The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1878-12-12
tChicsgo Tribune, 3. (

lChicsgO Tribune, 81
1t has been but a few wears since Mr.
John Sherman, in his place in the Senate.
reported abill TO demonetize and abolish the
silver trade dollsr, because the dollar was
too large, and was worth too much in gold
and in the same bill he proposed to reduce
} the weight and size OF tie gold coins 81 per
cent. so that ten dollar gold coin should
thereafter be worth only nine dollars and
sixty-tve cents, thereby saving On every
500, 00O-OO of interest on the debt, the
sum of -, 800, 600, and on the - go OOO.-
600 principal of the debt, direct saving or
scaling down of S7S.750,0OO.
In his report, yesterday. John Sherman.
as Secretary OF the Treasury, argued TO
Congress that the silver dollar which. in
lS6S, was worth four cents more than the
gold dollar, be reduced, because il was too
| small and OF too little value, and because he.
in his conscience, would not, though a legal
| tender, pay it out for public debt, unless
| the creditor specially asked for IL
The openly-ayowed clipper Of the gold
! coin in lStiS feels the hair standing upright
on his head when the law asks him to pay
| out silver dollars in 1873. as thy servant
| dog that he should do this thing" ex-
| claims John Sherman, in ISIS, when ten
years ago he proposed to swindle the entire
| world, by abolishing the silver dollar, be-
| cause it was worth too much, and by so
| clipping the gold coin that three and half
per cent. OF the gold would be taken off be-
| fore payment.
Mr.. Secretary Sherman has boxed the
| compass on this silver question until he
has made himself the laughing stock Of the
| country. He has never held one opinion
publicly long enough to have it discussed.
though from first TO last, il is now pretty
evident, he has been the secret promoter
and champion OF an exclusive gold coin,
aud opposed TO the monetiZatiOn as well ~
the coinage OF the silver dollar. Let Us
hope that he will now adhere TO his latest
scheme long enough to have it Indignantly
rejected by Congress, and long enough TO
be compelled TO execute law for the IN
limited coinage OF silver dollars, or re-
sign.
In his report laid before Congress yester-
day he asserts As a proposition Of Jaw and
OF TACT that, when the resumption act was
passed in 1870, the only coin then known
TO the law as legal tender was gold, and
therefore that law contemplated that the
government should resume specie payments
in gold. In the light OF the discussion OF
the past two wears this statement of law
and fact by the Secretary hardly rises to
the level OF pe:tifoggirg. He knows that
not one man in ten who voted for the re-
sumption law knew that the silver dollar
had been demoneiized, and that not more
than one man in 100000 Of the American
people knew Of that fact. Mr. Sherman
undoubtedly knew that silver had been de-
monetized, but he KEEP; his knowledge iron
the public.
When the Resumption law Of 1879 was
passed, there was law on the statue-book
providing that all the bonds Of the United
States issued and 10 be issued under the Law
OF 1870 should contain on their face the
written contract that they were 10 be pay
able, principal and interest, in the gold o.
silver coins OF the United States Of the
standard in force in July, 1870 The Re.
sumption law did not change that contract
in any sense. Payment OF the greenbacks
had been contracted in a previous law, the
paymen. to be made in coin" and when
the Secretary declares that il was ever in
tended TO resume specie payments in gold,
to the exclusion OF silver, he states what il
not warranted by law or by fact
For eighty years the United States had
the avOwed purpose of protecting the Gov
eminent and the people against any scar
city and increased value of either metal.
Payment OF debts were to be made in either
gold or silver, at the debtors option. That
principal was retained and affirmed in the
Funding act OF $50 by declaring the bond
(now including nearly all the public debt
to be payable in either gold or silver For
f,rf ii Ell l.
the silver was the currency Of the country
Tor forty years afterwards gold was the |
cheaper coin, and gold was the general cur
rency. Now that gold has become scarce
and dearer, its purchasing power having
advanced from 20 to 40 per cent, Secretary
Sherman and the money lenders insist on |
discarding the silver, and making the dearer
and scarcer gold the exclusive legal-tender |
OF the country.
Mr.. Sherman recommends that Congress |
shall % by law limit the total Issue of sill |
yer dollars to fifty millions, or (2) that the |
size and weight of the silver dollar be adj.
vanced Both propositions are equally in
tended to demonetize silver. They are de-
signed 10 exclude il as a currency, and 10
compel payments in gold exclusively. The
American dollar il a coin containing 3TI4
Vi INIT II t1t upildT
and Congress no more guaranteed that II
would purchase any given weight Of gold,
than it agreed that 'bushel" OF corn
should always purchase given quantity
OF silver. There are 31if grains Of pure
silver in the American dollar. and all
debts and contracts, public and private,
from 1893 TO the present day, are legally
payable in dollars each containing 81
gains Of pure silver. To enlarge the dol
lar is as unjust a. to enlarge the.'yard' or the
bushel' if it Il to stand, it must continue
10 stand at iis original definiti0n-37If
grains Of pure silver. Once change it, ard
il were better 20 abolish il.
Mr. Sherman proposes TO revere and
1uiilfy the saving principle Of the double
'taEdard. He repudiates the debtors OPP
lion; he recognizes the right Of the Credi-
or to the option. In Office be can abuse
Ms trust in the interest Of the money-lend
ers, but Mr. Sherman il not yet superior to
aw. Congress can close this whole bust
,ess at once, can put an end TO mOIo-met-
slism, and especially TO Shermanism, BY
placing the coinage Of silver dollars on the
anne footing with gold,-leaviDg the coin
.ge unrestricted as 70 amount Il may be
Necessary Tor Congress, in order to project
he country against the Secretary Of the
Treasury during the nine mo1thg' vacation
o pass law during the present session