The state herald. (Holyoke, Logan County, Colo.) 1887-1921, 1894-01-19
lished Congress did all it was intended

gold and silver was designed and OK.
pected to be continuous and Congress
had no right to demonetize either
gold or silver or to close its minis to
the free coinage Of either metal. Up
on a 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 state, would check the
general government In its usurpations
and compel q 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 1857--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
ALA 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 o.
debts. public and private, collectabl,
within the state of Colorado.
The governor quoted a number Of
eminent authorities as basis for hi,
views. Albert Gallatin and DAME
Webster were quoted as saying thai
only silver and gold could be mad,
legal tender. Justice Field declare,
that money being standard, its coin
or prices are necessarily legal tender
The provisions in the different coin
age acts that the ms to be s,rucl
shall be such legal tender are mercl,
declaratory Of their effect when offer
ed in payment, and are not cssentia
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 authofit,
was quoted in support of the deolara
ton that the federal. statute dcclarin,
that no foreign coin shall be legal ten
der, was invalid under the constitu
ton.
but some men will say: The Stat
has an undoubted right to make TO,
eign and domestic coin a legal tender
but it is not good policy to do so.
Objection /. Mexican aud Soutl
American dollars will be both p!ent,
and cheap in Colorado.
"'Well, hope so; it is only abrn
dant money, and so diminished i,
purchasing power as to raise the pric
of labor and commodities, that ca
possibly help the people of Colorado.
Objection 2. But gold, tn,
American silver dollar and grccnbacl
will leave the State"
I" Well, think that ia the cas-,
now. The trouble with us is III,
prices of ali staple products are bclov
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 o
property to pay debt. To borrow
money is only a temporary cxpedicnt
In some way money must be made $,
abundant that the people can earn o
make some profit over bare living. q
their Indebtedness can be paid only b,
foreclosures. Besides the Gresham
law practically has always been a fail
urc. John Sherman said in 1873 iha
the Bland law would drive all the gol,
out Of the United States, but unde
that law the amount of gold coin i,
the United States was nearly ouad
rupled. We must choose between n,
money at all, and an abundant cur
rency.'"
! Objection 3. 1t will give us al
exclusively silver standard
II do not think SO, but woald
rather have single silver standard
than n single gold standard. l am mol
alone in this idea. Ex-senator Hill
of this city made that poin, in hi,
speech at the silver convention il
Chicago last August. The gold stand
ard, which the senator truly says /,
upon us and is to result in industrial
slavery, is for the benefit Of the
bankers and money loaners; the silye,
standard is for the benefit Of the debt.
or class, which composes the bulk OF
the people.
Objection 4. But il makes for
eign dollar-a Mexican dollar, a dis
honest dollar, n 57-ccnt dollar lcga
tender
Eyes, it makes Bill grains fp- "a.
yer in any dollar legal !~ouer Tor JOG
cents. Ii s;.yr 10 Colorado, inst 50
far as it is possible without congress
sional action, all the results Of III,
free coinage Of silver. II may not 70,
all purposes put the Mexican dollar at
par, because it will cost something to
get our silver to Mexico aud som,
freight on the coin back to the state
II would, in my judgment, for all bus
mess purposes except banking pm, the
Mexican dollar at 20 cents and give us
plenty Of money. Ninety cents o,
the dollar for Mexican coin mean.
about sl.l7 for silver bullion Epei
ounce. Practically our silver mine,
are closed. At 10 cents per ounce 70
silver bullion there is no prof, in min
ing, and in most cases absolute loss.
objection 3. But il Is dishonest
to pay n debt In dollar Of less yalu,
than the dollar borrowed.
That is true ms general rroposi,io,
but when for twenty years the yalu,
OF the bonds, mortgages and ali evil
dcnccs Of debt, both principal anl In
tercst, have been no increased that 4
requires more than double the amour,
OF commodities to pay tho debt thar
would have satisfied IL whom contract
ed, how can this confessed evil b,
rcmedicd in any other way2
I'VE have had fair times until las
Il a..l I'll.