The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1897-06-25
is NOT REPUTATION,
1T is SELF-DEFENSE AGAINST
DESPOlLERS.
"'sdge Z. }. Iiillyer Shows the Relation
Between n Money Standard and Debts
Our Right to Pay According to the
Contract.

Inc essence or the silver controversy
IS the antagonism of interest between
debtors and creditors. If there had
been no debts silver would never have
been demonetiZed, for no one would
have had any interest in it's demoneti-
cation. If there were now no debts
there would be no serious opposition to
the restoration of silver. The scheme
for substituting a single standard of
gold for a double standard of gold and
silver was ~inauguarated by the own
ers OF obligations for the payment of
money. In it's inception it was a con-
spiracy for the robbing of debtors alb
solutely destitute of excuse or plaus-
Utility. By Influences as powerful as
their employment has been unscrupu-
lous the Infamous project has been
pushed to a partial contamination and
a position secured where it's authors
and abettors, without defending the
original fraud, are emboldened to in
woke a principle of equity in support of
its perpetuatjon. 1t is said that, with
out regard to the injustice of a 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. If the premise is correct,
l grant the conclusion. If a debt is
contracted pom a 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 I wish
to make the most absolute and I'M
%equivocal denial hat there is a single
dollar of Indebtedness due from any
citizen of the United States contracted
under or with reference to a gold stan
dard.
And first, l 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
$22, 000, 000, 900 and is now $29, 900, OOO,-
600. There can be no p%retense that any
portion of this Indebtedness due in
1878 was incurred upon a gold standard
or with reference to any other than a
double standard of silver and gold at
the existing ratio. The increase Of
1000, 000, 900 since 1873 does not rep
resent any contribution of new capital
by the owners of these obligations, con-
sidered as a class, but only a 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, 240, 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. 1t is
immaterial how much r%efunding and
change of form of instruments or even
shifting of locality there may have
been, so long as the Indebtedness has
not been extinguished the equity as to
the mode of payment has not been
changed. 1t was contracted under a
double standard and it is a violation
of equity if it's discharge should be- re-
Quired in accordance with any other
standard by which it's burden may be
more onerous to the obligors. If 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.
The abuse of governmental power has
been the same in the n cas- 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
equity could be created as to a change
in the burthen of payment. My reason
for selecting this national indebted
ness of 1873 for special consider
was that in respect to this the ,
nent could be made conclusive.
gard to other classes of indebtedn#
is more difficult to fix accuratel5
time and conditions of it's contra
But here is $22, 900, 900, 900 (saying
ing about reinvested INTEREST,",
corning which there can be no gu
or controversy. It was a, debt ex