The clarion., 1886-04-21
GOLD STANDARD.

The desirability of uniform monetary
system among the commercial countries
is unquestioned. To this end repeated
efforts have been made. Notably in
1873 aud 1882. In the International
Monetary Conferences of those years the
United,States was represented by itsablest
statesmen and economists of both politi
cal parties. They were all fail
been expected. The conditions of each
country are different, aud it is reasonable
that each would follow its own interest.
1t is the prerogative OF every government
TO coin its own money. and 10 regulate
the value thereof. A matter so purely of
internal administration cannot be regu-
lated by international agreement. The
United States must have policy OF its
own, which she cannot, with justice to
herself, subordinate to the interest,
dictatiol or caprice of any other power.
In arguing that the silver coinage law
operates uajustly upon the creditor C ass,
and especially the holders of United
States bonds, the gold monome ialiists
are inconsistent. In one breath they
assert that the United States bonds are
not payable in silver, and in another
they declare that ii should be demouet
lied in order TO take away the option to
pay In the cheaper money. If the bonds
are not payable III silver, then no injury
can result to that class of creditors by
retaining its legal-tender property. But
IN truth, the law constitutes both GOLD
and silver legal tender for all debts due
from one individual to another and for
every obligation which the Government
owes. The contract between the Gov
ernment and the bondEolders, VI no iu
s.igated the crusade ag gainst silver, makes
the bonds payable in coin. Coin means
gold and silver, and the bonds are dis
1869, entitled "An act to strengthen the
public credit" is conclusive of this fact.
1t says:
Be IL enacted By the Senate and House Of
Representatives. Of tie United States or ABlerica
in Congress assembled. That in order 60 re-
move any doubt as TO the purpose of the
Government to discharge ali JUS obliga-
t ons TO the public creditors and to Settle
conflicting "a. stions aud interpret ti0ns
OF h laws by virtue OF which such obi "a
siOns have been contract d. Il is hereby
provided ami declared that he faith of h
United St.ies Is s9lemaly pledged to the
payment IN coin or It's eqaiv lent Of al
the ebiigat Gus Of the United States not
bearing IN crest, known United ats
nofes, aud OF all the iDte-est-heariug obli-
CATIONS of he United SAFES, except in
cases where lhe law authorizing the issue
of any such obligation has expressly peo
videl that the same may he pail in wful
mo sey or o her carrency than gold and sfl
rer. But none OF sail iaterest-b caring OBJ
Ii cations not already aGe shall be redeemed d
or paid be ore maturity unlt IS al such time
Uni Ell States notes shall be coavsrti bic
into co AT the OPP ion of ih= holder or un-
less..at such time bonds of he United States
bearing a lower rate OF inte est than The
b nds to be redee mel can be sold at par ia
coin And the United States also so, ennl ;
pledges its faith to make provision the
eariiesi pr leticatle period for the redemp-
ton OF the Unit d states notes Ia coin
Approved March Is, 1853.
And here Is what is written upon The
tace of all the bonds. | viii taFe for
example the 4 per cent. bonds:
| This bond is issued in accordance wi b
| the provisions of an act OF C0nsress en-
/ titled 'An ACT to authorize the refnudiav
OF the national debt, approved July IA
| 1870 amended by an act apFrsyed January
y, 1871. ard is redeemabl- at the pleasure
of the United stttss after he lst day o.
| july. A. IL. 1874. IA fGfH OF the siAuIaf0
value of the United States on said July Ia
1870, with interest in such coin fir m the
day of she date hereof at the rate of PEI
cent per annam, payable quarterly on the
| lst day OF 0cfob r, January, April and
JULY in each yesr The principal and in
serest are exempt from tie payment of al
taxes or duties os the United States, a.
| well as from taxation in any form by ol
under State, municipal, or local authority :
4
This is the contract. 1t sars that the
bonds shall be paid in "coin, meaning
gold and silver
Again, in January. 1878, both Houses
of Congress passed the following resalu
tion, which was introduced in the Senate
| by Hon. Stanley Matthews, who is now
an associate justice of the Supreme
Court of the United States:
| That all the hond o. thu Unised Stsfe.
Issued or au hor-zed 0 b issu ID unde- tbs
said acts of Congress re n before reeiss-d
AZ payable. rriacipai and interest. at tn.
| onfion Of the Government of the Unifed
Ssases, in silver dollars of the Uaised States
containing 412z grains each Of sfandars
silver: and that TO rssfore 20 its coin g
1 snch silver coins as a legal tender in pay
ment Of said bonds prin ipal and inter 81
Is not in violation OF the public faith nor il
4 derogation Of the righs . the public ere Ii
tor.