Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-09-20
HON. JOHN W. DANIEL
He Discusses Major DoOley's Letter
on the Currency Question.
LEGAL TENDER FOR DEBTS.
Congress Has Full and Complete Power
to Control the Subject
NO SURPLUS OF SILVER.
No Known Accumulated Stock Of II in tho
worid-1he New York Platform
and Kindred Subjects.
LEGAL TENDER FOR DEBTS.
NO SURPLUS OF SILVER
LrxoHru.o, Va, September 10. 1891.


Major j. n. Do0l<y:
Nv Desr Sir.-Your open letter on the
silvey ouest on addressed TO me through
THR RlCaxoNp DisrATCH wa' read with
great interest. / am indebted 10 You for
the courtesy 90 4 copy end thank you for
II. But for abssnca from home and many
engagements | would have earlier ar
swered il. You have sOly presented your
views and happily discarded ths Gus
tonary cant about cart wheel dollars.
TINT SILVER will not circulate" and 50
on. Tia. the arguHor's against silver ~
vogue for % las, decads have gone out Of
fashion shows pro-ress In its favor. In
view 81 ;he !ac that II circulate. freely
that SILVER France and SILVER America have
last rescued gold England from impeud-
ing bankruptcy. and that France with half
Of our population ls carrying AZ par with
gold. and with less SILVER N The CONS.
about twice AS much SILVER "a " or,. It
would be difficult 10 reyslnp tho oil oistc
OptcTIes sgaisst II.
Itaksyour letter to evincs an GniInus
in favor If fres silver. and | concur ~ Il
YOU. U) that II should beIesto. FL - par y
with cold 90 that the worlds pr sp'ri y
cannot he restored without To . uiie
standard: 60 that tho custom. % car a.
,sts 10 regime railroad BOMBS su- o'tor
public securities To be- specific u p'rA' 9
is great impeachment 10 free coz, re-; ana
a. that Congress has full pOr cr - make
SILVER money lega tender for ail debts IN
elusive OF those payable specifically IN
gold.
TIE FovEE ~ COSGRpss
The Constitution gave power u Congress
"to coin money and regulate the value
thereof and Of foreign CONS" that 1t
might he master OF the situation. In favor
iug bimetsll SIN and prohibiting the states
from making anything but gold and silver
a legal tender for debts II conferred the
power 10 preserve the panty of the TWO
metals. though regulating their value.
The United States supreme Court III the
cases YOU cite has passed on this question
fully, and in tho lesh,-tender cases IL Wal
lace. sea- Justice Bradley exclaimed: But
the creditor interest will lose some Of It's
gold. Is IL worse for the creditor 10 lose
little bv depreciation than everything bv
the bankruptcy OF his debtor! What IS 1t
that protects him in the accumulation and
possession Of his wealth: Is II not the
Government and its law.i"
CAN CONGRESS MAXI SILVER LEGAL TENDER
FOR GOLD DEBss!
Yon ask IL Congress has overlooked this
question. and you point out that the legal
tender act In making notes II tender for
all debts public and private was con-
strued not 10 embrace, even by It's broad
terms call debts public and private D,
those payablen "specic.' How tho Court
reached such "a conclusion Is one OF the
mysteries OF Judicial interpretation. AID
its sOphistry WAS sDundanilv exposed III
the dissenting opinion OF Justice Miller
great Judge. 1t was dealing with parer
money. Whether IT would So cous,rue
an act making the good. hard meta
lie silver money legal tender for
all debts public and private" Is
prohlemarical. But that Congress has
not overlooked tie question - shown hv
the colloJuy between Senators sherman
and YES, which YOU refer 20. heard that
colloauv with the decisions OF the ST.
preme Court on my desk. intending, II OPP
pOrtunltv Afforded. . state nv views. But
time pressed and there was none.
You are mistaken ~ saving that Senator
Vest replied "ieehly" - senator ShHr-
mans cues, ION IF the then pending .rce-
coinage bin would make silver tender
for gold debts Senator Vest answered
il Congress had the power II wac 80 N
tended. lie wisely declined TO impcrll
the bill bv opening up w.dor discussion
af that tiioo. II had been presented IA a
eubstituir for the bill to issue two hum
bred millions Of per cent. bonds and al
low the national banks 10 put out two
hundred millions Of paper upon them.
We were trying TO defeat TINS OH with n
free-oOlnage silver bill. and did :, by fol-
loving the wise leadership Of Senator
Vest. Had lie gone a; that time into tho
IntricacIcs IF legal tender he would haVe
prohablv defeated his measure, which
passed the Senate and was throjtlei IN the
House OF Representative by the Reed rt-
CINE.
Curious enough those who were willing
to initiate the currency with two hunfr-I
al 1 u xs
Given 10 them and they paid "A premium to
take IT. had no fear 1t would drive gold 20
premium. though II was without intrinsic
Yaluc, Yet the same parties oppose slIN CT
money on that ground.
suffice it for the lecsl-tender question
that Congress has iul power over the
matter and can use II Whenever ;he CIR
cumstances render II necessary. IL Is
dehca.e power gs against existing con-
trscts and ought not 10 he used unless u
dIspensablo to our financial system. Tie
necessity Will arse If the schemes which
YOU predict 10 board gold and force II 10
premium are successful.
NO KNOWN ACCUMULATED STOCK or SILVER IN
TIE wOELo.
Nv own opinion ia that the FREQ coinage
OF silver would dIsappoini majority OF
its advocates and opponents. II wou.d
produce no great IMITATION. which soma
wish and no contraction, winch you and
Others fear.
The worlds annual product Of silver i.
only some $50, 900. OF this amount
some $1,000 0U ere annual consumed III
the coinage Of other nations than the
United State, leaving 4 annual product
but little more for US 10 coin than We are
coming now.
There IS no known accuir ulatcd stock
Of silver in the world" sad Secretary
Window in his report OF 1889. AMI he al l.
ed Germany long since disposed OF her
stock Of mated silver CONS partly by re-
coinage into her own subsidiary CONS and
by uss Ia coming for Egypt. IL 10
PLAN, then. that thore is 10 danger that
the SILVER product OF past years Will lie
poured into our Wlnts.'
This WAS The same Secretary Window
writing under Oatl Of Ohice IN 1889 who
alarmed the capitalists OF New York IN
1890. The New York H,rd publishes daily
his rhetoric against silver, tut the facts
he gave the country under oath arc sup
pressed from view.
The Committee on COINAGE of the House
of Representatives of TIE last Congress
verified Secretary WINDOWS report and
Whilo doclsrn: against free coinage Of
silver also declared that We were now
using the worlds surplus of silver pro-
duct. This was n Republican committee
a. gold men. lnc isla OF silver fIcShc Z
las been dIssraceiully driven from the
Geld.
TIE IMPORTANCE OF fgrf-sILyER COINAGE.
The importance Of free silver coinage
lies largely In these considerations
l. That the metal base Of our monevs
should toe fxod before We provide paper
currency - substitute that of the na-
tionai- bank notes which are being retired,
aud 10 enlarge rs We must our coin clrcu-
lstng medium. 2. That We cannot put
the two metals b, panty until we can tel
how Tar they are apart. ALd we cannot
MEASURE that distance Of partition lor be
sure that there Is any partition until We
treat them alike and admit them both
10 free coinage as thev were PRIOR 20 1873
when n a mysterious way silver WAS
struck down. 3. That u small increase IN
the volume Of money Will greatly enhance
The prices OF property, produce, and
labor. Tbs economic law - recognized
ty nearly all writers on political economy.
but II was never better ated than by
John {. Calhoun. a. you wall mud m hi,
works end volumes.
WILL GOLD 90 TO A PREMIUM ~ SILVER py
FREELY OOINEDS WHAT IHENl
You think il will. answer TO this prog.
aosiicsiion: J. That doubt such "a re-
cult LveTy act that has passed 20 restore
silver ha. been attended with the like