The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-01-24
FEW FACTS ABOUT SILVER.

1. From 1856 to 1873 silver was.
with gold, the standard currency of
the United States, and the silver dol
lar of 4l211s grains was the unit of
monetary measurement. 2. The bonds
which the government issued to meet
the emergencies of our war debt are
all specifically made payable sin coin."
3. The coinage Of the United States
was then both gold and silver. 4. 1t
was generally expected that the bonds
would be paid in gold, for this reason
that until 1874, the silver dollar, Unit
ed States coinage, was always worth
more than it's face in gold, and it was
presumed, of course, that the govern.
ment would use that of the two stand.
ard coins which would be most ad.
vantageous to itself. 1t would pay in
gold dollars. S. After the demoneti.
Zation of silver here. and in Germany,
and it's increased production In this
country, the value of silver began to
depreciate, while, at the same time,
the new monopoly given to gold, op-
Grated, with other causes, to increase
the value oi the gold dollar. 6. If it
is WI ong to remonetize silver, because
it might effect unfavOrably the bond.
holder and the creditor classes, it was
a mistake, a wrong, to demouitize sill.
yer, because the act did have the direct
effect of adding new burdens to the al
ready enormously over-burdened debt
or class in this country. The govern
ment has no more right to enact laws
which shall compel A to pay the VAL
ue of S1O5 for nominal debt of 500,
than it has to compel B to be content
with the payment Of $95. Glass legis.
lation, in the interest of either party.
is inyidious and nefsrious. z. To the
charge that it would be "implied re-
pudiation" for the government to pay
its creditors in silver, when by the ex.
press terms of the contract, it agreed
to pay Sin coin, standard value of 1870"
when our coinage was gold and silver,
it may justly be replied that it would
be mere gratuity on its part, and an
implied extortion a. regards it's debt
crushed people, to destroy the "stand-
ard values" Of 1870, by dishonoring
silver and thereby giving an unnatur
al valuation to gold. s. DIR. Linder.
man himself admits that the demone.
tizing silver was to make the bonds
more valuable to the creditor. did il
make it harder for the debtor to pay.
The thing is as broad as it is long. 8.
1t is proper to throw mp hands in hor-
ror and protestation at sight of either
party being wrOnged, but of the two
parties, it is Just as important for the
government TO keep faith with debtor
class as with the ceditOr class. The
government stands between the two.
1t ought to deal righteously with both.
lO. AS matter of fact, a person hold.
ng bond issued four or five wears
ago, if paid in silver coin, would be
able to purchase with these silver dol
ars goods of considerably greater val.
ne than he could purchase with the
same number of gold dollars then. He
s not, in reality, wronged if his bonds
ire paid in silver. The difference will
Tot, in this case, receive the bonus
which he may have hoped 10 get. Still,
+ somewhat disappointed in his an. |
icipations, he can get plenty OF real
estate owners TO sympaihize with him.
u. But TO restore silver to its former
'lace i'll tie coinage Of the country,
would, according 10 the universally
'ecognizedlaws of supply and demand,
Increase its value and bring it back
nearly, if not quite to a par with gold. |
=. Silver is one of the staple products
'f this country. 1t is not good policy |
or the government to depl eciate the
products of its own people. We have
ieed of all the coin currency that we |
IAN have, as the basis of our paper
money. And who can doubt that
Providence has caused the vast treas
lres of silver, hidden for countless
years, to be discovered now for Just
he emergency that is upon ns.-[Tl 9
Advance.