Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1895-06-28
Decentralization.
A MASTERLY PRESENTATION OF
THE CAUSES LEADING TOT.
Silvef Was Better Than Gold when
Ii Was Assailed by COngress-lts
Assault Planned by the Moneyed
Powers OF Europe.


IL Was AssaiIed by Congress-Its
Assault Planned by the Moneye d
Powers OF Europe.
Alexander Delmar's speech at the
Memphis convention last week was a
mastery one and his exposition of the
purpose and methods of the intrigue
which resulted in the demonelization
OF silver is plain and convincing. He
said: "The monetary commission OF
1876, with which / was connected, re-
ported that the acts of 1873 were one
OF them passed surreptitiously, and
the other upon false or erroneous as
surances. This has since been vehe-
mently. denied. l am going to show
you not only that the commission was
right, but that these acts were the
issus OF European intrigue.
"At the period of this legislation,
the ratio of value at which silver and
gold were purchased and coined at the
French mints was Is! weight for one
at the mints Of the United States, 16
to l. In consequence OF this differ.
ence (about per cent? those who had
silver to coin sent it to Paris, rather
than Philadelphia or New Orleans.
Had the opposition to the coinage OF
dollars in two metals and the prefer
ence for one metal over the other
been OF American origin, the one metal
chosen would have been silver, be-
cause in fact, the silver dollar was
worth 3 per cent. more. than the gold
one, and because the bondholders who
VIGOROUSLY promoted and supported
the legislation OF 1873 would no more
have preferred gold dollar then than
they would a silver dollar now. But
in France, indeed in Europe general
ly, where mints and markets COM
monty followed the vast coinage OF
France, the gold and silver coins OF
like denomination were of precisely
equal value. Hence to the European
holder OF an American bond in 1863
GA, it made no difference whether he
was paid in gold or silver coin pro-
vided and this was the point essential
ly important to his interest or avidity,
that the debtor was deprived OF the
option of paying in coins of the other
metal. The preference of gold was
certainly not American, because at
the American mints' ratio gold dollars.
when melted, were only worth ~
cents. 1t was therefore, European.
We shall presently see why these
cheap dollars were preferred to silver
ones.
"Under the code Napoleon, it was
explicitly laid down that all debts,
taxes and contracts for sums of money,
no matter in what other terms ex-
pressed, were legally and equitably
dischargable in the current money OF
like denominations upon the day OF
payment. This principle came down
from the Roman commonwealth; it
was preserved by Psulus in the digest
it was upheld by all the consuls of the
empire and OF the various provinces
and kingdoms into which the empire
afterward split; it was supported with
great emphasis and erudition by Sir
Mathew Hale in the celebrated case OF
mixed moneys, and it was maintained
by the United States Supreme Court
in the great cases which were adjudi-
Gated by Chief Justice Chase and q
full bench.
"At the time when the necessity oil
our government compelled it to issue
hundreds, nay, almost thousands, Of
millions of q per cent. and 5 per cent
bonds, with interest payable in coin
the French court OF cessation promul
gated a decision in perfect accord moi
only with the entire range of legal
authority, but also with the code Ma
poleon, that on this subject no man
could contract outside OF the law; in
short, that contracts for money were
equitably dischargeable in the current
money of the day OF payment. Thi'
decision alarmed the European holder!
of American bonds. What might no
these progressive Americans do with
respect to the interest on these bondl
which were payable in coin9 Perhaps
they would strike coins of debase(
gold, like the ancient Athenisns; o.
pewter and gun metals, like th'
princes of the house of Stuart; o.
plated brass, like the petty lords o
then districted Germany. Woult
they not be justified by law, by his
tory, by authority, by precedent, BY
the decision so recently rendered il
our French court OF cessation? Mos
assuredly.
"There was but one way to aver
such a calamity-to demonetize one o
the precious metals and fix the stand
ard for the other. But which on,
should be demonetized-gold? Ol
no; the American government woul'
never consent to that, because j
would oblige them to pay in siive
dollars, which, under the operation @
their own laws, as influenced by ou
law, are worth 3 per cent. more thai
gold ones. Therefore, they said, lie
us endeavor to demonetize silver. T
us it makes no difference. To tn
Americans it is gain of 3 per CEN
Let US bribe them with the 3 per cen
to surrender option OF the metals
All doubt as to the kind OF pay men
being removed, our American bond
purchased at 40 cents will rise to pa
and over, a la mort Pdrgent.
"At that time there we've ST. 900
100000 to 81 800, ,OOO, 600 of America