Rocky Ford enterprise., 1894-01-18
h,a n, right to demoueti,e eithe,

] ma NJ TlBug 10 Q6"Ouetl1e SltueI
gold or silver or to close its nlints to
the free coinage of either metal. Up
on proper case made in the United
States court VIC are bound to presume
that the courts would SO decide be-
cause the facts and merits Of the case
demand such decision.
If we, as state, would check the
general government in its usurpations'
and compel restoration of the rights
of which we have been unconstitution-
ally deprived, we must restore that
ancient landmark which existed in the
history of this country for 81 years
from 1776 to 1S57-and in pursuance
of section 10, article /, United States
constitution, which declares the right
of state to make gold and silver coin
= tender in the payment of debts,
enact that all silver dollars, domestic
and foreign, containing not less than
4l2A grains, nine-tenths fine silver,
and upon the present ratio Of 16
ounces silver to one ounce gold, shall
be legal tender for the payment of
debts, public and private, collectable
within the state of Colorado.
The governor quoted n number Of
eminent authorities as basis for his
views. Albert Gallatin and Daniel
Webster were quoted as saying that
only silver and gold could be made
legal tender. Justice Field declared
that ''money being standard, its coin:
or prices are necessarily legal tender.
The provisions in the different coin.
age acts that the coins to be struck
shall be such legal tender are merely
declaratory of their effect when offer.
ed in payment, and ave not essential
to give them that character.
"But some men will say: THE State
has an undoubted right to make for.
eign and domestic coin legal tender
but it is not good policy to do So
" Objection l. Mexican and South
American dollars will be both plenty
and cheap in Colorado"
We'll, / hope SO; it is only abun-
dant money, and so diminished in
purchasing power as to raise the price
of labor and commodities, that can
possibly help the people of Colorado. /"
Objection 2. But gold, the
American silver dollar and greenback
will leave the State
We'll, l think that ia the case
now. The trouble with us is the
prices of all staple products are below
the cost of production, real estate has
diminished to about one-third its
value one year ago, but the value OF
credits is still at their face. 1t there.
fore takes three times the amount of
property to pay debt To borrow
money is only temporary expedient.
In some way money must be made SO
abundant that the people can earn OF
make some profit over bare living, OF
their Indebtedness can be paid only by
foreclosures. Besides the Gresham
law practically has always been fail
ure. John Sherman said in 1873 that
the Bland law would drive all the gold
out of the United States, but undc,
that law the amount of gold coin in
the United States was nearly quad
rupled. We must choose between no
money at all, and an abundant cur
rency.'"
"'Objection 3. 1t will give us an
exclusively silver standard
II do not think so, but would
rather have single silver standard
than single gold standard am not
alone in this idea. Ex-senator Hill
of this city made that point in his
speech at the silver convention in
Chicago last August. The gold stand
ard, which the senator truly says is
upon us and is to result in industrial
slavery is for the benefit of the
| hon Lorc opd ,popav I,,,o,,c. A.. .:J,,.-
standard is for the benefit of the debt
or class, which composes the balk of
the people.
"'Objcction 4. But it makes for
eign doalar-a Mexican dollar, dis
honest dollar, a 57-cent dollar legal
tender
eyes, it makes 3714 grains fine sill
yer in any dollar legal tender for 100
cents. 1t gives to Colorado, just so
far as il is possible without congress
sional action, all the results Of the
free coinage of silver. 1t may net for
all purposes put the Mexican dollar at
par, because it will cost something to
get our silver to Mexico and some
freight on the coin back to the state.
1t would, in my Judgment, for all bus
mess purposes except banking put the
Mexican dollar at 80 cents and give us
plenty of money. Ninety cents on
the dollar for Mexican coin means
about $1.17 for silver bullion Eper
ounce. Practically our silver mines
are closed. At 20 cents per ounce for
silver bullion there is no profit in min
ing, and in most cases absolute loss.
"'Objection 5. But it is dishonest
to pay debt in dollar of less value
than the dollar borrowed
That is true as general proposition
but when for twenty years the value
of the bonds, mortgages and all evil
dences of debt, both principal and in
terest, have been so increased that it
requires more than double the amount
Of commodities to pay the debt than
would have satisfied it when contract
ed, how can this confessed evil be
remedied in any other way?
''Wc have had fair times until last
June in Colorado. In spite of adverse
national legislation the prices Of our
staple agricultural products and the
value of our real estate has been
higher than in any of her sister
states. Debts have been freely con-
tracted upon what was supposed to be