New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-01-13
THE OrESTLON az ROND PAYMENTS.

The bill offered by Senator Eustis ought to be
considered thoroughly and brought to "A decisive
vote. Ii is to be regretted that the issue has
been made at this time. Now that it has been
made, it is better for all that it should be met
by an unequivOcal decision. II Congress is
ready to declare that the bonds outstanding,
or certain part of them are payable in dollars
now worth only 70 cents in gold, the decision
would indeed involve sIeat loss and suffering.
and probably serious prostration of industry
but even these effects would be preferable to
the prolonged depression, probably lasting for
many years, which continuance of uncertainty
as to such question after it has once been
raised would be likely to involve.
1t il to be wished that the advocates Of silver
coinage would treat their opponents in this
matter a little more fairly than they do. 1t is
common to hear those who believe gold pay
ments matter of honor and necessary To the
National welfare denounced ~ if they were in
league with money sharpers ana prompted only
by a desire to rob the people. But surely men
like Mr.. Wattcrson and Mr.. Warner, Senator
Eustis and Senator Beck know better than
this. They surely know that it is possible for
honest and candid men to hold the opinion that
the contract between the Government and its
creditors calls for payments in the kind of
money in actual use at the time 1t was made.
These gentlemen are not ignorant that the
silver dollar had gone out of acrual use III the
country long before the war. and that the small
quantity coined during the years before the
war vanished from sight almost rs soon as it
was issued from the mint Having studied the
monetary history of the country, they surely
know that this was the eject of the legislation
of 1891 and that the act of 1878, by which the
coinage of the silver dollar was rendered no
longer lawful, du but recognize Il state of facts
which had long previously existed. 1t was in
this state of facts, before and after 1878 the
same that the Government bOrrO we'd money on
its bonds. Technically those now outstanding
were nearly all issued after the formal discOn-
tinuance of the silver dollar as one of the legal
coins of the United States. But that adds little
to the obligation of the contract The obliga-
ton was essentially the same when money was
borrowed on a contract to pay COIN" there
being at the time no silver coin in the country
with which payment was possible 30 that of
necessity both borrower and lender understood
that gold com was meant
1t seems to most people at the East that the
spirit and intent of the contract cannot be dis
they often urge that opinion with too little care
to avoid imputng unjust motives to those who
hold a different view. Doubtless both sides
show too little consideration for opposing opin-
ions. But it ought to be frankly admitted by
those who urge payment in silver that their OPP
ponents honestly believe that the welfare of the
country depends upon strict adherence to the
spirit of the contract. They SEQ that tire re
serves of nearly all financial Institutions have
been largely invested in United States bonds,
SO that the savings of labor, the resources of
widows and orphans, and the reserves held for
the maintenance of industry and trade, depend
to n great extent upon the public credit. Is it
not reasonable for them to ask that if all these
vast interests arc threatened by question as
to the mode Of payment, and if the stability of
all enterprises is involved in uncertainty while
the matter remains undecided, the question
should be frankly met without delay, and so
decided as to put an end to all doubt.