodied in the con-
tract, is to insult their prObity, their
intelligence and capacity to manage
their own affairs.
After the enactment of the law Of
1873, which dropped the silver dol
lar from our coinage so quietly that
the President of the United States
and Senators who voted upon the
measure were in profound ignorance
of the change, the creditors may
have believed that gold exclusively
would become the standard money
of the American people and that the
silver dollars were forever banished
from circulation. But did our Gov
ernment give such assurance or by
its action in any way encouragement
a belief? The power to restore the
silver dollar was a constitutional
power. 1t had not been renounced
by Congress, and the duty to restore
itmight becomeimperative. Chang
es from a double to single standard,
from silver to gold and gold to sill
yer, by European and American
States, has been frequent within the
recollection of living men. England
adopted a gold standard for the first
time in 1916; Holland a silver stand
ard in 1S47, and i'm 1875 was cOntem-
plating a change to gold. Austria
and Germany in 1857 agreed upon
silver, but Germany III l871-'72 had
gone to gold. The changes i'm Amer
lea have been noticed. In view Of
all this, the belief of the creditors
no basis on which to rest
a claim to repudiate the clear intent
of the contract. Their belief was
grounded on a superficial view of
current events, upon expectations as
to the influence of production, con-
and legislative action,
her. and abroad, upon the value of
silver. 1t was a speculative belief,
and we are not, in law or in morals,
to them for their disap-
pointments.
With what sort of justice can the
claim more than the fulfill
ment of the law? Where is the
equity in asking reformation Of a
contract so plain as this and so well
What ethical code re-
guires us to satisfy sanguine eXpec-
tations? Maddened by disappOint-
ment, the creditors and their advo-
cates proclaim that we will impair
the credit of the Government. For
the first time in my life have heard
that one who proposes to perform
the obligations of a contract, accord
ing to its letter and spirit, will there
by bring reproach upon his good
name and impair his good standing.
But if this result is to follow, | trust
the American people Will bear the
and not be driven by cow
lrdly timidity to a course of action
that will not be fair or just or right
TO themselves.
For at last the "credit of the
State" as distinguished from the
good fdith of the State, is not the OBJ
ect and aim of Government. This
was formed "to estab-
ish Justice. insure domestic tranquil
ty, provide for the common defense,
promote the general welfare, and
secure the blessings Of liberty to the
people," These are the aims Of its
existence. Whatever will contrib
lte to their accomplishment should,
within the limit of constitutional
action, be brought into service. The
public credit is valuable auxiliary;
t should be tenderly fostered; every !
pains should be taken to strengthen |
c; it should be guarded as precious |
.reasure; but at last il is only a
means to an end, and should be held |
to the purposes for |
which Government was established. !
A Agriculture, commerce, manufac- !
.ures, the arts, labor, capital, all |
promote the general welfare. They |
to the comfort and happi- |
ness of the people, and should have |
equal consideration with public |
,redit.
1t is urged with much force, how
ever, that the restoration Of the sill
YER dollar and neutrality-suspicious. |
money for the payment Of debts,
public and private, will prevent the |
'unding of the public debt at lower |
-ate of interest, and tables have /
been prepared showing the sums the |
will save by an aban- /
lonment Of silver. l have one Of |
hese tables now before me, prepared |
1y Mr.. Ellis, a banker in the city of |
New York, and as the newspapers |
iay, read before a committee Of the /
House of Representatives. ] will
'ead it.
have made a table showing the amount /
o be gained, provided the Government can 1
ontinue its funding operations as at pres
mt, on the suppOsition that II the silver bill !