The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-05-07

the United States pay their debts accord
ing to contract?' If not, why not? That.
the question. =.
Our national government is largely il
debt. 1t is the remnant of the war ex
penses. Pay day is near at hand. 1t is
fast approaching. How much does the
government owe? To whom is it indebt
ed! What are the terms of the contract
VIII 1t be able to pay when the debt be,
comes due? All these questions should
lead the mind to dispassionate reflection
and call for wise, patriotic, business-like
action. "A the common business af-
fairs of everyday life, they are all
considered and acted ON by every
citizen who is in debt and is homes
enough to want to pay up what he owes
Then why can not we so consider and act
on them in relation to our government
Whatever the people command, the gov
the right way. Now then, go to worl
and give your orders in your sovereignty
capacity. Do it through your primaries
and state conventions. See that YOU
wishes are expressed in your platforms
and pledge every candidate for office t.
obey them, or defeat him. Now, as &
starter in this great work, l offer three
inseparable resolutions which | ask yol
to consider, to debate and adopt:
First-Resolved, That the United
States should prepare to pay their debts
on demand at maturity according to thu
express erms of the contracts.
Second-Resolved, That as all the debts
of the United States are payable il
"coin," the standard money, silver ant
gold, at the ratio of 16 to / without dis
elimination, according to the law in eX
istence and the terms of. the cOntrac
made when the said debts were incurred
we demand that they shall be so paid a
maturity clear of modification or change
in favor or against the government.
Third-Resolved, That we demand Tn,
unlimited free coinage of silver and gol(
on equal terms without discrimination
by the United States at the ratio of II
to l.
NO REPUTATION.
Where is the man, east, west, north o
south, white or black, Democrat. Popu
list, Republican. Greenbacker, Prohibi
zionist, fence-rider, boltercrat or mug
wump, who will not vote for the first res
olution? 1t simply expresses an homes
demand that the debts of the government
shall be honestly paid according to con
tract. When you find man against thi
principle he is either repudiator, read
and willing to see his government smirch
ed with dishonOr by a refusal to pay it
debts, or he is sycophantic boot-licE
who for a smile, even CONTEMPORARY be
slowed by a government creditor, wOul
change the contract to the detrimeRt an
injury of the people. In either role h
,nf nd t1n Il -.
spect of his neighbor. PAY according t
contract" This will do for the leadin
motto to be inscribed ON every campaign
banner and taught to every school chill
for the next ten years. If this will no
win, then lessons of reputation waugh
by high authority will spread Throughout
the country to bring forth harvest o
disaster and distress to every materia
interest and honorable citizen in the land
THE CONTRACTS.
The second resolution involves tn
They consist of two kinds: O Prom
Uses to pay on demand without interest
government notes, paper money" {.
Promises to pay at specified times wit
interest-government bonds. These note
paper money! and bonds are all payabl
in "coin"-the standard money of tn
government, recognized by law at TIL
time they were executed. Examine til
law and the contracts and see if this prof.
osition is not absolutely correct. Whi
was this 'coin?" What was this stant
ard money? What are they today? The
have always been. are now, and shoul
continue to be ''silver and gold''-hones
money.
AS early as 1887 congress passed LAY
sin regard to the establishment of mil
and regulation of coins of the Unite
States. The coins regulated were 81
yer and gold. The ratio then establishe
was the present ratio of 16 to l. Thi
was the ratio when all the government
debts were contracted. and it so remain
today. Any change of it, however Sigh
would be violation of these contracts
No person would be permitted to chang
his contract without the consent of a
parties to it. Neither has the govern
ment this right. If these contracts ar
to be altered by a change of the estal
lished ratio of 10 to- l." the consent @
the creditors must first be had and TIL
terms agreed upon or they will get the &C
vantage they are now seeking by havn
their obligations paid in gold alone, il
stead of both gold and silver. or either
at the option of the government. Enc
mics to silver call it "cheap money" The
say it is only worth 80 cents on the do
lar"
You can see then what the government
the people-would lose and the creditor
gain by forcing the payments of thes
debts in gold. What applies to the go,
eminent. also applies to every person i
.I,I he, hoe 10 1T hi
in "coin" or in 'lawful money" If tn
money in which the debts can be lawful
and honestly paid is worth only 80 cent
on the dollar" then to change the featur
of the contract would, of course, dOubl
the debts. Manifestly this would be Il
bad a bargain for the government and a
debtors as it would be profitable
the bondholders and the creditor class
Plainly, therefore. you can see the ISSUE
Take view of the facts and draw you
own conclusion of what we have ahea
of us on this question. Look to the liza
bilities: see when they are due, and col
slider the resources. the amount of none
from which they must be paid.
UNITED STATES DEBTS.
According to the official report of th
| secretary of the treasury for last Eel
ruary, the United States owes:
Five per cent bonds due
Feb. /, 1904 .......... $1OO,OOO,OO
Four per cent bonds due
July /. 1907 -. 80. 559,634, 80
$659,634, 80
Add to this the demand OBJ
notes :. 1872, 11O, SO