The comet. (Johnson City, Tenn.) 1884-1916, 1893-11-30

tAFy CftuitOfA III hfN klOu 81 legal
tender money, because Ire has only
his own psrrOual interest to pr,dect
and owes no public dJty IN the prem
ises. But when the government of
the United States has undertaken to
supply the country with currency
and has issued is obligations IN the
torn of notes 10 circulate aiming the
people in the transaction ~ their pri
vate business and has received for
every dollar represented by such notes
dollars worth of the penule's SER
vices or n dollars worth of.th- peoples
property, its honor, as welt rs sound
public policy, demands That they
shall he redeemed upon presentation
in money current in all the markets
Of the world No government can
honorHbly dlsparage or drprer ate its
own obligations, and especially obli-
cations which it has forced its reople
to sccep; nor can any COVER ment
honorably discriminate between the
different kinds Of money or currency
which it puts in circulation What
ever may be the differences in the
forms and qualities of the currency
while it remains in circulation, when
the time for ultimate redemption
comes all must be treated alike.
1.-THE country has recently heard q
great deal about himetaiism and a
double standard, and it Is possible
that these subjects will continue to
be discussed To some extent in the iu.
tur". For my part have never been
able to understand What is meant by
a double standard. or double measure
of value, and l have never found any
one who could tell me. To my minC
1t seems as absurd to contend tina
there should he two different stan
dards or measures of value rs it would
be to insist upon having two yard
sticks of different lengths or two gal
Ions OF different dimeu, inns.
ONE MUST BE FALSE,
. III there were two standards o
measures, not equal in value, 1t is evi
dent that one OF them must be IA falls
measure, and if they were OF equa
value it is evident that, no matte
what the law might declare, -ther
would be in fact but one measure
f, although composed of Two differen
kinds of material If, for instance
the silver dollar and the gold dolla
r were OF precisely the same value an
could be so kept at all times, ther
2 would be in fact but one standard, on
! measurement OF values. Whateve
2 the actual standard may be as estat
! li-hed by the laws Of trade and
/ nance, whether it be SO many grain
y of fine gold or so many grains Of fin
9 81 yer, 1t is the duty of the governmer
e to conform to 1t in the payment of i,
t obligations and III all its dealings wit
r the people.
; at does not follow from anything
!, have said that nothing shall circulal
b or be recognized rs money or currenc
r except gold or paper issued again
u gold, nor that the prices of commod
g ,ies ought 70 he, or will I've, fixed upo
IS the hypothesis that gold is the onl
II money in the world but it does folio
e that no part of our currency, wheth,
y it be silver or paper, should he permi
If ted to depreciate below the establisht
e. and recognized standard. Any tina
,, cial policy which would encourage
~ permit such depreciation, or create
q reasonable apprehension of such d
1t probation, would unsettle values, pa
s. alyze business, arrest the growth al
u expansion Of our induetries, and ul
mately bring almost universal ban
NJ ruptcy and ruin upon the country.
T. must be remembered, however, that
re is the function and duty of the leg
Is lative department to establish the p,
~ icy OF the government upon this al
O. all other subjects, and to clothe &
st Executive with the necessary authC
80 ity and means to carry it out VIII,
ut the authority and means are granite
re the executive department is respon
~ BILE for the manner in which the ls
Sc is executed, but beyond this it has
g. power TO act, aud consequently
al duty to perform.
e- Gentlemen, the question wheth
IN the obligations OF the United Stat
In will be paid in coin current in all I
markets of the world has already be
settled, and it has, in my opinic
n been settled for all time to come.
OF has been settled not by any speci
re act OF Congress prescribing the exc
ne mo of payment, but by the spi
h. and obvious purpose ofthe whole bo
nd Of existing legislation upon the ST
its ject and by the deliberate judgme
n OF the American people and the {
it clared purpose of those who ha
of been intrusted with the execution
ed the laws. The disposition and abili
of OF the government to maintain its o1
al credit at the highest possible standa
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