The herald., 1895-06-13

shall presently see why these cheap dol
lars were preferred to silver ones.
Under the code of Napoleon it was
explicitly laid down that all debts. taxes
and contracts for sums of money, not
matter in what other terms expressed,
were legally ana equitably dischargeaple
in the current money of like denomina-
tions upon the day OF payment. This
principle came down from the Roman
com monwealth il was reserved by Pau
lus IN the digest; II was upheld by all
the consuls of the empire and or the va
rious provinces and kingdoms into which
the empire was afterwards split; it was
supported with great emphasis and cru
dition by Sir Matthew Hale in the cele-
brated case of mixed monies, and it was
maintained by the United States supreme
court in the great cases which were ad
Indicated by Chief Justice Chase and
fuli bench.
''At the time when the necessity of our
government compelled it to issue hun
dreds-nay, almost thousands-of mill
ions OF six per cent and five per cent
bonds, with interest payable in coin, the
French court OF cessation promulgated a
decision in perfect accordance not only
with the entire range OF legal authority
but also with the Code Napoleon, to the
effect that on this subject no man could
contract himself outside of the law: in
short, that contracts for money were
equitable. dischargeable in the current
money OF the day OF payment. This dc.
cision alarmed the European holders OF
Am merican bonds. What might not these
progressive Americans do with respect
to the interest on these bonds which
were payable IN coin? Perhaps they
would sike coins of debased gold, like
the ancient Athenians, or pewter and
gun metals. like the princes OF the house
OF Stuart or plate brass. like the petty
lords OF then distracted Germany. Would
- :. F.,, ~
by authority. by precedent, oy the decis-
ion SO recently rendered in our French
court OF rassaii Oh? Most asuredly.
- "There was bat one way to divert such
calamity - TO demonetize one of the
precious metals and TX the standard OF
the other. Bat which metdl should be
demonetized - gold? Oh, no. The
American government would never con-
sent 10 that because il would oblige them
10 pay n silver dollars. which. under the
operation o. their own laws. as Influenced
ny our lawss are worth ) per cent more
rban go!d ones. Therefore let US endeavor
10 dernonetize silver. To us it makes
no difference. To the Americans it its a
gain OF 9pe- cent. Let Us brioe them
with the per cent TO surrender their
option Of the metals. All doubt as to the
gina q payment being removed, our
American bonds purchased at 40 cents
VII fise 10 par and over la morte
ls.sent.
Al that time there were $50, 600. coo
American bonds in Europe or held on
European account. The inceptors OF this
project. which soon developed into an
active intrigue. therefore, stood to win
from e00, 90, 900 to 1000, 900, 900. Such
were tile circm stances that gave to the
resolutions adopted by the Latin none.
isry union of 1865. The original propo-
-sition emanated from Belgium. 1t was
grated upon the government the move.
uent to- the unitization OF weights and
measures, the dissemination of the metri-
cal and decimal systems and other ''fads"
which was urged throughout Europe by
numerous societies with respectable and
influential followings. These people were
like the fat sheep which one sometimes
sees marketed for ughter-their single
function IN life is TOO look plump and
wait for the butcher. Ihe butcher is
usually the practical politician. In this
case it was the tinancier. But these are
details which today We have no time to
enter upon.
THE monetary union OF 1865 was the
beginning Of that scheme of reckless and
avidity and dark intrigue which. iii the
course OF Jew years. destroyed one-half
of the metallic basis OF money. plunged
the commercial world into bankruptcy
and pledged it to condition commercially
i'm possible to fulfill, especially danger
Gus to endure. These conditions menace
the peace of the world. | do not ask for
Vengeance, but for justice. Let the fund
same one who duped and betrayed us in
1868 and 1873, but his assignee, an inno-
cent third party, upon whose title there
Is no stain OF fraud. Let him be paid in
gold and IN gold only. So far as the pres
ent fund holuers are concerned the mis-
chief is done and it cannot be equitably
repaired. But as for posterity. whose
affairs we are pinning down to the ca
PRECIOUS and inadequate limits OF a single
meal, as for the future stability OF con-
tracts, which twenty-five years OF catas-
trophical experience should convince US
cannot be secured by means of gold
money, say let US at once restore the
ancient law.
From 1865 to 1870 the fund-holding
syndicate, with whom it is now quite ev-
ident this intrigue originated, was inces-
sant in its operations. Numerous con-
yentions under its patronage were held in
France, Belgium and Germany. Its in.
fuence is plainly discernible in the
treacherous detection OF certain party
leaders during the American presidential
election of 1868, in the gratuitous credit
atreng thening and the appropriation
clause Of Boutwell's needless 81, 500, 000,-
600, funding bill. and especially in that
surrepttious and scandalous alteration
of the British unit code, which furnished
the example. precedent and justification
for the analogous alteration OF our own
unit code, namely, the alteration which
demonetized silver and threw the COM
mercial world into bankruptcy.
Gentlemen Of the convention, you
have now heard the story of this sordid
conspiracy. 1t arose out of the issue OF
5-20 bonds and the decision OF the French
courts OF cessation. 1t gave rise to the
Latin monetary union; it preclpitated
the demonetzation OF silver in Germany
and other states. 1t suireptitiously al
tered the British mint code, and in a sim
liar manner and by similar means it
scandalously altered the American mint
code. 1t rewarded ali those who promoted
its Objects it meIcilessly attacked all who
opposed them. IL robbed this country OF
hundreds OF millions. 1t influenced its
politics and still influences them. 1t had
grown rich enough to lend SIS, 900, 600 to
the Bank of England, $50, 900 900 to Italy,
5000 900, 90 each to Austria and the Uni
ted States 1t controls our foreign ex
change. 1t has plunged the commercial
world into long ltrain OF disasters, and
stands ready to repeat the achievement
do we want any more OF this? For one
| say, no. decidedly no. Let us put an end
to it, Let us restore the law and if any
thing further is needful, let that too, be
done' 80
The address OF Mr.. Delmar held the
close attention Of the great crowd during
the time OF it's delivery and was fre-
quently interrupted by applause. 1t was
by this time nearly 4:30. but the crowd
was hungry for more speeches and they
called the names of their favorites per-
sstently. After several atemtps to secure