The Bessemer indicator., 1894-01-13
li.h.d consre.. did all i. wa. intended

4
it should do. The free coinage Of
gold and silver was designed and cx-
| pected to be continuous and Congress
had NO right to demonetixe either
gold or silver or to close its mints to
4, the free coinage Of either metal. Up.
on = proper case made in the United
States court we are bound to presume
that the courts would so decide be-
cause the facts and merits OF the case
demand such a decision.
If we, as a state, would check the
general government in its usurpations
and compel a 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 1916 to 1S57-and in pursuance
OF section 10, article l, United States
constitution, which declares the right
Of state to make gold and silver coin
u tender in the payment of debts,
enact that all silver dollars, domestic
and foreign, containing not less than
4l2l grains, ninc-tenths fine silver,
and upon the present ratio of II
ounces silver to one ounce gold, shall
be legal tender for the payment OF
debts. public and private, collectablc
within the state of Colorado.
The governor quoted number cl
eminent authorities as basis for hi
views. Albert Gallatin and Danicl
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 ins to be struch
shall be such legal tender are merel.
declaratory of their effect when offer
ed in payment, and ave not csscntia
to give them that character Senate.
Jones for the Monetary Commission
took the position that Congress coult
not take away the legal tender qualit,
of gold or silver. The same authorit,
was quoted in support of the declara
ton that the federal statute declaring
that no foreign coin shall be legal ten.
der, was invalid under the cons.itu
ton.
"But some men will say: The Stat
has an undoubted right to make for
eigh and domestic coin legal tender,
but it is not good policy to do so. "
" Objection l. Mexican and Soutl
American dollars will be both plcnt,
and cheap in Colorado"
well, l hope so; it is only abun
dant money, and so diminished il
purchasing power as to raise the price
of labor and commodities, that ca,
possibly help the people of Colorado
" Objection 2. But gold, thJ
American silver dollar and grcenbacI
will leave the State. u"
" Well, l think that is the case
now. The trouble with us is TIL,
prices Of all staple products are below
the cost Of production, real estate ha,
diminished to about onc-third it,
value one year ago, but the value o!
credits is still at their face. 1t there
fore takes three times the amount ot
property to pay debt. To borrow
money is only temporary cxpedicnt
In some way money must be made 81
abundant that the people can earn OIL
make some profit over bare living, ol
their indebtedness can be paid only by
foreclosures. Besides the Gresham
law practically has always been a fail
ure. John Sherman said in 1878 tha
the Bland Law #otld drive ali the golc
out of the United States, but under
that law the amount of gold coin in
the United States was nearly quad
rupled. We must choose between ne
money at all, and an abundant cur.
rency.
Objection 3. 1t will give US an
exclusively silver standard
81 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
bankers and money loaners; the silver
standard is for the benefit of the debt
or class. which comboses the bulk OF
the people.
" Objection 4. But it makes for
eign dollar-a Mexican dollar, dis
honest dollar, 57-cent dollar lega
tender
Yes, it makes 371l grains fine sill
yer in any dollar legal tender for 10t
cents. 1t gives to Colorado, Just $,
far as it is possible without congres
sional action, all the results of tn,
free coinage of silver. 1t may not fo
all purposes put the Mexican dollar Al
par, because it will cost something tc
get our silver to Mexico and som,
freight on the coin back to the state
1t would, in my Judgment, for all bus
mess purposes except banking put tn,
Mexican dollar at 30 cents and give us
plenty of money. Ninety cents o,
the dollar for Mexican coin mean.
about sl,17 for silver bullion fpe
ounce. Practically our silver mine,
are closed. At 10 cents per ounce 70
silver bullion there is no profit in min
Ing, and in most cases absolute loss.
Objection 5. But it is dishones,
to pay a debt in dollar of less valu,
than the dollar borrowed
That is true as n general propositio,
but when for twenty years the valu.
OF the bonds, mortgages and all cvi,
dences OF debt, both principal and in