The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1896-08-28

Anon isseis 3 4 d III siIv s
lcease1sf6 M nd e1 q I'M Europe anu
EAmer36 tn sMlnea spf the pAcincS slope Will
BIO closed ami lead. Mining enterprises Of
the gigantic scale existing In this country
cannot be carried on TO provide backs for
and sugar bowls. = source Of incalcnlab;e
wealth to- this entire country Is destroyed
the moment silver Is permanently dis,ised
IA money. LIS is for us to- check that ten
'denty anu bring the continent Of Europe
back to thes3uil rec0grit ton Of the value Of
the metal as medium OF exchange.
The question Of beglnnulng anew the coin
age Of silver dollars hns aroused much dis.
cusslon. a. TO its effect on the, public credit.
The senator from Ohio (Mr Matthewsl
placed this phase Of the subject In the very
forefront Of the insisting prema-
turely and illogi cally, I think, ON q sort Of
judicial construction in advance by con;
that law should happen to be passed by
congress. My own view Of this question
can be stated very briefly. believe that
the public creditor can afford to be paid In
any silver dollar that the United States
can a1ord to coin and circulate. We have
$4O.OOo,OO0 Of property iin this country, and
wise self interest will not permit us to
oyerturn Its relations by seeking for an in.
Sierior dollar wherewith to settle the honest
demands Of any creditor. The question
might be different from merely selfish
point OF view II, on paying the dollar to
performing that function. But the trouble
is that the inferior dollar You pay the pub.
lie creditor remains In circulation. to the
exclusion Of the better dollar. That which
you pay at home will stay here that which
you send abroad will come back. The In
fterest OF the public creditorSis indissolubly
bound up with the interest Of the whole
people. Whatever affects him affects us all:
and the evil that we might inflict upon him
by paying nm inferior dollar would recoil
upon US with vengeance rs manifold rs
the aggregate wealth Of the republic trans
cends the comparatively small limits Of our
bonded debt. Remember that our aggre.
gate wealth Is always increasing, and our
bonded debt steadily growing less. If paid
In good silver dollar, the bondholder has
nothing to complain Of; IL paid In an In
ferior silver dollar, >he has the same griev-
ance that will be uttered still more plain
lively by the holder OF the national bank
Dali. by the pensioner, by the day lab0rcr
and by the countless host of the poor, whom
we nave with us always, and OH whom the
most distressing effect Of inferior money
Will be ultimately precipitated.
But I say. Mr.. President, that the spe-
ellie demand for the payment of our bonds
In gold coin, and in nothing else, comes
with an Ill grace from certain quarters.
European criticism .is leveled against us,
and hard names are hurled ut us from
across the ocean for simply daring to state
that the letter of our law declares the
bonds to be payable In standard coin of
July IA, 1870; explicitly declared so, and de-
clared so in the interest of the public cred
itor, and the declaration inserted in the very
body of the $S00,OOO,OOO Of bonds that have
been issued since that date. Beyond all
doubt the silver dollar was included in the
standard coins of that public act Pay
M Af 31of fts,,x, 1,or, haay
ceptable and as undisputed In silver as In
gold dollars. for both were equally valu-
able In the European as well as In the
American market. Seven-eighths VI all our
bonds owned out Of the country are held In
Germany and in Holland. Germany has de-
mOnetized silver and Holland has been
forced thereby to suspend Its coinage since
the subjects of both powers purchased our
securities. The German empire, the very
year after we made our specific declaration
for paying. bonds In coin, passed law de-
stroying, 10 far as lay In its power. the
value OF silver as money. ! do not say that
1t was especially aimed at this country, but
1t was passed regardless Of Its effect upon
us. and was followed, according to public
and undcnied statement. by large invest
ment on the part Of the German govern
ment In our bonds, with view, it was un-
derstood Of holding them rs coin reserve
for drawing gold from US to aid In establish
ing their new gold standard at home. Thus
by one move the German government de-
stroyed, SO far as lay in Its power, the then
existing value of silver as money, enhanced
consequently the value Of gold. and then got
into position to draw gold from us Mt the
hour of their need, which would also be
the moment of our own s0rest distress.
do not say that the German government, In
these successive steps, did a single thing
which 1t had not perfect right to do. but
I do say that the subjects Of that empire
have no reason to complain to our govern
ment for the initial step which has I'M
paired the value Of one Of our standard
coins. The German government. by Joining
with US In the reconciliation Of silver, can
place that standard coin in its old position,
and make 1t rs easy for this government
to pay, and as profitable for their subjects
to receive, the one metal as the other.
When we pledged the public creditor in
1910 that our obligations should be paid in
the standard coin OF that date, silver bull
lion was worth In the London market
fraction over 60 pence per ounce; Its av-
erage for the past eight months has been
about 81 pence; the price reckoned In gold
due in part to the rise Of gold as we'll as
to the fall Of silver. Allowing for both
causes and dividing the difference. 1t will
he found. in the Judgment of many of the
wisest men Of this country, perfectly safe
to issue a dollar of 1875 grains standard
and legitimate influence Of reconciliation,
will equate itself with the gold dollar, and
eHectually guard against the drain OF our
gold during the time necessary for inter-
national conference in regard to the gen.
eral recstablishmcnt of silver as money.
When that general recstablishment shall be
effected with coinage Of fewer grains, the
dollar which am now advocating will not
cause loss or embarrassment to anyone The
miner Of the ore. the owner of the bullion,
the holder Of the coin. and the government
that issues it. will, all in turn, be benefited.
1t will yield profit on reconage and will
be advantageously employed In our COM
mcrcial relations with foreign countries.
Meanwhile it will insure to our laborers at
home full dollars pay for u dollars worth
Of work.
think we owe this to the Ameri-
can labOrer. Ever since we demon
etixed the old dollar we have been
running our mints Mt full speed,
coming q new silver dollar for the
use of the Chinese coolie and the In
dian pariah-a dollar containing 42O
grains of standard silver. with its