Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-04-12
BOARD OF TRADE
CONTINUED from LIST page:l


do with the curl Of your dogs tail. Let
us investigate THIS silver question and
see upon what basis rest the extraya-
uant claims of the silver interests. A
man may pay debt due to the govern
ment In silver dollars, If he pleases; the
treasurer is permitted to exercise no
choice whatever; he must accept them;
hut with coin certificate in his hand, for
which be sold the treasurer silver, this
same man may demand it's redemption in
gold, and the treasurer now dares not ex-
ercise his choice; he pays the gold; the re-
suit thereof can easily be understood, but
the gravity Of the case warrants me in
speaking upon it at some length.
The silver dollar is actually worth
about fifty cents; that Is. in the markets
of the world it is worth bullion value,
but one half as much as a gold dollar.
During the fiscal year ending June 30
1894, the highest bullion value Of silver
dollar was only 1913 cents, while the
lowest was 45.77 cents. Since that date it
has fuctuated, in value, between As and
81 cents. Yet we have been persisting
in an attempt to hold these two dollars
at a parity, by leg islation. And while
that part of the law Of 1890 which de-
clared it to be the policy of this govern
ment to maintain that parity, was the only
thing " hich saved us from the ovcrwhelm-
ing dis. ster which would have come up
on us, n the memorable summer of 1898
had the disI arity been established by
discrim ination between the two metals, yet
the tin came when we learned that that
which was our strength in that crisis,
had CT me to be a source OF direful weak
foil n fst 10 n ngn
OF the fl zeal year 1890 saw loss in treas
ury gold Of one hundred and thirty mil
lions of d, liars. The enormous loss in
revenues rendered the treasury department
unable to withstand tho attacks made
upon it, The accommodating and constant
" depreciating mass of silver lay stored
in the vaults of the treasury, while the
coin certificates which represented it,
Joining hands with the greenbacks, en-
forced their ccaseless demand upon the
treasurer tor gold; and he dared not say
"no" to their demands; for the moment
he did so, tho disparity would have been
established, we should have had on our
hands six hundred and sixteen millions of
dollars in discredited coin, if subsidiary be
included. and time Of distress would
have come upon us whose effect no man
can measure.
Our little stock of gold, therefore, must
guarantee not only our silver coin, indi-
rcctly, but directly the three hundred ard
forty -six millions of greenbacks and the
certificates issued in the purchase Of silver
besides, total, of nearly five hundred
millions And, since these certificates
and the greenbacks may be, and are, re-
issued, they speedily return and reiterate
their demand for gold; and so may CON
tinue, with deathly monotony, till our
rapidly vanishing stock of the precious
metal is exhausted, and we stand dis
credited before the nations of the world
having, in the mean time glutted the
market with issues of bonds at an ever in
creasing rate of interest, in the frantic
cndcavor to save our honor. Can idiocy
go farther?
Gentlemen, 1t is as futile for this gov
eminent to undertake to maintain the
parity of gold and silver by legislative
enactment. as to change the location of
tho North Star. How long international
bimetallism might maintain fictitious
value is an unsolvcd problem not long, I
think, nor do believe SO unpromising an
experiment likely to be tried.
The laws of trade and commerce are not
statutory; they are as immutabe and in
cxorable rs the laws of nature; they are
the result of natural demands and natur-
nj forces
Your statutes may regulate debt paying
power, but they can never establish value.
1t Is as much in harmony with the laws
of trade to enact that a bushel of pota-
toes shall equal, III value, peck of dia-
monds, as that sixteen ounces of silver
shall be equal, in value to one ounce of
gold.
True, you may determine by legislation
that within the jurisdiction of your
statute, he who owes q peck Of diamonds
may discharge that debt by the tender of
n bushel of potatoes, hut he who receives
tho potatoes must perforce exchange them
within this same jurisdiction, or himself
suffer irrcparablc loss. He has parted
with full, actual, world over value and in its
stead, he has that which represents
little save local statute power, and hence is
OF small account outside the jurisdiction
of that statute How long, then, will
men continue to make contracts leaving
it to the debtor tn determine the valne of
the product in which such debt shall be
paid?
Tho law of self interest takes care of
that, and today you find the gold clause
in all high grade bonds and in all long
time contracts, many Of the latter even
exacting that payment shall be made by
weight and not by tale. And at the time
of the recent issue Of government bonds,
purchasers offered to take ten year gold
bonds at three fourths of one per cent
lower rate than the thirty year coin
bonds, which might be paid In silver; and
the last Congress-that incompara bic ag
Rregation of Incompetence and cupidty-
refusing to substitute the word gold in
place of the word coin, forced us to pay
the higher rate. This little game of sill
yer and politics cost US Is millions of dol
lars.
There is a legitimate use to which we
may put a certain amount of silver with
out endangerng thu stability of our sys-
TEN, and for which purpose, only. should
1t be used. And for these uses l would
accept it. not to compromise with the de-
mands of the silver men--the most power
full and aggressive combination this coun-
try ever knew. except the old slave power
but because it fills certain requirements
lf pr,1 ek,v..