The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-02-14

which are now drainiD tax on all
the labor and production of the cOuH-l
try. Had our situation been the same
then.as tits nOW;We wOgld have seen the
holders of government securities ami
all other bonds wherein the payment
of money from the many to the few
was nominated, as badly atfughted in
this country at what was called an
over production of gold as the holders
of similar securities and bonds were in
Europe. The laws which govern thc
human heart in its love of gain are the
same everywhere. The creditor ella S
is not so much concerned what coin or
other material shall constitute money
as il is that there shall be no redundant
cy alter its demands are paid.
The report of the monetary commits
sion submitted to this body in March
last bV the distinguished Senator from
Nevada lLr. Jones comments ON this
fact as follows:
''In all the European discussions, ai-
ter 1918, and prior to the German de-
mOnetiZatiOn of silver and its conse-
quences, the point made was not that
either metal had deprecated relatively
to the other, but that by reason OF eX-
tTaOrdinary supplies of gold from Cal
ifOrnia and Australia supplemented,
about 1865, by new supplies of silver
from Nevada, both metals had depre-
ciated relatively to labor and commp-
dities, and that those having fixed in
comes were being injured by rise in
prices. So long as the double standard
existed. new supply of either metal
was only an addition TO and only eff
fected the value OF the general mass Of
money and not the relative value OF
the metals"
The fall in gold" which Chivalier
lamented in 1857, was its fall in rela-
ton to property. He pointed out how
the double standard had prevented
any change from occurring in its re-
lation to silver, and how il would con-
tinae to do SO until the silver of dOu-
BILE standard countries was exhausted.
In order, therefore, to protect the IN
terests of the income classes, il was
claimed to be necessary to de
mOnetiZe one of the metals,
and gold being the metal which
which then promised the most abund-
ant yield was selected for the purpose.
at was the depreciation IN the value
of the precious metals and of money,
supposed to have already resulted from
the new supplies of gold, which made
him the conspicuous advocate of the
demand that one of the metals should
be demOnetiZed in order to redress
the situation 1t appears, therefore,
that gold, even gold, the very god of a
fierce idolatry in our midst at this time,
has committed the mortal sin of intla-
ton, and has been cursed and ostra-
cised on that account by the Insurers
and money changers as VIII as its
more modest companions, silver and
paper. And if now both the precious
metals threatened to increase beyond
the wishes and interests of this class
they wound be earnestly inquiring and
scheming into some plan by which
they could demOnetiZe gold and silver
alike, and substitute diamonds or some
other scarcer and more difficult com
modify to obtain as the basis of specie
payments and the money in which all
debts due TO them should be paid.
There remains, however, one other
argument i'm connection with the al
legged overprOductiOn and initiation of
silver which requires attention. In
the name of good faith it has been
urged here i'm this body and elsewhere
that, although silver is specified as
plainly as gold in all our financial
le gislatiOn. vet 1t was produced in such
meager quantities at the time our
national debt was created that the pur-
chasers of our bonds could not have
reasonably supposed they were ever
TO receive it in payment OF the same,
Notwithstanding the law expressly
said they should. IL other words, il is
an argument 10 release the bOndhOlder
from the absolute, definitely written
words of the law on the ground that he
could not fOresee that the government
would ever have silver enough to full
fill the law. This is the highest, bold
est note of reputation ever heard in
this country; an open admission OF the
law and an open, square demand for
its violation.
No facts or surrounding circum-
stances at the time the contract was
made can for moment justify such
Migrant abrOgatiOn Of its most eX-
plicit terms, but even if outside con-
ditiOnS, not expressed in its face, could
be set up now TO defeat IL, assert that
the conditions alleged by the advO-
Gates OF this argument never existed
at all. | assert that when the law for
the payment of the public debt was
construed by the famous act of March,
1869, to mean payment in gold and
silver both, the production of our
silver mines for that year was 81 ,625,-
900, and had annually averaged that
amount since 1864. IL is cOntended
that the purchasers of our bonds over
looked, when they were first issued the
feeble supply of silver. Did an annual
average production of nearly Sl2,OOO,-
600 for the space of five years proceed
ING the act of March, 1863, likewise
escape their attention, when they were
framing that act IN their own interest
and to suit themselves; But again, by
the refunding act of July II, 1870, au-
thOriZing the issue of new coin bonds
to be substituted for the original 4 20
bonds. making thereby the new con-
tract of that date. il was agreed that
the bonds issued by virtue of that act
should be payable in silver as well as
gold.
During that very year, the year of
the contract which is TO be enforced in
all its demands against the flesh and
blood of labor. the generous SILVER
mines of the United states yielded
$4,000, 900. Was not this sum sutti-
Gent to put the authors of that enact
ment, the bOndhOlders I'm Europe and
America, on their guard against max
Ing solemn stipulation TO receive Sill
yer money in payment Of their bonds,
unless they intended at the same time
TO do soY During the years 1871 and
1872 many hundred millions of bonds
were issued under the act OF July IA,
1870, and received in exchange for
0-2Os. They were all payable by the
express terms of the law either In sill
yer or gold, at the option OF the gov
ernmenJ; and the production of silver,
when they were thus voluntarily re-
ceived, amounted, according TO our
mining statistics in 1871, TO S23,OOO,-
600, and in 1872 to SIS, 100000. It is
no doubt true that the product of these
two latter years excited the fear of =
silver imitation which has since deep
cned into the absurd panic now pre-
vailing, but how can it with any taiI-
ness be pretended that the bondholder
is released from receiving silver &C