The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-07-10

DEBTS ARE PAYABLE IN GOLD.
That any considerable proportion Of the
people Of the Pacific coast should today
be In favor OF . deprecated currency Is
. violation OF the traditions Of the past.
which traditions have been 50 stamped
into the customs and the laws or thlA
section Of the country. that certain very
unpleasant experiences would follow II.
by chance. fres coinage OF siive- should
be the Law. and the inevitable result OF
. high premium In gold foliowa
During the entire war period and after
wards up TO the resumption OF specie
payments. the states and territories on
the Pacific coast. by mere operation OF
public sentiment. TO q very large extent,
refused 10 accept the deprecated cur
rency with which the nation At large did
It's business. but remained and did busi-
basis. At no time during those years
were treasury notes or national bank
notes ever IN ordinary circulation In the
community. All the ordinary trsnsac-
tons Of business life were conducted on
. geld basis: and the custom was then
manned Ia force. Of having al written
contracts for the payment OF money made
In express terms payable only In gold
coin Of the United States" to which. IN
many OF such instruments. the words
"of its present standard ana fneness''
were sdsed
So universal was tire custom that the
courts gave X the effect Of law. and IN
cases OF contracts for the payment Of
money. which were not IN writing and
which did not specify the kind Of money.
held that snch payments must be made
IN gold: and this. Notwithstanding the
legal tender acts.
The manner In which this custom has
survived f. shown in the fact that nearly
every instrument for the payment Of
money. excepting alone bank checks. are
90 this DAY made PAYABLE by their terms
IN gold coin There Is hardly note IN
existence in this state. secured by mort
gage. which Is not payable IN gold. and
IN gold alone should the holder Of the
security elect 70 demand n.
The favorite argument Of free silver
advocates Is that with free eoinsge Of
silver. all the bullion In the country
would seek the minis. the volume Of eur
rency would be expanded. ard thus II
would he easter for every debtor TO pay
hts debts. The fact Is. on the contrary.
that the larger the amount OF silver car
red. the rsore dfrfeut Il VIII be 10 pay
eehts IN tire coin which the contract re-
gusres them 20 be paid in. for the greater
tAs amount 81 s;fTer coinage. the more
Inevitably VIII II fellow mat gold wiz
enhance IN value. measured By the silver
standard
II there were free coinage. II Is prob
abs thai the bullion value % silver would
advance q few points. I; might reach
the posnt where th- bullion IN g silver
dollar wouia he = cents 10 gold value.
Only ths rnoss radically kanguins OF the
free silver zen really believe that the
bulilon vsln. o. silver can be forced up
BY the legislation Of this country. acting
alone. to is proposed coinage value.
TIE practical erec; cf free coinage
weuss simply be that everything 20 he
scld IN the country wcsid apparently sp-
preciats n value. Car The Scent 6oI,ar
wrala fhen h-ccnss the standard o; value
reese dollars wcni3 circulate fast as TIRE
ryeenhack ga during ire depreciation
wAscA existed during tire war era. ana
business weust - eontuctsA On THAI
basis Hat every dollar o. existing sccur-
81 indebtedness en- fhts coast wosslG hare
&c Ne rasa n rclt. fer Witch a Premium
wcaia have &c be pSsd A deprecated
currency vii e@ re relief e the seStors
- The pscs9c coAst whoss eeAsx are pay
ala n re'a eotn. ara n that aleae, ~
ire tsrEas % their eaasrzefx. TIE er-
sedzenf 81 espreetafinx TIE currency fer
Ire purpose OF Rynrdlrx rellsr - eebts~s
10 not oaax vicsoassv sgshoneas, bat So
Par as ~ peor3s q tAis state are coz-
cern@c. Il wseId se nttsrly r1tas 20 az.
sors tAsrn any relief
" trey wish &c he dishonest e~s a.
re sanse rfrss act logically. sassea. q
zxssnk re- fr-@ coinage % silver, which
wf'f a~or1 hen assossssiy Nc se.les. FAssr
proper remedy u 20 demand ire eas-@r~
81 a sos eos.sr wfsA cugy sals as r.ucA
suii.oa n Z as = eezt&inesa IN the PRES
eat ectn-