Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-03-05


Aner a very careful consideration OF the House
bin 1895 entitled An act 70 authorize the coinage
Of silver dollar and 20 restore IL seSal teudeT
character feel compelled q return L 20 the
House OF RepresentAtly e. M which u originated
With nv objection 20 Is passage.
Holding the opinion that expressed In nv an
nuAl message that neither the interesstof the gov
eminent nor OF the people OF the United States
vouId be promoted by disBaraging silver as one
OF the two precious metals which furnish the coin
axe OF The world and thai legislation which looks
fal measure Of both metals a. their relative
Commercial value Will permit would be neither
unjust nor ineNpetient, Il has been my earnest
desire 10 concur with Congress IA the adoption OF
such measures % increase the silver coinage Of
the country A. would not impair the obligation OF
contracts either public or private, or inlurlouslN
AFFECT the public credit IL Is Only on me cow
lion thai the bin does not meet these e,sentlsi re-
quirements that feel u my duty 20 Withhold nom
Il NY approval.
Nv present onscisl duty a. 70 that bill permits
only attention % the specific objects OF TIC bill
which seem 70 me so important a. 70 JUSTIFY me
IN asking consideration Of the bill for which the
Constitution has n such a way provided. The
bill provides for the coinage OF silver dollars OF
TIE weight Of 1l2i grains each Of standard silver
20 be legal tender TO their nominal value for all
debts and dues public and private except where
otherwise expressly stipulated In the contract IL
"a well known that the market value OF that nun
Der Of grains Of standard silver during the past
year has been from "a % ~ cents ss compared
with the standard gold dollar. Thus the silver
dollar snfhoriked BY this bl - worth from 70 ~
per cent, less than Il purports 20 be worth and 10
made q legal tender for debts contracted when the
law did not recognize such coins a. lawful money
The right 20 paw debts 10 silver or In certificates
OF silver deposit viii, when they are issued IN a
Sufficient amount 70 circulate, put an eud % the
receipt Of revenue IN gold and thus compel the
payment Of silver Tor both The princlp pal and inter
est ofthe public debt. HAS 80 So OF the bond
81 debt now outstanding WAS Issued prior 20 FEB
rnAry, 1878 when the silver dollar was unknown
N the circulation Of this country, and was oniy a
eonyenieni form Of SILVER bullion for e1portAiion
ass, 80 So Of the bonded debt has been issued
since February, lslJ, when gold alone was thc
coin for which the bonds were sold, and gold
alone Was the coin in which both parties TO the
contract Understood that the bonds could ee paid.
Those bonds flowed into the markets OF the world
they were paid for in gold when silver had sreAt-
~ deprecated and when no one would have
boDsht them II Z had been understood they would
be paid In silver. The sun OF s225 0oo,0oO OF
those bonds has been sold during nv atnnistra-
lion for gold coin, and the Cnited States received
the benefit Of those sales By a reduction OF the
rate OF interest 70 per cent.
During the progress OF those sales doubt was
suggested a. 10 The coin IN which the payment OF
these bonds would be made. The public announce
nent was thereupon authorized that q was rot
10 be anticipated that any further legislation o.
Congress, or any action o. any department OF the
government would sanction or tolerate the REDEEM
ptiou Of the principal Of those bonds or the pay
nent OF The interest thereon except In the coin eX
acted by The government in exchange Tor the same
In view Of that the public faith 20 undertake %
pay on too-e Don1s prlnclpal and interest, IN Sil
yer coin, worth on the market less than The coin
received for them.
Il Is said that the silver dollar, made a legal
tender by this Dill, will, Under 10 operation be
equivalent N fall 20 The gold dollar MANY sup
porters Of the bill believe this would not justify an
attempt % pay debts, either publ &c or private ia
con OF an inferior value 20 The money Of me
world.
The capital defect OF the measure Is that Il con
rains 40 provision protecting from is operation
pre-e1tSting debts IN case the coinage, which u
ant hmNN 90 ~rnHH@ aNFn aza
thsi which was the sole legal tender when they
were contracted, II u Is now proposed fof the
purpose OF taking Advantage Of the depreciation
Of silver IN pSymeat Of debts 70 coin and makes
legal tender silver dollar OF less commercial
value than the dollar, whether Of gold or paper,
which 10 now the lawful mensy OF this country.
such measure, 10 - ~ hardly De questioned. will
In the Judgment OF mankind be an act Of bad faith
As 10 AL debts heretofore contracted the silver
dollar should oe made legal tender only az it,
market value. The standard Of value should not
Be changed without the consent Of both parties 10
the contract. The national promises should be
kepi with untlochng fidelity. There 10 no DOW
or 10 compel q nation 20 pay is just debts. II
credit rests upon its honor. IL cannot approve =
eul, which, % my judgment, authorizes the viola
Ton OF sacred obligations. The obi legation Of the
public faith transeends all questions OF proht or
public advantage. Its uuQnessionable mAinten-
Anee Il the dictate ~ well Of the highest eNperi.
ence As Of the most necessary duty, and should
sver be carefully guarded by the Executive, by
Congress and the people.
IL q my nrm conviction that II The COUNT 10 20
De Sene1tted oy silver ooinAge Il can be done on
~ py me issue OF silver dollar OF full value
when viii deirsud no man, SndlcnrrencyiwOrth
Iess than purpOrts 70 be viii IN the end defrSud
not only creditors but all who engaged In leziti.
nate business and none more assuredly than those
who are dependent on their daily labor for their
daily breas.