Smyrna times., 1896-08-12

Morning NelUs
THE SILVER DOLLAR
AND DEBT PAYING.
For the Times
Mr.. EDITOR:-It seems to me like a
time for those who have the advantage
of age and experience to speak out and
let the benefits of their experience be
known. The money question is the
one now that is dividing and exciting
the people. The word comes to me
from the South and from the West that
the people, the great bulk of the peo-
pie are in debt, are really involved be-
yond the possibility of payment, and
unless something is done to relieve
them that almost universal bankruptcy
awaits them. Supposing this to be so,
how is the proposed remedy to benefit
them" Free coinage is the word.
And while that is said, there is more
intended, that is not being said. 1
have no doubt but they mean that the
ratio of 16 to shall be maintained,
even if silver should go down to 25
cents instead of the present price of SO
cents. With this cheapmoney on hand,
and the country flooded with it, the
expectation is that the price of produce
will be doubled.
With this cheap money to pay debts
with, all obligations will practically be
reduced one half, and all debts can be
paid with fifty cents on the dollar.
This would be bankruptcy with a ven
geance. Whole communities by a
Single act of Congress pushed into
bankruptcy. 1t is of course the mean
ing and intention of these advocates OF
deprecated money that it shall be q
legal tender for the payment of all
obligations. 1t may be recollected by
some that the Greenback law of near
times made that deprecated currency
a legal tender, even for old contracts
that were in existence before Green
backs were ever thought of. There
was no exception made or remedy pro-
vided, even if Greenbacks, should 90
down to ten cents for a dollar. And
the courts, all agreed (even the Su-
preme court of the United States) to
say that this was constitutional. I
did not suppose that those who lived
In those near times and saw the wreck
and ruin wrought by forcing a de.
preciated currency upon the people
would ever want to see any more such
legislation. 1t must be allowed how.
ever that it made easy times for folks
that were in bebt. They could paw of
debts of every description with 40 cent
dollars. While this is very nice and
plausible for the debtor, one question
that comes up is that of right. Is
there no injustice and wrong in this
If this is right, and a good thing to in
sure prosperity, why stop here? WHY
not go farther? Stamp % cents worth
of silver with the letters one dollar
and ''In God We trust" and compel th,
people to take it in payment of all
debts. How soon the people would
have all their debts paid, and happines,
and prosperity abound. What matter
about the heartless creditor. WIN
should he be allowed to grind tn,
faces of the poorP
After people have seen how well q
cent dollars serve, and what relief the,
have brought to the debtor they MAJ
then go farther and make ten cent
worth of silver do. As to the question
OF right and Justice they have as mucl
right to stamp ten cents worth of sill
yer and compel the people to take il
for dollar as they have to so staml
90 cents worth. Legislation will no
raise the market value of anything, ant
all legislation so far in regard to sill
yer has not prevented its market vain,
continually decreasing.
This legislatingvto rob the credito,
and give it to the debtor, is not onl,
wrong in principle butt can never af
feet the market values of anything, no.
tend at all to the general prosperity
The consequences, of cutting down a
once to one half of all bank deposits
insurance policies of every description
pensions, fees, salaries of officers, notes
bonds and other obligations of indebt
edness is frightful to contemplate
The general panic and disaster tha
would result from the upsetting of al
values and annulling of contract
could never be estimated with figures
Nowhere upon the face of the earth i
there better money than we have. I
is good and equally good in every par
OF our country and in every othel
country. We now have much NOR,
silver than can possibly be got in cir
J cnlation. The banks all appear to b,
flush with money. As we have a sur
plus of wheat and corn we have to fine
a market abroad for it. No presiden
or congress can raise the price, O
create market; We have 10 depen,
upon the market in Liverpool and the,
OF course fix the price.
The trainers of the U. S. Constitu.
tion evidently intended to protect on.
people for and from the effects of lega
tender legislation. They had seei
enough Of its effects to put lasting sea
OF condemnation upon it. Wemay trus
that this free silver craze has not vet 3,