The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-01-31

One of the clearest-headed Demo
Gratis in the United States Senate is
Hon. James B. Beck of Kentucky.
The other day, in reply to hard
money speech of Senator Herman. "a
Democrat,) of New York, he spoke as
follows;-The words we place in italics
are significant.
Mr.. Beck said he thought the act
demonetiZing silver was wrong. He
referred to the remarks Of Herman,
and said it was the first time he had
heard Democratic senator OF this
| floor defend acts of the Republican
majority in congress in regard to
finances. Neither had he heard Il
Democrat in the other house of con-
gress defend these acts. There had
been many acts done against which the
whole Democratic party protested.
When congress undertook to say that
the bonds were payable in gold alone
it did that which no legislature had
power to do. He spoke of the depress-
ed condition of business throughout
the country, ahd said the Democratic
minority on his side Of the chamber had
grown TO lis present proportions and
pouer. and the other house u congress
had passed orer 10 the Democrats be-
cause THAT PARTY PLEDGED ITSELF
NOT TO LEGIsLATE IN THE INTEREST
OF BoNDIIoLDERS. In conclusion he
argued it would be no injustice to pay
the bonds in silver.
Mr.. Wallace said we had the dou-
| BILE standard from 1896 to 1873.
Gold and silver were both used and
recognized. From 1853 to 1873 gold
drove ont silver because silver was uu-
dervalued. 1t stood at more than 100
cents for n dollar in gold both here
and in England. When our bonds
were issued, from 1861 to 1878. coin
meant both gold and silver, and the
option to pay in either was ours.when
| the fundig act of 1870 was passed we
made the whole SIS 900 .oo0, 900 paya-
bic in coin at the then standard value.
That value was 4l2 II grains of silver
and oslo grains of gold to the dollar.
| This was ordered to be Endorsed upon
the bonds and contained this express
provision. One of the bonds he he Ill
in his hand had upon it these words;
The United States of America are
| indebted tn bearer in the snm of $50.
! This bond is issued in accordance with
the provisions of an act of congress.
July Ii. 1870. and is redeemable at
pleasure OF the United States after the
| first day OF July. 1907. in cola of
standard raiUs Of the United States.
on said July l4ih 1870. with interest
in such coin from day Of date hereof
II the rate Of t per centum. payable
/ quarterly. etc" Kesuming his ar-a-
ment. Mr.. Wallace said the law made
i the contract. the bond expressed it
and gave notice OF ii. Every bond
sold since 1870 is payable hy the very
terms ct the contract in gold dollars
Of - S-l0 grains. or silver dollars of
H. IL grain. Are we cheats + re-
puiiationists ifw insist upon the con-
tracts Is it II breach OF morality TO
say we abide by contract ! Ii silver
had gone up and gold down might we
not pay in gold This was the option
reserved. but say the other side, you
changed Your standard in 1878 and
made gold Your unit of value. Sup
pose it to be still what does your bond
sayf 1t is payable in either by its ex-
press terms. May the sovereign not
change its standard of valuel Has
government not the powers Clearly
it has. If 50. what reason of CON-