The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1878-12-05


powered might establish universal cur
rency, but till this is done the money o.
every country, whether gold or silver. cop
Per or paper, beyond the territorial limit;
OF the jurisdiction that creates il, is al
purely an article OF merchandise as cotton
beef, or hay. British gold is not money
here, nor Is American gold money in Eng
land. Ii any one doubts it lie, him Try tht
experiment OF Purchasing pair OF glove,
o. paying hack-fare with guinea or
sovereign on the avenue. 1t could be con
verted into money at a brokers', but it hs:
no purchasing power. And not only is thi,
true Of foreign coins, but it is equally true
OF our own as soon as the stamp Of The
Government is obliterated. Take q new
double eagle, just coined at the mint, lay il
on an anvil and strike it with a sledge, ef.
facing the image and snperscription. Ii
weighs as many grains as before. 1t has
the same standard OF fineness. 1t is identi.
cslly the same substance, but it is no longe,
money. 1t should be worth as much, but il
will purchase nothing. 1t has lost the sub.
tie quality which makes il current as
money. Ii has become a commodity or
merchandise, and nothing more
One noticeable feature in all the arg1I.
ments Of the monometalists is an elaborate
effort to surround capital with some pecu-
liar sanctity to hedge it about with special
divinity; TO separate accumulations from
wages; TO distinguish between the dollar
that was earned yesterday and the one that
is TO be earned tomorrow; to place capital
on an equality with labor, or else above i,
il the social and political system. They
are willing to permit silver to enter into
4 the oir rtasir k.,t,
| ltins its paying power to Insignificant sums
shall remain the handm aid, the base and
common drudge of trade, restricted to petty
services and incapacitaied for the nobler
functions of commerce. Some are willing
that it should he legal tender for sums less
than 81. Others would magnanimously
consent TO $50 as the boundary, but all in
sist on limitation. They think it is just
TO pay the laborer who earns . dollar BY a
days labor in the degraded metal, but not
the man who holds the coupon of govern
ment bond for the same amount. Silver
may buy loaf of bread, but not the barrel
of flour from which it is baked, Silver
may buy steak, but not the steer from
which it is cut. Silver is good enough for
the laborer, but not for the capitalist
| The truth is, Mr.. President, labor is an
tecedent TO capital and independent of it.
Capital is the result of labor and not the
cause. Society could survive without CAPT
tai, but not without labor. Both have
rights and are entitled to protection, but Ia
Dor is superior to capital and should have
the first consideration.
Leaving these general considerations, l
will briefly notice some specific objections
that are made against the pending bill.
1t is urged that the faith OF the nation ia
| pledged to the payment Of our bonds and
other obligations in gold. If this be true
there is an end Of argument. For nations,
no less than for individuals, honesty is the
best policy. That nation is
| Naked, though locked up in steel,
Whose conscience with injustice is corrupted.
| If We contracted to pay in gold We must
do so though it leave us beggars. But did
| We 80 agree?
The act of February 25, 1862, au,horiz
ing the issue OF five-twenty bonds, provides
that the interest shall be paid not in gold,
but coin. That act also provides that du-
ties on imports shall be paid not in gold,
but in coin. The same act created the
sinking fund, payable not in gold, but
| coin.
The act Of January IL, 1862, makes its
obligations payable not in gold, but coin.
The act of July IL, 1862, makes its OBJ
legations pay able not in gold. but coin.
The act of March 5. 1868, providing for
the issue Of 5000, 0OO, 900, makes them pay
| able not in gold, but coin.
The act Of March 5, 1864, for loan of
500, 100000, makes it payable not in gold
but coin.
The act of June 80, 1864, TO borrow
s40O. 100000, makes it payable not in gold,
but coin.
The act of March 8, 1865, for 100000,
900, makes them pay able in coin or other
lawful money" not gold, but coin or green
backs
The act of March Is, 1869, "An act to
strengthen the public credit, to remove
any doubt as to the purposes Of the govern
ment to discharge all just obligations to
the public creditors, and to settle conflict
ingquestions and interpretations Of the laws
by which such obligations have been con-
trscted," solemnly pledges "the faith Of
the United States" ito the payment" ''of
all obligations of the United States not
bearing interest, known as United States
notes" in coin or its equivalent" and of
ell interest bearing obligations of the Uni
ted States, except in cases where the law
authorizing the issue of any such obliga-
ton has expressly provided that the same
may be paid in lawful money or other cur
rency than gold and silver"
All our debt is payable in coin. Silver
was legal coin when the debt was con-
tracted. Therefore the debt is payable in
silver.
The odious cant about reputation
and dishonor is knavlsh device to intim-
idate people who have always respected
their obligations. The great journals of
Europe entertain no such opinions The
London Times recently said:
at could in no sense be called repudia-
ton il silver were made The sole standard
of the United States TO- morrow" The
London Economic, thespecial organ OF Brit
ish financial opinions, in speaking Of the
same subject, uses the following language
become silver country, the interest and
principal of her obligations would be paid in
silver. The evil, OF course, would not be
what the momentary circumstances of the
market would now suggest. silver would not
be at nfty-four pence per ounce IL America
was country with sole silver currency. So
large demand her coin requirements
would send up the price very rapidIy-per-
haps to Its old amount.
There can be no doubt of the constitu-
tional authority of Congress to create a sill
yer dollar unit, containing any number Of
grains, greater or less than 4l2i The only |
question to be determined il, what shsll the |
weight of the dollar be? am clearly of
the opinion that while the dollar of 4l2l
grains is required by the terms OF our con- |
tract, it will be too valuable for domestic |
uses. One of the gold organs of New York
says:
II, the States of the Latin Union l51a ounces of
silver could be exchanged for one OF gold |
that caused our dollar OF 4I21s grains to be
exported as fast As II was coined, as that coin
was based upon l6 to l, and was therefore
worth three per cent. more In Europe than
at home; and II silver should recover its lost
value and be remonetized on the basis of
4l21a grains, II would for the same reason be
impossible to keep it in the country.
But even this condition of affairs will
not be without its consultations. The advo-
Gates of gold have endeavored to leave the
impression that this drainage Of silver
would be like blood spilled upon the ground
to be drunk by the thirsty sands. But if
silver goes abroad it will travel ss merchan-
disc and not as money. At the distance
Of three marine leagues from the shore it
becomes commodity, and will sell for what
il is actually worth in the land to which it
goes, and it will sepd back gold, bonds,
.ilk, wine, cutlery, broadcloth, to the land
from whence it came.
The issue of silver will also tend to rem
edy the evils which have resulted from the
Of our currency, not by opera
ion of law alone, but by those great natu-
raj causes which are apparent to the most
casual scrutiny. l Do not refer solely to
hat actual diminution in the volume of the
by law, but to the practical with
lrawal nf IL from, tho oh annala of circ1Ia-l