The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-02-21
SILVER RECONCILIATION.

SILVER RECONCILIATION.
As the opponents of tho bill to remon-
etize silver claim thasits passage would
be fraud upon the creditors of the na-
ton, Who are entitled to receive the
money due them il gold dollars, it may
90 well to examine the question little
in order that the public may form a cor
rect and intelligent judgment upon the
measure. If the debt was created pay.
able rsgold, then the faith of the nation
is pledged to payment in that metal or
its equivalent. Such, however, mas not
the case, for both gold and silver dollars
have aiwaysbaen, and are to-day, legal
tenders, and debts can be paid in either
of them, hence all of the public debt Was
created payable in either Of these coins,
and great portion of it was oven pay.
able in greenbacks. To show how much
Justice there is in the bondholder's de-
mand for gold, it may be interesting to
find out what was the consideration of
his claim against the government. All
loans before the war were upon either a
gold or silver basis, aud could properly
be paid in either coin. The greater part
of our debt, however, is the late war debt,
and to show how much right the holders
of these bonds have to demand gold, the
st. Louis Republican has collated the fol-
lowing figures, showing the. amount of
money borrowed by the government and
what it was worth in gold:
A recurrence to the negotiations of the
fiye.twenty bonds reveals some facts
which are both interesting and instruc-
tive at this. time. There were several
issuea of these bonds during the period
from 1862 to 1868, inclusive-alt of them
having been sold at par for greenbacks--
eacL 81 900 bond bringing to the govern
.ment 81, 900 in greenbacks. Of course
the gold value received for them varied
with the depreciation of greenbacks---
the price of gold ranging during the Pc
riod from 130 to 2S0. The first issue was
made in 1862, and was $50, ,9S2, $50.
They we're sold at par for greenbacks,
worth in gold at the time So, ,030, ,649-
giving to the purchasers clean profit of
SIG, ,95l ,S01. Tho next issue Was $780,
9S7, $50, in 1868. They also were sold at
par for greenbacks, the gold value of
which was $l01, ,890, ,S54Eleaving to the
purchasers clear profit of $59, ,096, ,696.
The third issue was 1881, ,292, $50, in 1854,
the government receiving in gold value
for them s1S9,69 ,6S6-leaving to the
purchasers profit of more than one-half
the amount, $191 ,594,614. In 1865 tho
fourth issue was made-S279, ,746, ,l50, for
which the government received in gold
value S20S, ,2l4, ,090-the purchasers max
ing profit of S71 $4,000. In 1866 the
fifth, ifsue was made-s124, ,9l4 400, for
which the government received in gold
value $Ss, ,591 ,77S-leaving to the pur-
,chasers profit of $50, ,S32,6N. In 1867
the sixth issue was made-$$421, Ass, $50,
the government receiving for them in
gold value 1908, ,215, ,50S-leaving to the
purchasers profit of Sis, S,254, ,O47. In
1868 the seventh and last issue was made
- S44255 ,443, 800, for which the govern
meat received in gold value S3l2, 2,S26, ,323
leaving to the purchasers a profit OF
.S112,6lS, ,4T.
Thus we find that during the seven
wears named the government issued and
sold $l,S74, 1886, $50 bonds, for which it
received greenbacks, worth in gold only
81, ,24S, ,466,S2S. These bonds we're paya'
Bile IN the same kind of money they were
sold for-greenbacks; but when in 1859
the government gratuitously pledged it
self to redeem them in coin, it made
them worth dollar for dollar in coin
thereby giving to the holders Of them
1926, ,370, ,322, for which it had not re-
ceiyed dollar of consideration.
From this our readers will see that the
government has already given to the
bondholder pledges which make his
bonds worth from twenty-five to fifty per
cent. more than he gave for them, but
this mas not enough for the rapacity of
these gentlemen. Silver was then as
valuable as gold, and was becoming more
abundant, hence they saw an opportunity
to secure an additional advantage by re-
tiring silver from circulation. This
could not be done directly without
change of the Constitution of the United
States, and hence they quietly secured
legislation which stopped the coinage of
the silver dollar, we believe in 1872, and
that left their bonds to be paid in gold,
because there are, practically, no silver
dollars with which to pay these debts.
Silver dollars are still legal tenders, and,
if they could be- obtained, would be pay
able on all debts, and hence all the dis
honor which could attach to the govern
ment for paying its debt in silver would
be the dishonor connected with coming
silver dollars ~. This is no more than
the dishonor ~ of coming gold dollars,
which is none at all. But it is objected
that the silver dollar is not worth as
much as the gold dollar. Of course it is
not worth as much now that silver is
practically demonetized, but if it is re-
coined and brought again into active cir
culation as a legal tender for all debts,
and made the medium for paying the
national debt, it would be fully as valua-
bic as gold. The truth is, silver was de-
monesized to produce u corner in the
gold market in the interest of the bond
holders, and if its money value is not re-