The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1886-01-05


BECK. and which called out his speech
in the Senate, was to instruct the Finance
Committee to inquire whether the laws.
providing for the disposition Of the coin
required TO be paid Tor duties on impor-
ted goods, had been obeyel. and, II not
to report measure To secure their en-
forcemen,. The statute requires that the
coin go paid shall be set apart Is spe-
cjal fund, and be applied, First. to the
pigment, in coin, OF the interest on the
bonds and notes; second, TO the pur-
chase or payment OF one per cent OF the
entire public debt each year, which shall
be set apart IS sinking fund, the inter.
est OF which In like manner to be applied
to the payment OF the public debt. "a
the Secretary Of the Treasury may di-
rect; and, third, the residue to be paid
into the Treasury.
The Senator asserted that the laws re-
ferred to are not nov obeyed. nor have
they been obeyed for several years past.
He denied the right OF the Executive
fIi:ers OF the Government to disregard
any existing law, and thought that the
evils which nov afflct the country have
grown out OF disregard 81 the piainest
provisions OF law by Treasury officials.
He admitted that the country Is not as
prosperous as it onght to be, but insisted
that The remedy is not to be found in
ST rikiDg down our silver coinage. or the
currency based upon il, but rather In re
quiring our public creditors TO take 1t o.
he law all the contracts demand.
He proposed to seek relief 10 The trea,
ment OF our circulation, not by destroy.
ing 1t. but by extending its usefulness
"The present crusade against silver,
said be, "is only another evidence OF tb'
audacity OF the organizations OF wealth
they have always secured all thev de
msrded, however unjust their demands
they have succeeded In alarming ,h
President and the Secretary OF the Treas
ury ss they have done several proceed
ing administrations; they threaten Il
use the power which our laws give then
over our currency, of Withdrawing fron
circulation among the people aud. II nee,
be, from the country the gold they con
= troll, and thus derange. even II ruin fol
. lows, the business Of the people. Ever.
/, concession increases their sudacity an
!, adds to tteir power. A stand must b
4 made somewhere by the representative
. tof the taxpayers, or an absolute surrer
der of all the monetary interests Of th
country into their hands must follow.
: The Law OF 1869 declared that M
E only the interest but the .principal, als'
= of the bonds should be paid in coin
e gold and silver coin. for both we're =
y ferred to. Legal tenders, which We
:. used to buy the bonds, were only wor
y so cents ON the dollar in coin at the tin
l. the bonds were bought-they we're wor
N from 66 to 20 cents when this scs "
passed "The act" be said, twas oil
10 ply legalized robbery.ns..s So
10 Further on, be says:f,ssq
re There is not an outstanding oblie
III tion OF thu United S,ates,. nor OF o
State, unic pality. corporation, or
dividual which can not be legally q
DO honorAbly discharged by the payne
a. OF the present standard silver dollar.
:. What right his Congress to deprive
dt btor of that right by adding more {
w yer to The coin than be sereed 10 pay,
on by stopping its coinage SO that be G
rly not obtainit2 1t is as palpahle vo
!, ,lon OF . contract 10 increase the OF
CATION oi the debtor as II is to imp
or reduce the standard value OF the e
ne which The creditor stipulated in his ct
M, tract should be paid to him. When c.
,pe gress has once coined money and re'
h. lated the value thereof, and contr acts
,ex based upon il, the right to pay accord
to its terms can not riRhtfuIly or jus
M he taken from the people, and Senat
and Representatives who deprive III
OF that right will have unpleasant exT
W. nations to make to the men whose r
dtns are ircreased by their vote. I
-. simply an attempt to repeat the le Il
~" hon OF 1859, and the same prefer ses
us- made now that were made then.
9l honest dollar for the laboring man
ans then, as now, held up as the patil'
object OF those who repudiated
greenback, ss higher wages TO labo
"' claimed 10 be ,he prime object Of all
md patriotic combinations OF monopol
} o and machine-owne,s, who tox Us al
and per cent. under the p,esent protec
tariff and vet hire the cheapest pau
md labor they can import. 1t is the ,