The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1880-09-16

SIR:-I have been ga locker on for
several months during the discussions
in Congress and in the press of the sill
yer question. My merely superficial
knowledge Of finance leads to so much
distrust that l approach the subject with
much hesitation. Yet so strong are my
intuitions that leading journalists are
misleading their readers that | have de-
termined to break silence. The persis-
tent effort to reject silver as an element
in resumption seems to me so mani
testify unwise that I desire to call at
tention TO facts which most of those
who speak or write upon the question
have forgotten or choose to ignore.
The Constitution of the United States
confers upon Congress the power to
"coin money" and in subsequent sec
ton prohibits the States from coming
money, or from making "anything but
gold and silver coin tender in payment
of debts" Gold and silver coin, there
fore, is declared by the fundamental law
legal tender in the payment Of debts,
and hence gold and silver became the
specie currency Of our country Every
law of Congress authorizing the issue
Of bonds and notes, the proceeds from
the sale of which were used to preserve
the Government and Union, provided
that both the interest and principal OF
those obligations amounting in the ag-
gregate to nearly three thousand mil
lions) should he paid lin coin," and
finally, on the 18th of March, 1862 when
it was deemed important to solemnly
assure the public creditors of the good
faith of the Government, Congress
passed declaratory law saying that:
The faith of the United States is sol
emnly pledged to the payment in coin
or its equivalent Of all the obligations
Of the United States not bearing inter
est, known as United States notes, and
of all the interest-bealing obligations,
except in cases where the law author
izing the issue of any such obligation
has expressly provided that the same
may be paid in lawful money, or in
other currency than gold and sigey. =
=" " Apd the United States also SOL
emily pledges its faith TO make protjSon
at The earliest practicable period for a re-
demption Of the United States notes IN
coin.
1t is claimed that the largely in
creased supply Of silver from the
American mines is affecting its value
throughout the world. This result,
when we were augmenting our public
debt, was anticipated. Our ability to
pay both the principal and interest was
based in part upon the value Of mines
then being developed in the far West.
And now that these hopes are realized,
shall we voluntarily deprive ourselves
Of resource, which will essentially
aid in re,establishing and restoring the
credit and prosperity of the country
Congress, under authority derived from
the Constitution, inaugurated the coin
age of silver and gold fixing the value
Of each. That authority remains.
Congress has the power to-day, as it
had the day after the Constitution was
adopted, to coin silver into money, to
fix its value and to declare it legal
tender. In this view of the question,
the discovery and development OF rich
silver mines was providential. Why,
then, if Europeans deprecate the abun-
dance OF American silver, should we
readily join in temporarily popular
cry against it? If it be just or wise or
patriotic to unite in the efforts to depre-
ciate the value Of silver because our
mines are too prolific, would it not be
equally so to unite with foreign coun-
tries to cry down the price Of agricul-
tural products when our bountiful har-
vests enable US to export largely to Eu-
rope? | have insisted in former com
munications that return to specie pay
ments, SO desirable in all respects, did
not necessarily require contraction or
suffering. = *t#
Silver has quietly taken the place Of
fractional currency. Our eyes and ears