Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-10-16
Why IT WAS DeMoNErlzgo.
RnockinE Out s.ivcr Gavo Many millions
tn Earal.rt. I,anhhaiIa..

From Speech by Hon. Alex Del Mar tie.
lSre the Memphis Silver Convention In
Juno, 1891
The monetary commission of 1870,
with which / was connected, reported
that the nets of 1879 were. one of them,
passed snrreptltlously. and the other
upon false or erroneous assurances.
This has since bccn vehcmcntly de.
MED. l am going to show YOU not only
that the commission wns right. but that
these nets were the issue of European
intrigue nnd precedent.
At the period of this legislation the
ratio OF value nt which silver and gol,l
were purchased and coined at the
French mints WINS fifteen md onc-hnlf
weights for one; ut the mints of the
United States. sixteen to one. In conse-
quence of this difference (nbout three
per cent?, those who hnd silver to coin
sent II to Paris rather than philndcl-
phln, San Francisco or New Orleans.
Had the opposition to the coinoge of
collnrs In the two metals and the pref
erence by creditors of tho government
for one metal over the other been OF
American origin, the one metal chosen
would inevitably hnvc been silver, be-
cause, In fact, the silver dollar was
worth three per cent. moro than TIE
gold one. and because The fundholdera
who notorlously promoted md sup
ported the legislation OF 1879 would no
more have preferred gold dollars then
than they would silver dollars now.
But In Frnnce---indecd, In Europe gem
crnlly-whosc mints and mnrtots CON-
nfNntv fn1lntrn1 IA.
France. the gold and silver coins OF like
denominations were OF precisely equal
value. Hence to the European holder
of American bonds In 1s03-0A II made no
difference whether he wns paid In gold
or silver coins. prov'tlcd--and this wns
the point essentially Important TO his
interest or nvidity--provlded thnt the
debtor WINS deprived OF the option OF
paying In coins OF tho other metal. The
preference of gold WINS certainly not
American, because Mt the American
mint ratio gold dollars. when melted
down. were only worth OF cents. 1t
wns therefore OF European origin. We
shall presently see why these "chcnpcr"
dollars were preferred to silver ones.
Under the Code Napoleon H. was OK
and contracts for sums of money, no
matter In what other terms expressed,
were legally and cquitably tlischnrgcn-
bic In the current money OF like dcnomi-
nations upon the day of payment. This,
principle came down from the Roman
commonwealth; II. was preserved by
rnulus In the Digcst II WINS upheld by
nll the journalists of the empire md OF
the various provinces md Kingdoms
into which tho empire afterwards split;.
1t was supported with great emphasis
md cruditlon by SIR Mathew IInle In
the celebrated cnsc OF mixed moneys.
and IL was maintained by the United
Statea supreme court In the great cnscs
which were ndiudlcntcd by Chief Justice
Chnsc and full bench.
At the time when the necessities OF
our government compelled It to issue
hundrrds-nny, almost thoilsnntls-of
millions OF nix per cent. and five per
cent. bonds, with interest payable In
COINS" the French court OF cnssntIon
promulgated q decision I'm perfect nc
corlnncc not only with the entire range
OF legal authority, but nlso with the
Code Napoleon. to the effect that on
this subject no man could contract him
self out Of the law; In short, that con-
tracts for money were equitnbly dis
clargcnble in the current money OF
the dny Of payment This decision
alarmed the European holders Of
American bonds. What might not these
shrewd, those progressive Americans
40 with respect to the interest OH these
bonds. which wns payable in "coins ?"
Perhaps they would strike coins Of de-
bnscd gold. like the ancient Athenians,
or of pewter and gun metal, like the
princes OF the house of Stuart, or plated
brass, like the petty lords OF then dis
trnctcd Germany. Would they not be
justified by law. by history, by authori-
ty, by precedent. by the decision 20 re-
Gently rendered In orr French court of
cnssation? Most nssuredly.
There wns but one way to nyert this
fanciful calamity. This wns 10 de-
monetize one OF the precious metals and
Fix the standard OF the other. But which
metal should lie demonetized? Gold I:
Oh, no; the American government would
never consent to that, because II would
obiigc them to Fay in silver dollars.
which, under the operation of their own
laws. rs influenced by our 1.-THE French
inin) INV, are worth three per cent.
moro than gold ones. Therefore, let us
cndeavor to demonctize silver. TO us
H. makes 10 diffcrcncc to the Ameri-
cans 1t is gain of three per cent. Let
US Tribe them with this three yer cent.
to surrender their option OF the me tails.
All doubt ms to the kind Of payment be-
ing then removed. cur American bonds
purchased at 10 cents. will rise to par
and over.
At that time there were 1000, O,ooO, COO
to l.60oO00,000 OF American bonds In
Europe, or held on European account.
The inception of this project. which
soon developed into an active intrigue,
therefore stood to win 5000, ,00O,0O0 to
81 900. 100000.
Tho Only Source OF ReIiof.
David Evans Is one of the prominent
business men of Eureka, New. lie Is the