The Evening dispatch. [volume] (Provo, City, Utah) 1891-1895, 1895-02-07

THE FINANCIAL DIFFICULTY.

The greatest feature of the present
financial difficulty of the nation is pre-
csdent. King precedent says that GER
tain obligations of the government con-
tracted to be paid in coin, both gold
and silver, shall be paid in gold, not
withstanding the law provides that
they shall be redeemed in both gold
and silver. OF course every holder of
a government promise to pay is with
King precedent, and the same tyrant
declares that all who stand for legal
settlement are repudiators, stabbers of
the national credit. Now when was it
that precedent did away with law?
Why is it that men buy the notes of
the government with the express provi
sion on their face that they are payable
in coin, gold and silver, and expect pay
ment now only in gold coin? Who has
usurped the prerogative to set aside the
provisions of law and substitute the
gold understanding in its place? This
was done under Harrison's admins
tration regularly, but just why dem
ocratlc administration is, or finds itself
required, to stand by the precedent set
instead of the law in the case, we fail
to see. Obligations made and accepted,
to be paid in both gold and suyer,
should be paid in the dual metals as
per contract, or paid MT at all. The
sticklers for precedent. one of whom is
our blessed president,ss that it would
be in bad faith to force upon the holders
of this gold and silver paper, payment in
the two metals, bad faith which would
impair the national credit, even going
go faI as to say that il amounts to a
proposition to repudiate our obliga-
tions. 1t is certainly bad faith to pay
in golc only an obligation which the
law provides explicitly shall be paid
in gold and silver. The victim in the
latter case is the tax-paying public,
and in the former case, the money
gorged speculator who Joined with
dishonest officers of the government in
the practical projection of a fraud.
Now as it seems. one or the other, the
people or the speculator, is to be
victimized, we prefer to see the blood
of the speculator aow-especlally as by
insisting upon payment in both gold
and SILVER we but CARR out the law.
This hinge sWi -ar-Sistnr-
kind. 1t is safe - III such cases
to stand by the written obligation, the
obligation which is of record, and have
nothing to do with precedent. We are
now reaping the first effects of this
substitution of precedent for law, in
the steady and massive outflow of gold.
T holders of the country's obligations
a. hurrylng in their gold and silver
paper, well knowing that in but a brief
two years this sin of substitution will
be found out and. the common sense of
the people will demand legal
set 5nent or more with the holders of
the -oternment's promises to pay. It
se"-ls more than passing strange that
ne ler Mr. Carlisle nor Mr.. Cleveland
be ever seen this phaze of the case.
If either Or both dread the responsi-
bility Of acting outside of the law, in
fave OF the holders of the nations
paper, why do they not fall back in
side Of e law and throw the respon-
sibility where it belongs, on the
shoulders Of the republican party, both
in the national administration and
legislative action of that party when
in the heyday of its power, its badly
used and dishonesty administered
power?