Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1878-02-23
TIE SILVER GOSPEL.
Nr. Thoua Ewing Rcsrds theG old,BHEs
In Their Dru TrNto Or Ht' speech
Before = Tumuituous Au.
at,,-, a., r.s,par I~uatttute.

only orator, thSs gentleman said: He
hsd come "a speSk Of TWO measures
which hsd pissed the house Of repreSen'
ts-.yes and were 81 present pending IN
The Sars.e. One vss 20 restore the
src.ep, la.,S- snd mSSs IL Just asst used
10 he. The other wSs % repeal the re-
SUMPTION scheme The vast debts otthe
world owned outside the countries max.
irr them were held by 8 few German,
or English, sud French b~ondholders,
These capitalists always watched with
ssger ieslousy the production Of the
prscioUs metals, knowing that 3 large
induction tended 10 reduce the
purchasing power Of their dolIsrs, and
hist 8 small production tended to in
crease it. After Great Britain had
~ausirupled her slresdy vast nationsl
4 d, by the Nap0leouic wars her fund.-.
holders demouetized silver. They did
this for the purpose of contract
ing the currency and bringing down
values, and making the nation pay
vastly more than it had promised them.
But As England was the great gold pro-
Gucjng power Of the world, syarice came
in this time 10 their rescue, and helped
them to demonetize silver. From 1905
TO lS4S the demonetized dollar increased
in value l45 pei cent, and with that the
b~ondhulders were content and no other
demonstration was asked for. But when
California snd Australia poured their
tide Of gold into the world, lesseniDg its
purchasing power Is per cent, there
arose 2 gleat agitation on the part OF
these b~ondholders for the characterization
of gold and Germany did demonetize it,
The production of gold gradually tell of
atterward, while from 1854 to 1870 the
production Of silver doubled. Then
came the agitation on the part of this
same class agaiu, and they succeeded IN
having Germany remonetize gold and
demonetize silver because it was getting
cheap. They also got the Latin nations,
consisting of France, Switzerland, Bel
GUM, Wallachia and Moldayia, to restrict
T the coinage of silver, and a congress was
convened, which deliberated upon the
question of how to make the United
States the greatest silver.producing
country in the world, the greatest
debtor nation in the world, cut its own
throat by demonetizing silver. They
solved the question somehow but how,
we did not know exactly, They got a
clause into the innocent coinage act of
1873 which nobody suspected, and which
did not demonetize or forbid the coinage
of the old dollar. But the commission
who were appointed to codity the laws
inserted in 1874 a provision which forbids
the coiuage of the old silver dollar. These
commissioners had no power to touch
to the extent of a hair the meaning OF
any existing statute. They presented
their report to the senate, and the senate
passed on it without opening the bundle.
In that bundle was this fraud. For two
years nobody knew anything about il
except the rascals who profted by having
the deed done; but now, when the out.
rage had come out into open day and the
people demanded the restoration of the
silver dollar, these men have the afro.
cious impudence, through their great
organs, the press, to turn upon the
wronged and outraged people of thi,
country, and represent themselves a,
prosecuted saints. Why should not thi,
wrong be righted? 1t was said that the
creditor class was to suffer. But how
were they to suffer? 1t was said thai
silver had deprecated. But how had il
deprecated By this very act Of de.
monetization. 1t had deprecated only
in respect to one commodity that exist.
in our land, and that was gold. Take
one of these disfranchised dollars and il
will buy more by twenty per cent. thar
it would in 1874 Who was wronged by
being paid with a dollar whose purchas,
ing power had been rising every moment
since it was demonetized? The only
thing it would not purchase was gold
because gold was the only money, anc
that had reduced silver to the level Of {
mere commodity. 1t was said that the
public faith would be impaired. Blu
how? We should be honest as q nation
a. much as an individual, 80 far az our
keeping a good conscience required it
He would rather take the homo,
of a man in Wall street who paid al
his debts, but refused to nav any nor
than he owed than that of an insolyen
braggart who attempts to raise NOR,
from him than he was entitled to. TAX,
the funding act of 1870 which declare,
that bonds issued underit should be pai,
=, in coin as authorized and fixed at tn,
! date of that law, the 14tb Of ,Tuly. $50