The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-09-05

ms lll-]udged eHuI,
mighty revolution in the monetary system
of the commercial world in which the two
metals, gold and silver, were practically to-
gether, pause long enough to consider the
probable effect of great a change, and
whether by depriving silver of its none
tary use, upon which its value chiefly de-
pended, and reducing it to the situation OF
merchandise, and combining the money
function to the gold alone, would not wide
ly separate the metals, causing gold to
rise or silver compared with it, to fall?
Dumas of worldwide renown, in speak,
ing upon the subject of demonetiZng silver
sald IN the senate of France Jan. %, 1870:
Those who approach these luestions for
the first time decide them at once, those
who study them with hesitate, those
who are obliged to practically decide doubt
and stop, overwhelmed with the weight Of
the enormous responsibility
Senator Sherman and MIR. Ruggles evil
IDENTIFY approached this question for the
! first time in 1867 and unreliectingly de-
cided it at once
1t is said that it would be dshonorable
Tor our government to pay its obligations
with silver coins. The nations honor is
more precious than silver or gold, and
must. under no circumstances be tar
nished. Nor we so wanting i'll healthfuI
patrlouc sentiment as to suppose that a
| sensitive regard for the nations honor is
peculiar to any section of country. 1t
in the eastern portion of it. The severest
| rule of commercial integrity requires a
man to perform mis- part of the contract
| into which parties have freely entered as
| it is interpreted by the law, in view Of
| which 1T was made; and the law already
gives effect to the plain ana obvious mean
| ing OF its terms. By uniformly doing this a
man acquires reputation for honesty and
integrity. Nations are bat individuals ag-
gregated, and are governed by the same
rule or principle in their 0ea linuS with
other and with private citizens and SUBJ
Jects. The bonds of the government, issued
curing the war, We're expressly made paya-
bic in the lawful money of the United
states. Those who purchased them pur-
chased them with Sreenbacks then lawful
money, which they obtained in exchange
for gold; realizing in that way more than
81 for ST.
For the benefit of public creditors con-
gress. by the act of March IS, 1852 pledged
the faith of the United States to the pay
ment, in coin or it's equivalent, of all it's
outstanding obligations. 1t is not pretend-
ed by anyone that the government has ever
assumed any severer or more onerous duty
to its creditors than that declared by this
act, or that it has at any time undertaken
| to pay any of its obligations otherwise than
| IN coin. Dollars are the things to be
| paid-con dollars fabricated under and
| in pursuance of our then coinage laws
| each dollar to consist in or be represented
| by Ape grains Of standard silver or 25 $40
idlHS VI Stdnudiu SOlu-tndt is, the weight
of the silver in the silver dollar was to be
sixteen times the weight of the gold in
the gold dollar.
The government. therefore, has the cleo
ton, by the terms of it's contract to pay
its debts either in silver or gold coins
To put this question forever at rest the
United States senate in January, 1878,
passed the following resolution introduced
by the Hon. Stanley Matthews, senator
from Ohio, afterward one of the justices Of
the supreme court: BE it resolved by the
senate the house of representa- tives con-
curing therein, That all the bonds of the
United states issued or authorized to be-
issued under the said acts of congress
herenbefore recited are payable, principal
and interest, at the option of the govern
ment Of the United States, in silver dol
lars of the coinage of the United States,
containing Ape grains each of standard
silver and to restore to its coinage such
silver coins as a legal tender in payment Of
said bonds principal interest, is not in
violation of the public faith nor in deroga-
ton of the rights of the public creditor"
A motion was made by Senator Edmunds
of Vermont, to amend the resolution SO as
to make it read: Payable in gold it's
equivalent and that any other payment
without the consent of the creditor would
be in violation of the public faith and
in derogation of his rights This amend
ment was voted down AZ to Is, and by that
vote, much over twO-thirdS, the resolu-
ton was passed. The resolution was sent
to the house, where it was concurred in and
passed on the 10Th of January, 1873 by a
vote of 1879 yeas to 70 nays considerably
over two-thirds of the votes cast being in
favor of the resolution. This only
nine years after the act to strengthen the
public credit passed Public attention
should awaken to the fact that the execu-
tive department of the government is now,
and for many years has been, doing what
the legislative department to which the de-
cision of this question properly belongs,
by an overwhelming vote refused to do.
tive 1ayl.r fy,onn G md ho
been acting in utter disregard of the policy
adopted by the representatives of the peo-
pie in congress, consulting the interest OF
the creditor class alone, to the prejudice
of the great body of the people to whom
the incumbents of that department owe
the places they occupy.
HENRY G. MILLER.
Chicago, Aug. 8, 1894.
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