Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-10-04

or silver with their power to measure all
values, if left to the uncontrolled monop-
oily that always exists in the absence of
competition in the articles of prime ne
cessity for human use, would, in the alb
Sence of the other precious metal, fix the
price of all property and labor, according
to its own volume In such a case the
number of dollars whether of gold or
silver, would measure the value of all
else, and the greater the ability of its
holders to decrease the number of dol
lars the greater would be the ability to
depress all other values. AS gold and sill
yer are precious metals, as l believe, by
divine economy, and, seeing that they
cannot be produced like crops of corn and
wheat, but are hidden away so that their
discovery and production are uncertain
and variant, l will never challenge the
wisdom of that divine benevolence by
voting for law to seal up the mines that
yield either metal, and so declare that
they are a nuisance in the world That
was the spirit and the purpose of the
black act of 1873, and while 1 live l will
be its mortal enemy. For twenty years,
in the senate, have worked with as true,
noble, honest, just, enlightened and
patriotic men as ever held a place of
honor in the judgment of mankind, to
undo and destroy that Ubiquitous law,
and for the restoration of the people to
their ancient rights and precious liber-
ties.
Not to speak of the men who yet live
and honor the land by their presence. l
am not ashamed to have been found in
company with Mr. Hendricks, Mr.. Nc
Donald, Mr.. Saulsberry, Mr.. Beck, Mr..
Farley Mr.. Colquitt, Mr.. Jones of Flor
ida, Mr.. Vance, Mr.. Johnston, Mr. Davis
of Illinois, Mr.. Kirkwood, Mr.. Matthews,
Mr.. McCreary, Mr.. Cannon of Wisconsin,
Mr.. Hereford, Mr. Plumb. Mr.. Wallace,
Mr.. Bailey, Mr.. Dennis, Mr. Howe, Mr..
Merriman, Mr. Pendleton and Mr.. Thur
man. These splendid men, who have
passed away and have left us the rich
heritage of their labors and renown, all
voted, in company with me and many of
those who yet live, for the free coinage of
silver.
If their memory can be blackened with
epithets, such as "dishonor," 'repudia-
ton" "lunacy" and financial immorali-
ty,' for the part they took in the restora-
ton, it is better to perish with them than
it is to live on the breath of their foul
traducers.
Silver dollars are called dishonest dol
lars" This is an ungrateful reproach,
coming from the administration whose
government is living upon them every
day and is coming them whenever the
treasury is in need of current funds. Ii
they are dishonest dollars now they were
such for eighty-one years prior TO the
act of 1873, when they received the eX-
press approval of Washington, Jefferson,
Jackson and Fillmore.
In support of the assertion that these
dollars even became dishonest money it
is claimed that our bonds and treasury
notes carried a moral obligation that they
should be paid in gold, although they
were payable on their face and under the
law in coin. Congress passed upon this
question definitely on the 10th of Decem-
ber 1877, in the adoption of the resolu-
lions offered in the senate by Hon. STAN
ley Matthews, republican senator from
Ohio, and adopted in that body by vote
of 70 to 9. That resolution declares that
all the bonds of the United States issued
or authorized to be issued under the SAID
acts of congress (all that had been enact
ed), hereinbefore recited, are payable,
principal and interest, at the option of
the government of the United states, IN
standard silver dollars of the coinage OF
the United States, containing 412ka grains
each of standard silver, and that to re-
store to it's coinage such silver coins as
legal tender in payment of said bonds,
principal and interest, Is not violation
of the public faith nor is 1t in derroga,,
ton of the rights of the public creator.
No creditor who then held bond, or
who holds a bond issued since that date,
can possibly conclude that he holds the
option of demanding gold on MS oDllga-
lions against the United States. Con-
gress has never departed from that reso-
luton and If 1t is dishonest repuaia-
ton of a public obligation, that the FOR
ty-fifth congress and all that have fol-
lowed it, have been guilty or that crime.
But no bond has been paid in any thing
but gold, when that coin has been de-
manded, and not one dollar of the princl-
pal or interest of our bonds has ever been
paid out of the reserve of $100oOo,ooo,
set apart in the treasury by an lliegal
order of Secretary Sherman In 1878. rms
order was designed to make permanent
fund not authorized by law, for the re-
demption of our treasury notes-not our
bonds.
Our bonds could, or the interest on
them. have been paid out of permanent
appropriations, direct from the treasury,
and this reserved fund" has never been
touched for that purpose. This order
was intended to nullify the Stanley Mat
thews resolution and to force the single
gold standard upon the country In spite
of the declaration of congress in 1871.
This act of gross usurpation has Kept
500, 900, 900 in gold out of circulation for
more than seventeen years, and has cost
US in interest more than $70,000,000. Yet,
to get this fund, Mr.. Sherman bought
$50, 900 900 of gold from our own people,
and paid for it in silver certificates is
sued under the Bland-Allison act. which
Mr. Hayes vetoed under his advice.
1t is audacity that despises consistency
and puts the truth to shame, when Mr..
Sherman and his followers now claim
that dollars coined under the Bland-Alli-
son act are dishonest money when ne eX-
changed silver certificates based upon
them, with our people at par, for $50, 0O0.-
900 in gold coin and thus put hem into
circulation as the equal of gold. 1t was
with this silver money that he obtained
eighth tenths of the gold reserve" which
he sequestered in the treasury without
shadow of legal right or authority. That
fatal act is now, and has been since It's
preparation, the most injurious ana
most defiant outrage that was ever in
flicted upon the finances of the country
1t demonetized silver for all public pur-
poses in the teeth of the law making 1t a.
legal tender for all debts, public and pri-
waite. 1t Disseminated in favor of the
holders of currency and bond obligations
and against all others to whom the gov
eminent was indebted, soldiers military
and civil officers, pensioners and all who
serve the government or furnished sup
plies, or did work for 1t. None of these
could claim gold from that sacred re-
serve, and none of them ever got 1t. The
ultimate purpose of that gold reserve was
that which it now serves, with such dis
astrous results-namely, to force the gov