Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-16
THE BLAND-ALLISON BILL.
Prophecies of EVIL Concerning 1t
That Were Not Fulfilled.

To the Editor Of the Dispatch:
As is well known, the Bland-Allison act
was passed by Congress in February,
1878, under which the Secretary Of the
Treasury was compelled to coin at least
100000 standard silver dollars every
month. and was allowed the discretion
of coming not more than 10000
month. This measure was most bitterly
contested by all the advocates Of the
gold standard. 1t was vetoed by Presi-
dent Hayes, but was passed over his veto
by the necessary two-thirds vote. We
have been to the trouble 10 look up this
veto message, and we give some extracts
from IT, and from the speeches made in
Congress. II will be seen that the ar
guments pro and con, are very much
the same which we have now every day.
President Hayes said THE bill pro-
vides for the coinage Of silver dollars OF
the weight OF 4l2 IL grains each. OF stand
ard silver. 10 be a legal tender al their
nominal value for all debts and dues,
public and private, except where other
wise expressly stipulated in the contract.
IL is we'll known that the market value
OF that number Of grains OF standard
silver during the past year has been -
to 90 cents, as compared with the standard
gold dollar Thus. the silver dollar, au-
thorized by this bill is worth 8 TO 10 per
cent. less than II purports TO be worth.
and is made a legal tender fos debts
contracted when the law did not recog-
nize such coins as lawful money.
I'm view Of these facts, II will be Just
" regarded as a grave breach Of the
public faith 10 undertake to pay these
bonds. principal or interest. in silver
coin. worth IN the market less than the
coin received for them. II Is said that
the silver dollar made a legal tender by
this bill viii under its operation be
equivalent I'm value 10 the gold dollar.
Many supporters Of the bill believe this,
and would not justify an attempt to
pay debts. either public or private, In
coin of inferior value 10 the money or
the world. The capital defect OF this
bill Is that II contains no provision pro-
tecting from its operation pre-existing
debts In case the coinage which IL Gre
ates shall continue 10 be Of less value
than that which was the sole legal ten
der when they were contracted. II II
IS now proposed for the purpose Of taking
advantage of the depreciation OF silver
I'm the payment Of debts 10 coin and make
n legal tender a silver dollar of less
commercial value than any dollar, whe-
Their Of gold OF paper, which Is now
lawful money in this country. such mea-
sure. IT will be questioned. VIII, IN the
Judgment Of mankind. be an act OF oau
faith. As 10 all debts heretofore con-
tracted. the silver dollar should be mads
a legal tender only at its market value
The standard Of value should not be
changed without the consent OF both par
tios 10 the contract National promises
sborld be kept with unflinching hdeI-
~ There is no power TO compel nation
70 nav its lust debts. It's credit depends
on its honor The nation owes what II
has led or allowed its creditors TO expect.
7 cannot approve a bill which, IN my
Judgment. authorizes the violation or
sacred obligations. The obligation or the
,,,b1ic faith transcends all questions or
nrodt or public advantage. Its unques-
tionable maintenance Is the dictate, as
vel Of the highest expediency as or the
most necessary duty, and should ever
be carefully guarded by the Executive
bv Congress, and by the people.
at Is my firm conviction that II the
country IS 10 be benefited by SILVER
coinage. II can be done only by the issue
Of silver dollars Of full value Whlch VIII
defraud no man. A currency worth less
than 1t purports 70 be worth WILL IN ,nS
end defraud not only creditors, but all
u,ho are engaged in legitimate business
and none more surely than those VINO
are dependent on their labor for their
daily bread"
senator Herman. OF New York. said;
eve do not need this silver dollar 10
revive business: what we need Is re.
storation OF confidence. a restoration OF
q sound currency an honest measure
Of values. The silver dollar proposed oy
this bill would not be Of equal value
with the gold dollar. 1t would be worth
from, 6 10 10 per cent. less than the Boih
dollar. as the price of silver has been
Tor a considerable time. 80 long
as this silver is deprecated =. 8 or ~
Der cent. or even per cent below the
gold coin, II will drive the latter from
circulation and out OF the country.
Everybody will pay debts ana
do business with the cheaper legal-ten-
der coin. . The cheaper silver
coin will certainly take the place or, ana
exclude the gold. We will not
have as our currency god and silver
coin. we will have silver only. our
standard or measure OF value VIII not
be gold and silver. but silver alone.
on the same line argued Senators
Rayard. Christiancy. Blaine. and others.
Senator Wallace. OF Pennsylvania, met
these arguments and direful forebodlnss'
In part he said: I'VE come now 10 the
act OF 1873 II changed the base OF our
system from silver 20 gold. Up to that
time we had the optional standard;
debtors could pay debts in silver dollars
or in gold dollars. Contracts made on
the faith OF that law were changed, ana
the creditor got the option 10 demand
nav In gold. In decreasing the circulat-
ing medium you reduce prices destroy
commerce. and retard the progress or
civilization. . silver and gold as
mutual aids 10 each other open the door
10 resumption; We have another mefal
TO aid gold. 1t Is constitutional and law
ful money. 1t is coin within both the
word and spirit Of our laws Ii - our