New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-26

special contract to pay gold. OF this statement
81 facts IL Is well to say here that Mr.. Dooiey
obviously exaggerates. The proportion OF rail-
way bonds yet made payable in gold by speclhc
contractis not very large, and it may be douDteu
whether the greater part of mortgage oohsa-
lions in most of the States contain such con-
tract. But for the present purpose it is enough
10 recognize the fact that there is a large body
81 maturing indebtedness of this character and
that the proportion must rapidly increase II nee
coinage of silver is anticipated.
BY the time the Free-Coinage ACT passes,
Major Dooley argues that E" the great bulk OF
the indebtedness of the country will be payable
by special contract in gold coin" He reasons
that Congress can and ought to make silver
&" legal tender In payment of debts specifically
made payable in gold by the terms of the con-
tract - Unless this is done, he pleads " the
creditor class will again compel the debtor class
to pay a premium on their debts" Then ne
goes on to say
II Won are going to make the effort to restore silver
70 an equality with gold. do it boldly aid honestly
. You must make the public debt payable IN
gold or silver all private debts of every kind payable
equally In silver or gold. You must make II as nuoh
the interest Of tie capitalist Of the National BANK Oh
bankers
The savings banks which hold the millions Of the saw
pps Of the DOOR, as it is of the mbest debtor to pre-
vent gold from going to premium. VIII Congress
hive the holiness TO pass such acti IL 1t Will NOT
then let IL not attempt to deceive the country by pass
ing law which will pretend TO restore silver to par
with gold but in effect stamp it an inferior metal;
which will pretend TO relieve the debtor class. but Will
in effect add a premium to their debts.
Major Dooley is in peculiar position lie Is
into inin standard.
less a statute be provided by which all debtors
can pay their debts in deprecated silver, even
though the contract may specifically call Tor
gold This would be a measure Of such bold
and bald reputation that Mr.. Dooley evidently
does not believe Congress will adopt it. But
he reasons that unless Congress does adopt such
measure free coinage would be a frighttul
calamity to the debtor class He is not alone
in that opinion. He can find, if he will, many
warnings to that effect in this paper. Other
advocates Of sound currency have repeatedly
urged that the debt-owing class, as whole,
would inevitably lose enormously by measure
which would put gold at premium Yet the
clamor for free coinage continues in the name
of those who would suffer most from it.
1t would be waste of time to discuss Major
DoOleyS argument thdI OOhBIesS HAS oiio pV"0h
to change the tenor Of all specific contracts to
pay gold coin. 1t is significant enough that
Democrats of prominence are beginning to dis
cuss the possibility of such measure. 1t will
not be passed this year or next, at all events and
meanwhile it is worth the consideration Of sill
yer men that, as Major Dooley admits, free coin
age without such plan of wholesale confsca-
lion of credit would simply put gold at premium
without delay, and intlict injuries upon all
debtors which cannot in advance be even ap-
proximately estimated Whether he suppoSeS
hat this consideration will in any degree check
the ardor of those who clamor for free coinage
NAV be doubted. Certainly the prospect that
,he measure would have this effect ought to have
weight with men who care for justice or for the
public prosperity.