The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-01

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worth more because to keep faith is
right. and to repudiate is to cheat.
Moreover, the state that keeps faith
exactly can borrow at low rate with
its high credit, and in the end saves
more and develops faster. Would 1t
be bad faith to Top to the silver
standard and pay off the national
debt in silver? Certainly! Interest on
bonds has always been paid in gold,
even during the paper money period
from 1862 to 1879; bonds were refunded
and the principal paid in ''coin,"
which, in fact. was gold; since no sill
yer had been in circulation soon after
1884 down to 1878 (when the Bland
Allison act went into force. More
over, buyers Of United States bonds
were given to understand that their
principal would be paid in gold. And
under the resumption act of 1875,
when reserves were collected with
which to resume specie payments in
1879. gold was the only coin collected.
No one from 1862 down to the period
about 1875 (when silver suddenly fell
in value) ever thought OF silver pay
ments for bonds. At that time the
present silver party was the green
back party, and to secure reputation
they were urging the payment of the
public debt in paper. And 1t was only
when silver fell in value, even below
paper, that it was ever proposed to
give silver any rights" That is the
moral Of the whole matter. Silver
would never be thought of for mo-
ment If 1t were dearer than gold Sill
yer is advocated because it Is a cheap
er dollar with which to pay off in
debtedness. In short, silver is the
resort Of the inefficient, of the less ca
pable, and of those who have had little
success in life. for the purpose of do
ing by government help what they
have failed to do for themselves. On
what grounds Of morality should the
state legislate in favor of any one
class as against another class? 1t is
the very essence of free government
that every one should have equal
treatment, be he rich or poor.
The moment we depart from that
principal we have reached chaos. The
equal rights of all is the very reason
for the existence Of our government.
What right, then, has any man to pro-
pose to scale the national debt by 48
per cent, because thereby individuals
N~ASO OSS~@N
same extent? Such a measure is
treason to the principles of free gov
eminent In the proposal for free coin
age Of silver is contained the single
silver standard and Reputation of 48
per cent Of rightful contracts. Our ma
tional honor and credit are at stake.
If we were in this form to dishonor our
obligations, all foreign capital would
shun us, and labor would thereby be
left without employment; chimney
would cease to smoke, and dinner-pailS
would be empty. Cheap money Is
cheap honor.
Where would the matter end II once
undertaken? If the government paid
in silver, and thereby cheated the hold
ers Of its bonds for which they paid
gold, Of course it would make all its
payments in 52-cent dollars. That is,
any one receiving money from the
United States would get 1T in 52-cent
money. So the army of pensioners who
have been getting a fixed number of
dollars per month, would get the same
number of dollars as before, but each
dollar would be worth but So cents in
| stead Of 100 cents in gold, as at present.
| And every official of the government
would be paid 48 per cent less in pur-
| chasing power over goods for the same
work he is doing now. Where is the
morality Of that? For what great ma
| lose one-half their pensions? Forsootn,
in order that some cheap men should
cheat their debtors by cheap money!
Truly a splendid reason for sacrificing
one-half Of fixed salaries and wages!
A noble exhibition Of American pluck
and manliness! Hurrah for cheating
Let us all vote for dishonor!
II wrong for a state 1t is equally
wrong for an individual to repudiate.
1t is a commonplace Of business life
that trade and commerce could not
go on as at present for single day II
men did not keep their word. Ask a
business man what happens if an over
smart dealer offers to pay off his obi
cations at so cents on the dollar, or
takes advantage of any legal bubble
to do this. He Is Stunned by all hon.
orable men, and can never again re-
ceive confidence any more than an
embezzling cashier. Indeed, 1t Is a
homely business fact that honesty Is
the best policy; and mistaken men who
think 1t is not will learn this maxim
by bitter experience.
The unblushing advocacy of free
coinage Of silver as means of light
ening the burden Of the debtor by
legislation affecting public and private
interests is an affront to every self
respecting American. We do not ask
to escape our burdens in that way.
rich by free coinage of silver. We
prefer rather to see honor and faith
so scrupulously kept that capital will
flow in from every quarter, new enter
prises be Undertaken, new mines
opened, new factories built, new steam
ers running, and in the busy hum OF
industry we shall more easily get the
opportunity of getting that employ
ment which will enable US to lift our
Indebtedness. We care for principle
more than for pelf. Why should we
be glad to see class legislation intro
duced and an orgy Of corrupt lawmak
ing ensue? For If begun in favor Of
one class it is sure to be followed up
In favor of other classes. And where
will the anarchy end? OF course, those
with the longest purses can get the
biggest enactments; and again, the
corrupt rich will get the advantage
over the honorable and upright poor.
That is a situation no one wishes to
see. If there are any signs of 1t now,
purge the nation Of 1t. instead Of try
ing for more of 1t.
Looking at 1t souareIy, we see that
free coinage Of silver is certain to bring
us the single silver Standard 1T viii
I--;y-c ~ - -
that silver standard is actually enacted,
III vrQer 10 80 So 1890
chance; this will precipitate a huge and
awful catastrophe, a panic. which will
cause q depression of trade and q re-
duction Of employment for years. All
this-for what? Because some politi-
clans are "of the opinion that more
money would raise prices and tighten
Indebtedness. And the whole country
must suffer losses of millions of dollars
because these unframed financiers, who
have had no success themselves, wish
to experiment with fire and tornado.