Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-01-05


and the other in 'other currency
than gold and silver" How can
the inference be escaped that the
coin in which the first are payable
is both gold and silver? SO obvi-
Gus does this in erence seem to us
that it has been a matter of surprise
to us that none of the advocates
of reconciliation have grounded
their arguments upon the text of
this declaratory bill, but have pre-
ferred to argue by inference from
the words of the act of 1870. Not
but what the argument from the
words of the latter bill was equally
conclusive, only in the former case it
was more direct. From the act of
1870 men have argued, and logical
ly too, as follows: BY that act the
bonds were made payable in "cOin
of the standard now in force in the
United States" Opponents of re-
mOnetiZatiOn have argued most
strangely that as there was no silver
in.circulatiOnin July, 1870, this must
have meantgold coin. The truth is
that there was neither gold nor sill
yer in circulation at that time but
there was gold and silver coin in
the treasury and in the hands of in
dividuals who had boarded them,
both equally legal tender for all
amounts and neither of them pos
sessing a single quality in virtue of
which one could be called money to
the exclusion of the other. Among
the coin then of the standard in
force in the United States in 1870
was the silver dollar weighing 4121
grs., being nine-tenths silver and
one tenth alloy. The words of the
act and especially the words of the
declaratOry act of 1869 can be in no
way logically interpreted so as to
exclude that coin from its claim to
be received in liquidation of those
bonds. But it has been said that,
even if legal according to contract,
the payment of the national debt in
silver is not equitable. 1t is affirm
ed in the creditor interest that an
unexpected depression in the rela-
tive value of silver compared with
gold has taken place and that this
change renders it unfair to settle
with them in the deprecated metal.
Our answer is brief and ought not
to be needed at all, the terms of the
contract entered into by both par
ties with their eyes open ought to
be conclusive. But we will give
the obvious reply. All contracts of
debit and credit are entered into
with the knowledge that all medi-
ums Of exchange are fluctuating in
their value, and debtor and creditor
take the risks of this huctuatiOn,
whichever way it may tell. No
medium of exchange we repeat is
absolutely fixed in value, whether
it be gold or silver, hides, tobacco
or cOwry shells. Gold and silver
are nearer permanent than any
other, but they too have always had
their fluctuations, and all contracts
are made under the known risk of
these fluctuations. These have been
inconsiderabIe under the double
standard and would have been so to
this day but for the insane panic
which led to decentralization. Now
the creditor party are the great adj
vOcates of silver decentralization,
and no wonder for it is their inter
est in two ways; it gives them the
choice of the medium in which
they shall be paid, and moreover it
forces up the value of the metal they
select, which is gold, by increasing
the demand for it as the solitary
standard of value. The remedy Of
the debtor class is plainly the insist
ing on the original terms of the
contract which gave them the
choice, and this they are going to
do, however loud their protests
against it, and the advantage to the
debtors in silver payments is not
greater than that to the creditors in
gold payments, for if the papers we
are now closing have any force at
all ,ifthe present unprecedented state
of the money market means any
thing at all, gold has since 1878 APP
preciated fully as much as silver has
deprecated, if not more. In Eu-
rope all monetary legislation is
made in the interest of the creditor
class, those who have accumulated
capital. Thus we saw that whether
gold gained on silver in value or the
reverse, the cheaper metal was de-
mOnetized, which made it still
cheaper and the other still dearer,
aggravating the anticipated incOn-
NCllltlANC lltSlCttN vi IL 4DAAA
this gave a large bonus to the cred
itOr class and that class in Europe
is in possession of the governments.
Down to the present date, the same
has been the case in this country,
the people, who are the debtor class,
have been in possession of the ballot
box and so nOminally in possession
of the government, but the creditor
class, the capitalists have always
been in possession of the lobby, and
the lobby has in these United States
always hitherto been stronger than
the people. The last struggle be-
tween the two is now going on and
these money questions are the dis
puted topic. If the lobby now gains
and the people lose, the struggle is
over, the republic is sold to the
money changers in the temple.
THE END OF THE GENERAL AS
SEMBLY.