Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-08-26
A FATAL CONCESSION.

Were it not pitiful it would be almost
amusing to notice the straits to which
some OF the Republican newspapers OF
the Pacific Coast are reduced in their at
tempts to appear in unison with the pub
lie sentiment of their respective localities
upon the silver question, and at the same
time to keep within the bounds of their
party policy upon that issue. While
their local business interests will not per-
init them to advocate openly the views
of their National leaders, they lose no
opportunity to make such concessions as
will practically further their ends, and
stultiiy every principle upon which mo-
no.metalsm bases its claims. The Re-
publican organ OF this city is notable
instance OF this system of journalism. |
While protesting to he friendly and even
radical in its advocacy OF silver as a
coin metal, it comedies to the gold-bug
bondholders the right to expect the pay
ment of the principal and interest OF the
bonded National Indebtedness exclu-
sively in gold coin. This admission is a
clear acknowledgment OF the superiority
OF the yellow over the white metal, a
concession which, were it endorsed by
the silver men OF the Nation, would
leave them without foot to stand upon
or an argument upon which to base their
financial policy. The republican organ
says:
Every debt made payable in money at
future time is contract. The government
which makes the statute for the collection
of the debt when due has no moral right to
alter the money after the contract has been
made until the debt shall be paid.
The National money when the "con-
tract" was made was greenbacks, worth
at that time from forty to fifty-ive cents in
gold. That was the currency, ii any,
upon which the contracts were based,
and that was the money with which the
bonds were purchased Ii the Republi-
can organ's moral position is correct, the
bonds should be paid in greenbacks,
although we have never noticed in its
columns any severe structures upon
the decree that they should be
paid in coin. If there is any violation OF
the contract" it occurred when the sub
sequent stipulation was made, and as
silver at that time was a legal coin metal
of the country, the further proposition to
reject it in the payment OF the public
debt is another gross violation of the letter
and spirit OF the amendment to the orig
inal contract, which was adopted at the
instance OF the bondholders themselves.
But it is the veriest balderdash that the
Government is either morally or legally
bound to pay its Indebtedness in
the currency OF the period when
it accrued. The Government in that
matter stands precisely in the same
position as an individual. 1t is entitled
to no more protection and is bound by
the same moral and legal principles,
When silver was demonetized it was
made legal tender for the amount desig.
mated in the enactment for all indebted
ness, whether controlled previous to the
passage Of the law or subsequent thereto
BY what system OF reasoning can it be
made apparent that the creditors OF the
Government are entitled to greater con
sideration, or different construction o
the law than the creditors OF any citizer
OF the Nation? They are entitled to M
especial privileges and the accordance
of them by Congressional or Executive
authority is the most contemplate con
cession to the moneyed powers at the ex
pense OF the masses. Any individual o
newspaper that contends for the pay
ment of the Government bonds exclu
sively in gold coin, should be casse'
among the enemies OF the silver interest
For if the coin of that metal is not goo
enough for the creditors OF the Govern
ment, it has no rig, to representation il
the currency OF tine Nation.