Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-07-04

/ vantage no NAV have gained over his
debtor. but the government happens 70
b., in neither one Of these positions.
Where n party to legal contract noids
himself ready and willing to perform II
according to it's terms his honor Is salts
fed and what he does beyond strict
performance Is matter of favor and not
OF obligation can understand how gen
crosby. II that were ever a governmental
attribute, might prompt a nation 10 pay
its coin obligations In gold rather than In
silver. N silver, through the operation oil
natural causes. had become absolutely
worthless which Is not the case, but
how the honor Of a government Is impair
ed when IL declines to be generous and
insists upon the plain letter OF its con-
tract. Is "A problem much beyond the
average Comprehension. The people nave
ample grounds 10 suspect and condemn
the motives Of those who uphold the Pres
ident's policy Of favoritism. because II
establishes class distinctions which arc
justified by 10 apparent reason OF law or
OF general expedency. One class 10 op
pressed that another may thrive
GERMANY AND SILVER.
But II will be urged. Notwithstanding
the contracts. that he subsequent depre-
citation OF silver would render IL unfair
TO the creditor, II he were now compelled
to take payment IN coin Of that metal
But then the further questions are pre-
scented. which have an important bearing
on the moral. IL not on the legal aspect
Of the subject, Who brought about that
depreciation? Was il the result of natu.
raj causes or an enforced condition pro-
duced by the greed and artifce of power
full hnauciers?. Is it not true that the
very class Of persons who now spurn the
corpse are guilty Of the murder?
Silver was demonetized By Germany i'm
1873. when IL vas mt Il premium in the
London market. and long after the con-
gressiOnal acts and declarations above re-
ferr-d 10 had been promulgated. Could
the holder of United States obligation
IN Germany deccntly complain II ne were
told that he must accept payment in a
metal which his own government dis
houored after The date ~ the contract
when Tho effect was TO enhance the value
of gold ard impose upon the debtor an
t-siitiOnal burden never contemplated by
ether party? But the German would say:
; our own government actively promoted
the depreciation OF silver. II was stupid
or corrupt enough to aid and abet the
destruction Sf hall It's assets. 20 g.
speak. and II ought not now TO claim i'm
munity from its own wrong-doing
Parties in pari delicto have no remedy.
the one against the other But If that
was wrong. it was partially righted in
1873. when silver was restored to its full
legal-tender capacity. and it il now by
law an available medium for the payment
Of all debts matured and maturing. except
in two cases-first. where the ordinary
creditor expressly stipulates for gold and
secondly. where without such stipulation
the creditor happens 10 BE- one OF the
favored class who enjoy the Presidents
protection.
Surely no one will deny that il is the
sovereign prerogative of this nation 10
fix the weight and fneness Of it's coins
and to designate them by name, re-
spectNe.y. for purposes of contract and
account: to enact that il2 ID grains of
standard silver and p $40 grains OF stand
ard gold shall each be called a dollar.
and have equal legal-tender power where
the promise is TO pay dollars. Nor can
It be denied that the relative value by
weight so established Is no more to be
called in question than the national
sovereignty Itself. No matter what IN,
commercial ratio may have become.
neither the Secretary of the Treasury nor
the President of the United States can
lawfully treat nor permit another to treat
III l-2 grains Of standard silver as being
less potent as a medium Of payment than
- $40 Of standard gold. and when he
does so he Is usurping the function of
the national legislature by practically
repeating an express statute of the coun-
try. IL was once possible 10 commit high
treason in England by tampering with the
coinage.
But ne would say: am only maintain
ing n partly. This notion Of parity is a
singular one. TO say the least. and the
4
been able TO find for II is in the act OF
July IA. 1880, which provided for the issue
OF Treasury notes in payment OF silver
bullion purchased by the government
Those notes are in terms payable I'm coin
but on demand of the holder the Secretary
shall redeem them in gold coin AT his dis
erection, 1T being the established policy
Of the United States 10 maintain the two
metals on parity with each other" But
these parity" notes amount 10 but slj2.-
ssh ~. and there is no express legal au-
thority 10 extend the privilege any fur
Their so that as 10 the rest Of the M
tonal obligations, no discretion" what
ever is given by law
/ have sail that this notion OF parity
is a peculiar one The fallacy Is in con
founding parity as expressed I'm the agree
ment with parity as carried out In prac-
tce. This is the case: A contract stipu-
lates that a sum Of money snail be- paid
in one or the other OF two coius-gold or
silver. This is true parity, because the
two coins are placed by mutual consent
or the parties upon an exact equality, ana
the debtor has the right To usa them in
discriminatory. Strictly speaking, they
should be used In equal proportions. But
when the creditor comes for his money
a different rule Is applied Entirely outside
the contract. He insists on having gold
always. and h gets IT,. and this is called
maintaining a parity"-n other words
maintaining an admitted fIlsehood. Evil
IDENTIFY the debtor and the creditor no
longer agree as to the meaning of the
term, AVID the creditors definition pre-
walls. The express stipulation OF the CON
tract is strained and distorted in order
to conform TO the exigencies OF Il totally
new and different state OF things. To ar
que that silver is kept valuable because
debt payable in silver or gold will
always BE- paid In gold, and TO call that
parity" is somewhat awkward but
none the less convincing argument TO
prove Il positive disparity 1t is like an
equation with only one member. if that
were conceivable. Copper, lead, even sand
could be at a parity with gold on this
principle. In fact. all the silver in the
world might be completely annihilated.
and the same so-called parity could still
be predicated of the two metals, which Is
a reductio al absurdum.
Now. all this Juggling with words Is
simply clumsy effort to invent
plausible excuse for paying out gold in
the interest of the creditor. instead OF
standing by the contract. and some
times, at least. paying out silver in the
interest OF the debt0r-that is to say, OF
the people Just look AT the inconsist-