Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1891-03-12
THE NORTHWEST
FREE SILVER COINAGE.
Intelligent Discussion in the Light OF
Facts and History.


Intelligent Discussion in the Light of
Facts and History.
J. johnson, Jr, in Springfield, (0hiO) Democrat.
In common with other Democrats
here and throughout the State, have
received letter from Hon. NJ. ID. Har-
ter, enclosing an interview with him
on the silver question, and urging
united effort to place the Democratic
party of Ohio in opposition to the sill
yer legislation now pending IN Con-
gress. On account of the bold, fearless
and able manner in which Mr.. Harter
usually presents his views on public
questions the Democracy of Ohio has
become accustomed to attach great
weight TO his utterances.
Mr.. Harter is right in saying that it
is of the highest Importance that the
Buckeye Democracy should be on the
right ride of this question, but they
should not be stamped into the gold
standard camp without the fullest con-
sideration. From the foundation of
the Government till 1873 gold and sill
yer stood side by side, and any person
having gold or silver bullion could
take 1t to any of the mints of the United
States and have it coined free into
money, in the established ratio. And
up to that time there never was the
slightest difficulty In maintaining their
exact and absolute equality as money.
True, there were fluctuations at differ
ent times In the value of the two met
ais as commodities, but when coined
into money with the stamp of the
United States they stood equal.
In 1873 the condition of the United
States Government and people was
such that one would have supposed
that the Government would take every
step to maintain as large volume of
good money as it possibly could. The
war was just over and the national
debt amounted to over two thousand,
six hundred millions; the State debts
ofthe different State were enormous.
The aggregate of the county, township
and municipal debts was so vast that
itsamount has never been approximate
ed. In addition to all this there was
the tremendous and varied amounts of
the debts of the citizens of the country,
in private enterprises. The great busi-
ness of the country and the develop
ment of new industries can only be
done on the credit system. on borrowed
capital. A large majority of the farms
THAT are owned by the farmers) were,
and are bought on time; the deferred
payments secured by mortgage.
All the vast debts above referred to
were created, and the consideration
therefor received at time when gold
and silver went hand in hand, and ev-
cry dollar of those enormous debts was
payable in gold and silver, where pay
able in coin. Now why in the world
any Government, having the good of
its people at heart, should want to take
away from itself and its people the right
to pay these debts in as cheap money
as they contracted to pay, and why
lessen the quantity of money, no man
can tel, and no reason has ever been
given.
And yet that is what the United
States did by the act of Congress de-
monetizing silver. 1t added untold
wealth to the bondholder and creditor
class of the country, for it enabled
them to enforce payment of their
claims in money vastly more valuable
than what they were entitled to by
their contract.
The thing was done by trick. It
was not demanded by or known to the
people. It was not discussed in Con-
gress, and only those members who
were In the scheme knew that it was
done at all. It was covertly inserted
in bill, headed, "An act to revise the
laws relating to mints,n and was sup
posed to merely regulate the running
of the mints. All the great leaders of
the Republican and Democratic par
ties, except those interested, have pub
licly stated that they did not know it.
Senators Allison, Conkling, Sargent,
Stewart, Jones and Howe, and Repre-
sentatives Kelly, of Pennsylvania, Can
non, of Illinois, Burchard and many
other Republicans, and many Demo-
Gratis, from Senator Thurman down the
list, are all on record denouncing the
device by which the thing was done.
Mr.. Blaine, who was Speaker of the
House at this time, said afterwards
February Is, 1879 in the Senate that
he did not know it was done at all, and
General Garfield, In speech at Blacks
Opera house in this city in September,
1877, said: perhaps ought to be
ashamed to say it, but it is the truth,
that had no knowledge of it.n That
speech was made In debate between
Garfield and Hon. Geo. H. Pendleton.
Senator Beck, of Kentucky, says:
'The bill was never understood by
either house of Congress. No news
paper reporter. and they are the most
vigilant men ever saw, discovered it.n
By the, act of Feb. IL, 1878, passed in
this tricky manner, the free coinage
of the silver dollar was stopped, and by
act revising the statutes passed June
20, 1874, in the same way, the legal ten
der quality of the silver dollar was
limited to five dollars.
BY these acts of demonetization the
nation and the debtors were compelled
to pay millions more than they con-
tracted to pay. The hard earnings of
the farmers and laborers were trans
ferred to the hands of the bondholders
noteshavers and mortgageholders. The
result was that the contraction thus
forced brought on the panic of Septem-
Der, 1873, and the great depression of
all the years following. The value of
farms and farm products have steadily
decreased since. The unit of value be-
ing increased in value, it, the dollar.
would buy more and more of the pro-
duct of labor; 1t took more wheat more
corn, hay, hogs, cattle and sheep to pay
the debt when it matured than when it
was contracted.
Senator Howe, of Wisconsin, Re-
- ~ =. ttT -