The Louisiana populist., 1897-07-23
is NOT REPUTATION.
IT IS SELF-DEFENSE AGAINST
DESPOILERS.
Sudge c. j. Hillyer Shows the Relation
Between Money Standard and Debts
Our Right to Pay According to the
Contract.

aebtofs and creditors. II there had
Deen no debts silver would never have
Deen deInonetized, for no one would
nave had any interest in its demoneti-
cation. II there were now no debts
there would be no serious opposition to
the restoration of silver. The scheme
Tor substituting single standard of
gold for double standard of gold and
silver was inauguarated by the own
ers OF obligations for the payment of
money. In its inception it was con-
spiracy for the robbing of debtors ab-
solutely destitute of excuse or plaus-
ibility. BY influences as powerful as
their employment has been unscrupu-
lous the infamous project has been
pushed to partial consummation and
position secured where Its authors
and abettors, without defending the
original fraud, are emboldened to in
woke principle of equity in support of
Its perpetuation. 1t Is said that, with
out regard to the injustice of change
Of standard as an original proposition,
present Indebtedness has been incurred
with reference to a standard Of gold,
and therefore should be discharged up
on that basis. II the premise is correct.
/ grant the conclusion. If a debt is
contracted upon standard of gold it
ought to be paid in gold. This is SIM
ply saying that people should do as
they have agreed, and equally whether
the agreement has been express or i'm
piled. But with this admission l wish
10 make the most absolute and TN
equivocal denial that there Is single
dollar of Indebtedness due from any
citizen of the United States contracted
under or with reference to gold STAN
dard.
And first. / wish to consider that
vast body of public debt evidenced by
national interest bearing obligations.
In 1873 the aggregate national indebt-
edness (allowing for some not very
important variations in statistical
statements), was In round numbers
$4,000, 100000 and is now $4,000, ,000,-
600. There can be no pretense that any
portion of this Indebtedness due in
1873 was incurred upon gold standard
or with reference to any other than a
double standard of silver and gold at
the existing ratio. The increase Of
$1,000, 100000 since 1873 does not rep
resent any contribution of new capital
by the owners of these obligations. con-
i sidered as class, but only reinvest-
ment Of a certain portion of the inter-
est which they have received. This
interest on the twenty-five billions due
In 1873 at four per cent, which Is less
than the average rate, has for twenty
three years amounted to $40, FAC, ,000, 900,
enabling the national creditors of 1873.
without drawing from other sources,
to absorb the seven billions Of increased
national debt and have left thirteen
billions for investment in other secur-
tiles. As to the standard under which
payment should be made, the interest
on these obligations Is affected by the
same equities as the principal. It is
/ immaterial how much refunding and
change OF form of instruments or even
4 shifting Of locality there may have
y been, 80 long as the Indebtedness has
not been extinguished the equity as to
the mode of payment has not been
lchanged. 1t was contracted under a
Double standard and 1t Is violation
I equity II its discharge should be re-
Iuired in accordance with any other
/ tandard by which its burden may be
h0re onerous to the obligors. II in
any process of refunding new obliga-
\ tions have been substituted payable in
gold alone this substitution has been
brought about by the same influences
and instrumentalities through which
the money standard has been changed.
4 The abuse of governmental power has
been the same In the one case as the
other and the injustice equally fla
grant. Neither has had the intelligent
consent Of the tax-paying debtors,
without which no obligation binding in
eduify could be created as to change
in the burthen OF payment. My reason
'for selecting this national indebted
'ness Of 1873 for special consideration
twas that in respect to this the argu-
Iment could be made conclusive. In re-
lizard to other classes Of Indebtedness 1t
lIs more difficult to fix accurately the
lkime and conditions Of its contraction.
but here is s22. .000. coo. 900 (saying moth
Ing about reinvested interest), con-
eerning which there can be no question
3 Ior controversy. 1t was q debt existing
& II 1873, and it is still, however its evi-
dences may have been remodeled, a
1 kubsisting debt. Every dollar Of this
$ hebt was contracted when the double
tandard prevailed universally and
xhen everywhere fifteen and one-half
ounces Of silver were practically equiv
blent to one Of gold for its payment.
8 M one familiar with financial history
loubts that It Is now owned not only
~ the same limited class as in 1873,
huf substantially and as to the great
milk Of 1t, BY the same individuals or