The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-24
SENATOR BEN HILL ON SILVER.

SENATOR BEN HILL ON SILVER.
Space Is given this morning to Mr..
Clarence W. Tate for "even a short
communication" that makes over two
columns, but many gifted writers
have yet to learn the secret of avoid
ing verbosity. Mr.. Tate starts out
with formidable announcement of
intention to "controvert two or three
declarations that have appeared" in
The STATESMAN. But unfortunately
after such whetting of curiosity the
communication resolves itself into a
playful study of the condition of des-
titute women, a rafting of dry homes
on the use of fiat money, dear little
essay on John Sherman and an
array of figures about Texas
which is totally at variance with the
facts in the case. The only part of
the communication that is not sur
prising is where its writer says he
would rather be Populist than
Democrat. 80 his whole article led
us to suppose before his final burst of
confidence. With Mr.. Tate's esti-
mate of his own ability 1t would be
worse than foolish for The STATES
MAN TO oppose him with its opinion.
Possibly, however, it might not be
out of place and it might be consider
ed argument worthy of his attention
to quote from Senator Ben Hill's
speech of 1873 in the United States
senate on the silver question. At all
events others may think the words of
one of the most gifted statesmen the
South has ever had in congress, pretty
safe to tie to.
Now The STATESMAN criticised Mr..
Bailey for swearingly declaring he
wanted bond holders paid in silver
alone, and we said that such a policy
would rob the bond holders. Senator
Hill said: at is said increase the
weight of the silver dollar before you
pay II to the bond holder. Under the
act of 1869 all bonds issued before that
day, or which have not been refunded
under the act of 1870, are payable in
gold or silver at whatever Is the
standard value of silver and gold
when the bond is paid. But the rule
does not apply to the bonds that have
been isNued under the act of
1870, because that act expressly
says they shell be redeemed in coin at
the standard value of that day; that's
in silver of Alp 1-2 grains, in gold of
25.S grains. You cannot change that
act by changing your coinage law.
That Is fixed. You can pass my
friends INT. Eaton's) bill to make a
silver dollar of 440 grains; but the
bondholder Is not entitled to 440
grains. He is only entitled to 412 IL,
because that was the standard value
in 1870. Though silver may fall in
commercial value to so per cent on
the dollar, still if the United States
chooses to pay in that coin, she has
the legal, naked right to pay in silver
worth so per cent, so it contains
4l2 l-2 grains. That Is the true
construction of the contract" This
is what The STATESMAN means when
it says that if the government con-
tipues its policy of making silver
merely commodity that it will drive
gold Zone of the coins in which you
can pay these bonds) out Of the coun-
try and leave only deprecated ell
yer, with which you must pay bond l.
holders, and in doing it rob them.
Nov, if you will read that great
speech of Hips you will see that
things bad enough in 1878 are in
finitely worse now, and he in that
speech clearly pointed out why they
would no worse, even without the
act of 1890 After giving startling
statistics on the increase of silver
he said: "Now put It'll your candor,
when the production of silver had so
greatly increased, when the demand
for silver has so greatly declined, both
from the failure and inability to get it
in the countries of the East, and when
IL countries had discarded it as money
and stopped its coinage, why is it. In
the face of these great facts, that you
insist upon saying that the depreci.
alton of silver WAS caused by the de-.
monetization act of 1878? Do you be.