Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1880-09-23
The Silver Dollar,

was delnOnetlZeu III order 10 elevate the
standard of debt-paying money. In
both countries the measure was adopt
ed after public and private credits had
been vastly inflated on an unusually
low monetary standard. In both coun-
tries the movement was for the benefit
of the creditor class. to the great loss or
ruin of the debtor class.
The colossal public debts of the world
were created during periods when the
dollar, or monetary unit of account in
which the debts were contracted, was
far below the gold standard.
The government bonds of the world
were given in exchange for their face
value of currency whose standard was
often so to Is per cent. below coin.
Over $23,000,000,000 of interest-bear-
ing government obligations are held by
the money power of Europe and Amer
lea, which were paid for in deprecated
currency, costing the owners not to ex-
ceed an average of fifty cents on the
dollar. They were obtained during
wars and other national calamities,
when governments were compelled to
suspend specie payment, initiate their
currency volume and lower the none
tary standard of their respective coun-
tries.
After the emergency had passed, and
the nation was restored to peace and
safety, justice and equity would demand
that these obligations should be paid in
dollars of the same value and standard
as those in which they were contracted.
Instead of that, in every instance the
creditor classes managed to exercise
such influence over their respective
governments as to induce them to ele-
vate the monetary standard to coin by
contraction and resumption Of specie
payments, thus doubling the value and
profits of theirinvestments, and robbing
industry and increasing the public bur-
dens in like ratio.
After resumption, in order to elevate
the monetary standard and to increase
the value and profits of moleyed obli-
cations still more, the scheme of silver
demonetization was put on foot in
Europe, and finally effected in the
United States in 1873.
In 1878 it was restored, with u pro-
vision to increase its coinage at least
$2,OOO,OOO per month. Its restoration
was fought bitterly by the money power,
and the act vetoed by President Hayes,
but was finally passed over his head
under the pressure of public sentiment.
But ever since the act of February %,
1873, went into operation, the most per-
sistent efforts have been made, the most
artfully devised schemes adopted and
the most skillful eyasiOns of law, and
Misrepresentation of facts have been re-
sorted to by the money power and their
agents in the executive department of
the government to nullify the silver leg
islatiOn, and TO make it OdiOus and un-
popular.
Secretary Sherman has repeatedly de.
clared that he could not force the stand
ard dollars into circulation. lie has
called for large appropriations to build
storage vaults for the accumulation.
and having decided in favor of the cred
itOrs option, a proposition before mheard
of, declares the coin obligations of the
government cannot he paid with silver,
and consequently the whole thing is an
expensive burden which the people
ought not longer he compelled to bear.
The Chicago Times, more frank and
outSpoken than the political press gen
orally, speaking Of the silver law says:
"Ought the law to be suspended or re-
pcalcd? Here is a living question, and
very important one. II is not Il mere qucs
tiOn Of storage, or of useless expenditure in
purchasing and coming silver which no
body wants, though these are not wholly
insignificant matters. Ii is the far greater
question Of letting down the monetary
standard Of the country 10 or IL per cent,
and lowering the national credit and le-
galizing private rcpudiatOn in proportion.
1t is question of repudating per cent or
more, not only of our public debts, munich |
pal, state, and national, but Of all private |
debts contracted on the present basis. Ii is a |
question Of hundreds Of millions of dollars, /
together with the reputation of the country, |
for good sense and good faith. This great |
question, vastly important as il is, was stu |
diously avoided by both parties in congress,
during the late session, and it has been .
lodged by both in their platforms
Here is the whole secret of the silver ,
opposition. Its decentralization raised
the monetary standard of the country
10 or 10 per cent. above the coin stand
ard.
The contraction act of 1866, the
credit-strengthening act of 1869, and
the resumption act OF 1875, raised the
standard from greenbacks to
coin, raise of 50 per cent, doubling
the value and profits of the bondhold-
er's investment, resulting in the bank
ruptcy and ruin of almost every other
class of Investments.
If they can now succeed in repeating
the silver bill, and in the permanent es-
tablishment of the gold standard, 10 or
Is per cent. more will he added to the
value and profits of interest bearing III
vestments, but whatever the bondhold-
ers make, the taxpayers lose.
The Times talks of the crime of "le-
galizing private reputation, by lower
ing the national credit and letting down
the monetary standard" Had the ma
tional credit and the monetary standard,
as they were when the debt
was incurred, until it was paid, there
would have been no crime, no injustice,
md M rnuiliatinn
The great crime and the stupendous
act of Reputation, consisted in doub-
ling the burdens Of the people in order
to doubly pay the government creditors,
md if by the establishment of the sill
yer standard, general prices increase 10
Or Is per cent, and the money standard
falls that much, it is not reputation,
but simple restitution to the people of
the amount of which the
money power has robbed them.
Strong Governments.
Chicago Sentinel.
The strongest government is that
whose roots are planted in the largest
number of loyal hearts. A government
is strong in proportion to the protection
il affords to its supporters.