Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1878-01-31

States com, which coin, tor com
plete legal tender, was gold, and
the silver dollar weighing 4124
grains, Troy weight.
CREDITORS MAY BE PAID IN SILVER.
So that, without reference to the
expedicncy or inexpediency of re-
monetizing silver, it appears that the
Government may lawfully pay the
creditors embraced by the resolu.
ton in silver coin Of the United
States weighing 412l grains, stand
ard value of silver, on the 14th day
of July, A. d. 1870. Nay, not
withstanding gold coin is now the
only full legal tender, in law and
right, the government may to day
coin such silver dollars and lawfully
pay such creditors with them. If
the contract under consideration
were between two citizens, and a
court were called upon to construe
it, it would not admit of serious
debate. Is the government on a
worse footing than an individual {?
Surely not.
Now. how it can be immoral, dIsrep-
utablc, repudiatiEg an honest debt in
any sense or manner, for the govern
ment to pay the debt so contracted in
silver coin, as described, is beyond
my comprehension. Is it repudiating
a debt, dishonorable, mean, dishonest,
for the government or an individual
to pay debt according to the terms,
nay, according to the terms and spirit
of the contract? Who that is faith
full to truth, to justice, will dare to
say so? Here the contract was drawn
with special design. in a way not usu-
al, containing subtitle provisions for
| the bencfit-the especial benefit-of
| the creditor, and now, when the gov
ernment, the people, insist upon pay
| ing the debt according to its very
terms and spirit. we are told by the
creditor and his friends this is repu-
diation, dishonorable, dishonest, rob
berry! Aud all this because the gov
ernment takes or may take advantage
of provision in the contract that turns
out unexpectedly for its benefit!
o shame, where is thy blush!
Mr.. President, it is strange indeed,
that any well informed person can
think for one moment that the Gov
ernment is bound in law, good faith.
or honor to pay only the gold coin ot
standard value to its creditors. will
not say that no one does so believe
but will say that the course of con
duct of those representing tie bono
creditors in and of Congress since the
late war, in respect to the financia
affairs of the Government and the cur
rency of the country, suggests very
plainly other and more selfish motive:
on their part than a desire to preserve
the good faith and honor Of the Gov
ernment. They have in a multiplied
ty of ways advanced the interests O
the creditors at the expense Of the IN
, dustries of the country and the pros
, perity and happiness of the people
, until to-day we witness state of in
dustrlal and business prostration,
measure of want and beggary, ant
!, ,, general public discomfort truly dis
: tressing and alarming.
RESUMPTION.
The effort to expedite a return I
specie payments by an unnatural an
, too hasty contraction Of the paper cul
] rency of the country has been on
e fruitful source of the distress and dis
5 aster that have prevailed in this cour
e try for several years past. do nc
: say that this is the sole cause, but
@ has been potent one.
The war produced an unnatur.
!, state of the industries and business {
;, the country. There was an abnorm;
u condition of affairs and an unnatur:
u and bloated currency. 1t was desi
rable, essential, to get rid of this evi
r In the natural order of things, aftt
g peace the country would have gotte
is rid of it; not at once; there woul
:. have been q gradual settling OF affair
i, a slow but safe return to the natur.
- channels of industry, business OF a
kinds, and the proper volume of circ'
j." lating medium and specie payment
" as we'll. Even this gradual, gent
u process O: restoration would have bee
/, more or less burdensome to most clas
e es and conditions of the people. Bl
r, theorists and interested persons coul
@ not wait for the natural course I
IS things to bring about desirable enGs
this process was too slow; it woul
q not rapidly enough appreciate none
and moneyed capital; it was believed
and so 1t still is, in the face OF unifor
experience that rapid contraction {
, the paper currency in circulation ;
q money would certainly, surely, an
e quickly bring back and restore bus
IT ness confidence, staple industries, sui
n stantial prosperity, ant! an early re
}. sumption Of specie payments; an
+. that course has been pursued. Vi
,, happily not one of these desirab
results has followed.
- THE PANIC OF 1873.
:. In 1873 came the terrible monetar
!. panic, the financial crisis, the busi
. ness crash, that swept through I'll
y land like tornado, scattering rui
i