Los Angeles daily herald., 1884-12-24
p. asr.... p =. sII,sl an...

w. EHrfHINe "a ~" 1tAfNA HsH-
iion.
Fnsepa HEaA6u Permit tae y PIT On
record and make spnasiss clearer oae q
two polDu Ia TIE silver fisfas.laH nat
hastily ana aitbg4i preparation tqaeied
upea Il The BOARD Of Trade meciing rs Other
night
ltis. I believe, = well settled prnaipia that
When onnifset a msde under TIE las the
law becomes part Of The contract rhas'
II i pf8iaiset. Tor s consideration, 60 pa Or
deliver. one day ar sif months OF zen years
after date, b. Is ona hundred dollars The
laH aeauius what constitutes dollars and re.
laiiak to e0nirari generally il construed te
form n part Or che contract. ~ truly nud ca.
sentiaiiy a. 10 The very words ~ the prom
issdfY uole that makes % b Vow The
iaa 10 very explicit terms defines a dsliaf %
ha either 1iH grains II gold o. tilif efalus
81 silFat hnih niue tanlhs nue Aud the im.
pi.a4iiana 81 The agreement fefefred 70
atufs could not have been. legally or NOR
Ally. more binding GA both parties, alibongi.
they might possibly be better understood by
The simple 4, ia The obligation Il had been
written oui Va full thst A. Promised to de-
liver a. Inc dine specified 100 times rs
afains of standard fo1 OF 100 Zines fl2lf
ersins 81 STANDARD siiyer-either the one n
the ether. Ht the option u a Now, millions
and uiliians VI Inst such CONTRACTS As ihis
are being made throughout the county every
day. and countless mfriaua Of thetn have
been made during tie last nearly half n cen.
| tufv Tot 4nce 1877 that still exist uufuihiied
I bfeanss they have nat mafurCd To change
| The law on which these contracts are Hased
"a t. change tho terms Of every one Of these
II men the United States Mint was essab.
| lishad, nearly nuo hundred year, ago Il was
| ordained that tho standard silver dollar
shDuid eonlaln aTlA grains Of pure silver
precisely The amount ~ hne silver e
/ contains Today. Tie number Of grains
/ Of pafe gold nihs Kuld dollar during this
| up lad h0wcvar, hiss varied slightly. On
! The score ~ antiquity a. well a. Of eens
! fancy IN weight, then, our silver dollar
tiThtiuliy takes precedrnce oyer The gold
| dollar, and the sncef at The dollars 81 the
/ iataefs" becomes p0fiitess ard gonseiess.
Blt the special Phase u ihis question,
| which / desire 20 call attention TO- IA, that II
/ esei. q slight change IN the law Affecting the
/ standard Affects ali the existing uniulhled
contracts Ia the United statos, Tor the deliv'
| cry or payment 0i money fInede according
| to the uaiinl form wherein the kind oi dol
siars il not specihodl, and thereby changes
| the earua 81 eyNfy pne ~ those contracts, II
becomes apparent that Legislation IN regard
| "a the standard aud 10 the oOinaVe, IL a very
I setious maitor Bui the whole question has
| become vastly complicated In ibis country
| bY orr peryersa praotics under 4 double
| standard systgm, which assumes, that, &C
! eafding 10 natural law aud b. uomapn law
| AMI 10 common sense, the cheaper Of the
| two metals on which the two standards are
! based. whichever that may DO, VIII at all
times aud under ~ eon iingesnciesi be the
| changed their relative positions 10 1873, our
| practice mas reversed this rule, aud we have
/ permitted our standard. perhaps iuadyert.
/ entity to follow HE dearer metal hereby
We lave brought nbout the strange anomaly
| u ta0 widely differing, and 70 certain 81
| tent, AntaROnsiic standards And THIS IL
| what makes II 30 nearly ifnpossible 10 agree
/ on any legislation az the present time in re-
| gard 20 tho standard. or 90 know, nnder the
| exceedingly complex status " Affairs. What
| course 20 adopt People are constantly
making oontraets payable Ia unspecihed
| illals but which mean al the while ruld
dollars, or silver dollars having gold dol
| lar Yalue-ath0ugh niretg -ninc hundfedihs
| II she people uuthlakingiy believe that the
| preseut silver dollar has distinctive aai
| Intrinsic value Of is own, and independent
| Of the gold dollar whefess IN fact i has
/ been Increased "a value, 10y bninB mUsie
| euangeabe Tor gold dollar, mote than ~
| per cent OF Il hef 10 all lutenis and purposes,
| Ike the subdding silver coins, been reduced
| to the status VI token, although unlike
| them il " still an unlimited legal teMief
! rhe agiating confusion % viows 10 regard To
| the posi- lion Of silver 10 OUT inonetery Hys
| ten may be accounted for in this way. Con
| traets ace made payable In dollars having
! gold value; nearly all contracts now extant,
made Within the last twelve years Tor the
! payment uf money are OF tbs class ana vet,
| they are Ike those made prior o. that time,
| nearly al, unless barred by specific contract
| lcxail3 payable la silver dullars OF 3lHth
grains each The present difference be.
! f@aea dollars having gold value aud those
| having silver value may be- elueidated
| linus. The present gold price Of silver IL
| ilT per ounce, or IS $40 cents, nine tenihs
! HUe.
II therefore the gold price Of an ounce or
( So grains Of coin silver y only 90 10 eepts
| lhohi $50 grains insiead Of 3i29. would be
| egau to a gold dollar or 70 silver dollar
| having a gold value. Is that the Intent Of
Five hundred grains of standard silver
| contains $50 grains Of pure silver. When the
| ma.l ancient monetary standard we hive,
/ aud the only one that has come down 10 our
day without essential change, was estab
lIshed, did tho foreiathefs suppose that the
uhit Of value by which al labor and 81
! property IN this country wereto be measured
| aud bg which they actually were measured
luf many years, and hy which they are still
/ entitled 10 DO measured. today, under the
| existing contracts would he raised rom afia
grains 70 $40 grains o. pure slivet5
! We eau here see IN clear outline, how
| gradually but iusidinusly ouf standafd
has eFept up, npureointed how, though
| many are not willing % concede gold
! has suno upward AMI taken, wrongiuliyl our
| standard along with it, No one can deny
| that the silver dollar containing 3ait1 grains
Of due silver IL legally the standard to-day
! "a much AZ u WIS ninety odd wears ago,
/ " Aen it was originally established. Yes,
| say sonie-nnd our ascai officers have said
| the samo-"but contrasts are now being
IN lde IN dollars thai have gold value, and
| We hold that, whatever may be the merely
| technical legal rights Of DEBTORS these con
lraets can only be satisfied by gold" Which
| means that, despite the statutory right OF
| debtors 10 pay In 33il4gratn silver dollars,
| they should be made 70 understand that 500
grains will be required Of them II they In
| sist on paying In silver. This altitude is not
u credilable one for any class 10 hold, least
| Of nil those who claim 60 be great stteklers
| fAr the sacreduess Of contracts, and who are
noted for insisting pretty uniformly Tor all
"that Is nominated Ia the bond, The bet
ter attitude would be e. frankly apkn0wl-
edge that he situation is beset with grave
diiiinultieg--that we have two standards sep
aFRied widely apart r. that Contracts are
made on the basis a the higher while at The
same time they are lawfully payable In toe
lower that both debtors and oreintors have
rights that ought to be respected, bat that
the latter entered into these agreements
knowing the law. l. G., with their eyer open
that the equities Of the former would seem
To entlile then 80 o silver dollar that would
have tho value thnt nee coinage Of silver
would give il but that, en the other hand
Tree coinage Of silver would give shock
in this country at least, to the whole world
| of material values, By causing the present
eetusl standard Though not the legal stand
ard, which is already aud always on ihe
lower level 10 instantly fall some seventeen
per cent, or from the level OF the present
average value Of 2i.s grains o. gold through
! out he world (cf standard hnenessl TO tho
level OF The average value throughout the
world of il2is gfains Of standard siWerC
aud that, Ia hne, the real problem 70 be
| solved IA. How can we emerge from our
present anomalous monetary situation, and
yet do no violence 10 the property rlghls OF
| ny class Of citaensl H. y. HAREoWs.
Los Angeles Pee p, 1854
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