Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-07-26

it? At least why didn't he call the at
tention of the Senate to its far reaching
effects. 1t forced every debtor in this
country to pay an increased amount on
what he owed, in many cases, probably,
nearly or quite double. When a change
in the English system of finance, very
slight change, was proposed to an Eng
ish commission in 1865, they held that If
made, all contracts would have to be
altered, to allow for the depreciation
caused by the change Ga very slight one).
This was an exhibition Of honesty in the
interests of debtors, equal perhaps,
though not expressed in such eXuberant
language, as that exhibited by Mr.. Ed
munds in the interest of creditors, which
perhaps includes his own interests.
Daniel Webster said: IL am certainly
of the opinion, that gold and silver at
ratio fixed by Congress, constitute the
legal standard of value in this country
and that neither Congress nor any State
has any authority to establish any other
standard or to displace the standard"
Mr.. Blaine said mo power was con-
ferred on Congress to declare that either
metal should not be money. Congress
has, therefore, in my Judgment, no more
power to demonetize silver than to de-
monetize gold no more power to demon
etize either than to demonetize BOTH
OF course John Sherman cared moth
ing about this if he was engaged in
putting money it, his purse. But we
cannot understand why Mr.. Edmunds,
with his very great ability as a lawyer,
and generally very large information,
did not call attention to the matter.
John Sherman himself, who doesn't
appear to be so especially ignorant of
the consequences of the act that he in
troduced, said at Marietta, o., August
y, 1876, in a siX-column speech, as re-
ported rerbatim in the Cincinnati Com
mercial Gazette, the organ of the party
he belonged to:
81 have given the subject" (the silver
question: "The most careful cOnsidera-
ton, and was the first to propose the re-
coming of the old silver dollar. 81
was a member of the conference com
mittee of the two houses on the Silver
bill. Both houses were i'm favor of is
suing the old dollar-the dollar i'm lega
existence since 1872, containing Alp sit
grains, and oHly demOHeti.cd IN 1878
,rbcR icas ,eorth , per cent more than
gaia. 1t was then, and for twenty years
had been. only issued for export, and
was not in circulation. Still it was a le
gal standard of value, rs well as gold,
+ always had been, and it was the rigM OF
, any debtor 10 pay in sUcer dOlldrS as ,rei
rs goH doilorS. 1t was his legal option
The relative value of the two metals had
,, often varied before. and still the right D
tie debtor remained IL pay in ejtber doiidr
anil therefore, ia he cheaper doiiar. The
mere disuse of the coinage of the silver
could not and ought not to affect pre-.
existing contracts. And now, when Oul
domestic contracts have been based up
on deprecated paper money made a lie
, gal tender for all debts public and pri
!, Vate, except customs and duties and in
l terest on the public debt, it would seen
I not only legal but right in the broades
sense of the term, that we should avail
ourselves OF the remarkable and rapid
fall i'm silver bullion IN rec0in the oid SIT
A GER coins, tRcludiRg the old sHrer dolldr-
[ The OldeSt Of our cOinS-and with then
, pay our deprecated notes and thus re-
, store the old coin Standard'
TO be Continued