Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-08-23
NATIONAL TICKET.
FOR PRESIDENT
William Jennings Bryan of Nebraska.
FOR VICE PRESIDENT.
Arthur M. Sewall of Maine
PRACTICE VS.. DOCTRINE.

InACLlCij va. DOOIhINB.
Among the many national banks in the
United States there is probably not one
i'm thousand which practically comedies
TO its noteholders or depositors the choice
of the money in which their demands
shall be paid. There is not one of them
that will not stoutly assert its option
to pay over it's counter just that kind of
legal tender money which suits it's inter-
est and convenience in satisfaction of its
liabilities.
In this there is nothing wrong morally
or legally. 1t is the debtors privilege
to pay his debtsin that form of money
lawful for the purpose which he can most
readily obtain. If his creditor desires to
avoid the exercise of this privilege he
can SO stipulate in the contract; and, fail
ing to do so, he virtually assents to the
debtors assertion of it. Therefore, the
noteholders or general depositors of a
bank cannot justly claim gold, or any 9TH
er specific form of legal tender, from it
in payment With the special depositor,
or the holder of notes specifying the
money in which payment is to be made,
the case is quite different; for here the
debtor valves his option by the contract,
which must govern.
Nor is the financial credit or standing
of any bank or other party impaired or
degraded by the exercise of this right
Ito pay in the form of legal tender which
best suits the fancy or interest of the
debtor. The creditor has authorized it,
and cannot complain if the debtor avails
himself of it. To meet and discharge
contract of any kind, strictly in accord
ance with it's letter and spirit, can in
volve no loss of credit or standing by this
debtor. For him to do less, if he is able,
DIS dishonest; but it is not whit more
dishonest than for the creditor to exact,
or attempt to exact, more.
These things are as true in respect to
the obligations of states and sovereigns
as in respect to those of citizens and cor
porations. The rights of the United
States as creditor are no higher in
point of obligation, and its liabilities s
"a debtor are not more stringent, than
those of any private person. AS debtor
it is entitled to the same option as to the
mode and medium of paying its debts,
and this it has never waived nor re-
nounced All assertions to the contrary
are ignorantly or willfully false. The
United States has never yet contracted
debt of any kind payable in gold alone
or in silver alone. The gold certificates
and silver certificates issued by it are not
properly debts or obligations, but simply
evidences Of the deposit with the United
States, as bailee, of the gold or silver
coin mentioned therein.
The Stanley-Matthews resolution,
passed nearly twenty years ago by an
overwhelming majority of both parties
in both houses of congress, expressly
declared all the coin obligations of the
United States to be payable in standard
silver dollars OF the United States, con-
tanning Ape grains of silver, and that
this was no wrong to the holders of such
bonds. Nearly ten years earlier the con-
grsss, then Overwhelmingly republican
in both branches declared all bonds and
notes of the United States, without dis
tinction, payable in United States coin,
OF which the silver dollar was then and
had been for nearly eighty years the
unit and standard of value. This very
declaration was procured by the inf1u-
ence and in the interest of the public
creditors, through John Sherman, their
hired man. The Sherman silver pur-
chase law of 1890 asserts this same option
IN respect to the treasury notes issued
hereunder; and though it has been
lawlessly abandoned, to the great hurt
Of the people and the looting of the
treasury, it still exists of right as fully
as ever, and should the democratic party
elect Mr.. Bry ali it will be asserted. as it
once was by Mr.. Manning, to save the
treasury from plumber by Morgan, Bel
mont and other Sound Money leaguers
The United States, then, can exercise
this right Of choosing the legal tender
III which it win pay just as honestly as
can any other debtor. corporate or indi-
vidual. 1t can do So with certainly as
little loss OF credit as the national bank
which pays 10 its noteholders or depos-
itors legal teEder notes or silver, a its
choice when they demand gold, Such
a bank would repel with entire propriety
and justice the imputation of either dis
honestly or loss of credit predcated
upon such action; and SO may the United
States.
If we may credit the utterances of
their officials, however, nearly all the
banks in the country pursue daily and
systematically course of business
which they say would be dishonest in
The United States and ruinous to its
credit OF course this is not true. They
know better. But what confidence can
they hope to inspire and maintain among
plain people in the honesty and solvency
of their own institutions by such pre-
lenses? Can they expect people to in
trust their money to them while they
are constantly p: 1elaiming that any