Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-10-16
WY IT WAS osMoNErlzeo.



From n Speech by Hon. Alex. Del Mar f,e.
fore the Memphis Silver Convention IN
June. iS9A
The monetary commission. of 1870,
with which / was connected. reported
that the acts of 1873 were. one of them.
passed surreptitlously. and the other
upon false or erroneous assurances.
This has since been vehcmcntly de.
MED. l am going TO show YOU rot only
that the commission was right. but that
these acts were the issue of European
Intrigue and precedent
At the period OF this legislation the
ratio OF value at which silver and gol,l
were purchased and coined at the
French mints WAS fifteen and one-half
weights for one; ut the mints of the
United States. sixteen 10 one. In conse-
quence of this difference (nbout three
per cent?, those who had silver 10 coin
sent IL to Paris rather than Philadcl-
phia, San Francisco or New Orleans.
Had the opposition TO the coinage of
collars In the two metals and the pref
ercnce by creditors of the government
for one metal over the other been OF
American origin. the one metal chosen
would inevitably hnve been silver. be-
cause, i'm fact, the silver dollar was
worth three per cent. moro than the
gold one. and because The fundholders
who notoriously promoted md sup
ported the legislation OF 1873 would no
more have preferred Cold dollars then
than they would silver do,lnrs now.
But In Frnnce--indecd. I'm Europe gem
crally-whosc mmts and markets CON-
monly followed the vast coinage Of
France, the gold and silver coins Of like
denominations were OF pre- sely equal
value. Hence 10 the European holder
OF American bonds In lS63-04 u made no
difference whether he wns paid I'm goll
or silver coins. provided-ani this was
the point essentially Important 20 HIS
interest or avidity-provlded thnt the
debtor was deprived of the option OF
paying In coins OF tho other metal. The
preference OF gold was certainly not
American. because at the American
mint ratio gold dollars. when melted
down. were only worth OF cents. II
was therefore OF European origin. We
shall presently see why these "chenper"
dollars were preferred 20 silver ones.
Under the Code Napoleon H. wns cN-
plicitly laid down that all debts, taxes
and contracts for sums OF money, no
matter I'm what other terms expressed.
were legally and equitably dischargcn-
bic I'm the current money of like dcnomi-
nations upon the day OF payment. This.
principle cnmc down from the Romnn
commonwealth; II. was preserved by
Fnuius In the Digest; II was upheld 10y
NIL the journalists OF the cmp pire and OF
the various provinces end Kingdoms
nto-whlch the empire afterwards split.
IL was supported with great emphasis
and eruditlon by Sir Mathew Hnle In
the celebrated cnse Of mixed moneys.
and " was maintained by the United
States supreme court I'm the great cnscs
which were nd Indicated by Chief Justice
Chase and full bench.
At the time when the Necessities OF
our government compelled IL 20 issue
hundr'ds-nay. almost thousnnds-of
millions of six per cent. and fvc per
cent. bonds. with interest payable In
coins" the French court OF cassntion
promulgated decision I'm perfect nc
cordancc not only with the entire range
OF legal authority, but also with the
Code Napoleon. To the effect that on
this subject no man could contract him
self out OF the law; in short, that con-
tracts for money were equitably dis
chargeable In the current money OF
the day OF payment This decision
alarmed the European holders of
American bonds. Whnt might not these
shrewd, those progressive Americans
40 with respect TO the interest OH these
bonds, which wns payable In "coins 90
Perhaps they would strike coins of de-
based gold. like the ancient Athcnians,
or of pewter md gun metal, like the
princes OF the house of Stuart, or plated
brass. like the petty lords OF then dis
trnctcd Germany. Would they not be
justified by law, by history. by authori-
ty. by precedent. by the decision go re-
Gently rendered In our French court OF
cassationP Most assurediy.
There was but one way to avert this
fnnciful calamity. This was 20 de-
monetize one OF the precious metals and
fix the standard OF the other. But which
metal should be demonetized? Gold:
Oh, no; the American government would
never consent to that. because II would
obiige them TO Fay In silver dollars.
which. under the operation of their own
laws, ns influenced by our 1.-THE French
mint law, are worth three per cent.
more than gold ones. Therefore, let us
cndeavor 10 demonetize silver. To us
~ makes no difference; to the Ameri-
cans IL is gain of three per cent. Let
US Tribe them with this three per cent.
to surrender their option OF the metals.
All doubt as to the kind Of payment be-
ing then removed. cur American bonds,
purchased at 40 cents. will rise to par
and over.
At that time there were 100000 COO
TO l.50o,0o0,OoO OF American bonds In
Europe, or held on European account.
The inception of this project. which
soon developed into an active intrigue,
therefore stood to win $GOO. .0oO, 900 to
S1,000.O 100000.
The only Source or Relief.