The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-08-21
THE JOURNAL AND THE TRADE

tender quality of the trade dollar were Messrs.
A. III. Hamilton, Holman and Landers, of this
state.-Journal.
1t is sometimes difficult TO determine
whether the falsehoods of the Journal are
prompted by ignorance or malevolence. A
few days ago it declared that no man was
ever elected to congress who was not resi-
dent of the district which chose him. 1t
had forgotten, or never knew, that Senator
Ben Hill, resident of Atlanta, some years
ago was elected to the house of representa-
tiyes from district far away from the cap
ital of Georgia. This error of the Jour
nal was occasioned by its Ignorance
of the political history of the
times, but the falsehood contained
in the above extract was published OF &C
count of its malevolence toward the demo-
cratic party, and particularly towards Mr..
Landers.
Amerigo Vespucci gave his name to the
American continent, Notwithstanding Chris
topher Columbus was its discoverer; and the
bill to remonetize silver is named after Mr..
Bland, of Missouri, notwithstanding Mr..
Franklin Landers of Indiana, was the author
OF the measure. He it was who introduced
into congress the first bill ever offered in
that body to restore to silver its legal tender
quality, and he it was who made the first
speech ever uttered in that body in
favor of this great measure of relief
to the people. These are facts which
no intelligent man can gainsay or deny, and
yet the Journal falsely charges him with
having voted in congress to rob the trade
dollar of its legal tender quality. We will
give brief account of Mr.. Landers' course
in the national house of representatives
upon the silver question, by which it will be
seen that he not only did not vote as the
Journal charges. but that he labored to the
full extent of his ability to restore to silver
the quality which had been surreptitiously
taken from it.
On June 81, 1876, the house bill authoriz-
ing the issue of subsidiary coin was returned
from the senate to the body which origi-
mated it, so amended as to abolish the legal
tender quality of the trade dollar. Mr..
Lsnders opposed the passage of the bill as
amended, and during the debate which is
sued made the following speech upon the
subject, which we copy from the Congress
sonal Globe:
Mr.. Landers, of Indiana; I see that it is
provided that the trade dollar shall not here
after be legal tender. l desire 10 say that.
l am opposed to this amendment, which pro-
poses TO take from the silver coin of the coun-
try its legal tender qualities.
Mr.. Speaker, 1 desire at this time to
say to the house that L am not disposed to
yield TO any further motions committing
que stions of this character to the committee
on banking and currency. Its delays and our
past experience is of such a nature that feel
confident l shall be sustained in this position.
This currency question assumes many forms,
and will not be put down or silenced by any
for instance, is proposition coming from the
senate to demOnetiZe silver. Sir, admit that
the quality of our money is not what L desire
/ consent to any further depreciation of Its
value by demonetiZing its power in the pay
ment of debts contracted under il.
1 understand full wen why this motion was
made. 1t is another effort in the interest of the
bOndhOlders against the people, and in the
same direction as that of the act OF 1859, and,
permit me to say, almost as great fraud upon
the people as was that act. Why? Because
under the acts by which the bonded debt OF
the government was originally created every
dollar of its principal and interest could have
been justly paid in silver, but because silver
has now deprecated in value it is Insisted that
we should not offer it in PAY ment of that
debt. That such is the case is no fault of ours.
Our duty is to act fairly towai d both the debtor
d
agreement was made to pay that debt eitherin
gold or silver, then, sir, IL is at the option OF
the debtor TO say in which kind of coin that
payment shall be made. 1t will not injure the
credit of the government If we offer silver In
| payment of our debts. | do not understand
that the credit either of individuals or the
government is impaired by a strict compliance
with contracts, aud whatever they contracted
/ to do they ought to fulfill, and nothing more.
1t is insisted that our bonds will be sent
home and thrown on the market. That Is ust
where want them. would be pleased TO see
every bond of the United States now he'd by
| foreigners brought home aud the interest on
/ them paid to our own people. If men abroad
/ do not want to hold our bonds, and receive
/ payment in accordance with the contract, let
| them send them here and they will find plenty
of purchasers.
lido not understand that those who hold our
/ bonds in foreign countries are entitled to any
I more consideration than those who hold them
/ here. If persons abroad see proper to invest
in our securities, they do II with the under
/ standing that their payment is regulated by
/ the laws of the United states, and that they
are entitled to no privileges beyond its citi-
zens.
/ complied with. l would not cast a vote in this
house or elsewhere to relieve the debtor from
one cent justly due the creditor: Neither will
| / vote to take one cent from the debtor and
] give il to the creditor when he is not justly
/ and lawfully entitled to il. Whatever is due
In mis- case it is the right of the debtor class
| TO pay their debts in silver, and am in favor
of making 1T a full legal tender in payment OF
/
| senate amendment Is to take IL out of the
power of the debtor to offer silver in payment
/ of debts created when silver was full legal
/ tender.
Silver has deprecated in value because it has
been demonetiZed. Now, Mr.. Speaker, on the
contrary, hold that It is our duty to make ii
as valuable as possible, and to perpetuate that
value by determining it by the stamp of the
government. We SHOULD give to 1t all the quail
| ties of money 1t possessed when this debt was
| contracted and then offer it In payment Of
that debt; and what honorable man could
complain when the contract has thus been
| fully and fairly piled with?
1t is argued that we ought 10 increase the
quantity of silver that is contained in a dollar
Insist that this is not right. There was n GER
| tain dollar that was current in this country
( that was legal tender, of a certain weight and
| fineness when this debt was created. 1 wani
the same standard kept up. do not consent
I that because silver has deprecated in value il
| is our duty now to put more silver in the dol
lar than there was at the time the debt wal
created: not at all. 1t would be just as fair anC
reasonable to say that II a debt was contracted
to be paid in corn or wheat, and the corn OF
wheat should decline in price below that fixed
in the contract, there should be more wheat Oh
corn put in a bushel. The same argument
holds good in the one case as the other.