Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-01-02


I grains of standard silver or rs
grains of standard gold. In othe
words, we guaranteed to the credi
or that no fluctuations or changes
3 the value Of money d compared wit
commodities shQuld a4ect the valu
\ of these bonds, but fat we shoul
! lpay them In this oney or in tn
equivalent OF this money. 81
Fl or course what was said by tn
Senator from Georgia Mr.. HILL
absolutely true: that the power q
. this nation to control its coinage
absolute through Congress. We ca
make gold, as l believe the only coir
or the principal coin, of our country
we can make IL the unit of value o
we can change the unit Of value, q
I've did in 1873 to gold, back agail
from gold to silver, and place
where 1t stood from 1856 to 1873
making the unit of value the silve
dollar. But If we do that we shal
mot assimilate our silver coin 10 tha
OF France and reduce the number O
II grains of fine silver in Q dollar 80 ia,
fss these bonds are concerned. but i
we make the silver the only meta
coined in this country, we shall Civ,
them of standard silver 4l21a grainl
to the dollar; or, if we continue tn,
gold dollar as tho unit of value, the,
shall have 25.8 grains Of standard
gold to represent q dollar.
1t seems to me there is no law tha
10 palmer than this. In order to at
tempt to predict what will be the fu
ture value Of silver in this couutry
and other countries, we must entel
into . discussion of the causes which
led to the decline of silver.
The same causes operating in
the converse direction will un.
doubtedly have the effect to increase
the value of silver. do not wish tt
express any judgment of my own up.
on that question, and will only ex.
press the judgment of one or two OF
the most eminent men who have dis.
cussed this subject. Walter Bagehot
a writer Of eminence in England
gave his testimony on this subject be.
fore the House of Commons commit.
tee on the depreciation of silver, and
ne undertook to say, in answer to q
question proponnded by one Of the
members, that If the Latin union, so
called, would resume the free coinage
OF silver it would fall back again to
its old price or nearly so; or rather
ne puts 1t In another form and SAYS,
If the Latin union had not discontin.
ued the coinage of silver, silver would
not have fallen. Therefore, in the
judgment of one OF the most eminent
men who have studied this question
the reopening of the mints of France,
Belgium, Holland and Italy to the
free coinage of silver will have the
effect to restore silver to its former
position and value or nearly so.-
Now. If we add the United States,
with population Of forty-fve mil.
lions, with an active and energetic
people, scattered over halfa CONT
nent, 1t not fairly to be presumed
that the action of this government
will be fair Offset to the action OF
Germany?
In other words, if we restore silver
shall we not practically place in cir.
culation and in use an equivalent OF
the amount of silver demonetized by
the action of the German govern
ments Il must be remembered that
for twenty-seFen years we have not
absorbed at our mints silver to any
considerable extent. We underval-
ued it and drove 1t from circulation,
and then banished both gold and sill
yer by the use OF legal-tender paper.
1t will not do to assume that the re.
monetization of silver with the old
relation under proper restrictions and
limitations will not have the effect to
make silver equal to gold coin. 1t IL
claimed by many who under stand
this question better than I do, tina,
gold has risen in price as we'll as sill.
yer has fallen. That seems to be
quite natural, because the value Of
silver and gold does not depend, al
was said, believe, by the Senator
from Delaware, wholly upon the cost
of production; it depends upon the
supply and demand as we'll. Who
does not know that if gold was de.
monetized by all the nations it would
fall in price as compared with com.
modities? Who does not know
that if all the nations demonet,
lied silver it would fall in price still
more? Therefore the value of these
two metals as money depends upor
their use as money. Ifsll the nations
use both gold and silver, they will
have an increased value. If all tn,
nations discard one metal and not thu
other, the discarded metal will be re,
duced in value, because 1t could mo-
be used except for the purposes of the
arts.
4 In arguing this question those who
have argued it thus far assume as 9
part of the argument that the propo
sition to come hereafter is to debas,
the silver coinage below the gold
coinage of the country. That Is 6
mere assumption, and therefore re-
gret exceedingly for myself that the
Senator from Ohio has introduced
this proposition in advance of the
main proposition, which is thu
reconciliation of silver, in
order that we might see
after that bill is perfected and passed
the character of its provisions, the
extent to which we propose to ust
silver; and then we could bette,
Judge whether one-half the Senate
or one-half the people of this country
are in favor of repudiating the sacred
obligations of the Government.
| represent State which 10 as loyal Il
the credit of this nation a. any State
in the Union. We intend, so far as ]
know and can speak for the temper
Of the people, that the obligations o.
this government shall be fulfilled in
their letter and in their spirit; tha,
there shall be no repudfatiou, partial
II ly or wholly, but that whatever ",
have agreed to do we will do accord
, ing to the letter Of the law and &C.
J cording to the spirit Of the law
Therefore 1t will not do to say
that one section of this country
by proposing simply a remone
! iizatioh of silver in q mod
ified form Is proposing Il
violate the sacred obligations Of
this Government. I believe that tn,
Ipeople of Iowa will guard as safely
; and as well the credit of this natioi
! with reference to its finances and il
i reference to all other questions % viii
: the people Of any other State, and O.
. understand their purpose and spiri
thus to be I will endeavor, SO far as
can by my votes upon all financia
, questions that may come before us 70
: consideration and action, to reprcsen
these views with fidelity.
i Mr.. President, when the silver bill
is before the Senate for debate, I shal
endeavor to present some considera
, tions favoring the remonetization o
that metal upon such . basis as will
keep both gold and silver in circula
tion in this country practically at pa
: with each other, and / hope that ques
ton will be considered before tins
action Is taken upon the resolution
> proposed by the honorable Senate
{ from Ohio.
Coppers a. Legal Tenders.
The following may be Of interest I
, many Of our readers;
Il In reply to letter from the Post
! office Department, making inquiry q
f to the legal status of the old coppe
Q one cent piece Of the ante -bellum day
! the United States Treasurer state
A that the c03n nn m al Ia nat and uovn