The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-19
SENATOR DANIELS SPEECH.

SENATOR DANIELS SPEECH.
We must, OF course, believe that Se1a-
tor Darrell was sincere Il. all that he
said to the Virginia Convention. We
| oarnot suppose that he would have made
| any argument to IL in the scundness OF
which he did not have entire faith. But
| Il IS an amazing thing to us that he did
| not perceive the fallacy IN two points
that he made.
He told the convention that silver 1ol
lars sold in New York the day before
for $l.03, which, he thought, would be
folly, If those dollars were not worth the
money. But, II Senator Daniel does not
know IT, all the rest of the world knows,
that the silver dollar IS really worth only
about sixty cents, but that 1t is kept up
to circulating value Of dollar by
the reason of the Government receiving
it as dollar in payment Of its revenues.
A man who will give only sixty cents
for It on account Of its intrinsic worth,
will not take less than a dollar for It,
because he can pass 1t Il a man who
owes the Government a dollar, and
that man can pay this dollar Of debt
with It. But all the world knows. also.
that as soon as these dollars have be-
come so abundant that the Govern 1ent's
revenues are unable to absorb them all,
they must fall in price to their bullion
value OF sixty cents.
Their number has almost reached that
point, but it has not reached it. Conse-
quently they pass in our own currency
cheek by jowl' with our best dollars,
and, when currency must be bought,
the purchaser had as soon buy them as
any other dollars. Currency is bought
that enough to carry on the business Of
the country Is not left IL is, therefore,
at u premium. Is 1t not plain, then, to
any one. that the purchaser Of a silver
dollar at sl.O3 had no idea of stating that
in his opinion a silver dollar was worth
100 cents? He intended to say no more
than this Il know that II no one else will
take 1t from me as dollar the Govern
ment WILL It Will. therefore, answer
my purposes as dollar. and that is all
/ am concerned with
Senator Daniel also said
"They talk about putting more silver
In a dollar. Your debts are in the main,
redeemable in silver or gold. Is II not
equally as just to take some Of the gold
out Of the gold dollar as 1t is to put
more silver in the silver dollar? And
yet they will tell you. II you suggest
that that 1t is reputation against the
debtor"
And they VIII rightly tell you so.
When a lender parts with his money
he has right 20 expect the borrower
to return him either that very money
lent. or some other money in all re-
spects as valuable as what is lent. Let
this point be always held before the
mind. If the Government Of the country
where the transaction takes place insists
upon having coins of two metals, 1t is
the business and duty Of that Govern
ment 10 see to 1t that the coins of each
metal are kept at an even value with
each other. If 1t neglects its duty and
allows the coins OF one OF the two to
greatly depreciate, the lender has just
cause to complain OF the borrower II he
selects the deprecated one to return TO
the lender. awaiting himself OF the coer-
Give power Of municipal law 10 return
to that lender what is not the equivalent
Of what the borrower received and the
lender parted with. The lender in this
case is made the victim. by physical
force, OF what is an injustice TO him.
AS he would be the victim Of an in
justice when the borrower availed him
self of unjust law to make him receive
what was not that which he parted with,
a fortiori. he would be the victim OF an
injustice most fragrant In It's character
If the borrower deliberately pllfered the
other coin OF q part Of its value. and then
went through the mockery of a perform
ance OF the contract which was no per-
Torrance at all.