The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-02-08


Oh the Teller resolution. II i a clear,
able and exhaustive discussion OF the
question. No man can be said To be
able to give Il correct opinion Of the
merits OF the controversy without a
knowledge Of the facts and history 50
clearly and forcibly presented by Sen
ator Daniel. He said:
Mr. Daniel Mr. President, | believe
in the integrity OF contracts. The Con
stitution Of the United States believes
in them. II says:
No State shall pass amy law impair
ing the obligation of contracts.
The Federal Government IS under no
such constitutional restriction. Within
its sphere Of delegated powers il j. SOW
crrign its Will is force. anu its force
law.
But the freedom Of sovereignty impos-
es its own loftiest obligation: NoblcSSc
Cb,ige. No man can hold this Govern
mcnt to criminal or civil accountability
if it should impair the obligation Of its
own contracts. ENigency. indeed. may
demand that it shall do it. But If it does
it without such eXigency. 1t Is cast down
in the respect of them-its mainStay. 1t
is under the moral law. That law is a.
certain in its sanctions and in its re
vcnges as the law Of graviiation.
\ contract is not onc-Sded. 1t is NJ
least two-sided. 1t takes two to make L
bargain The Obligation of the contract
rests upon the two THAT made it With
equal pressure, just rs the keystone rests
upon the two columns THAT support the
arch.
\ promise to pay is Il contract. 1t inn
plies Il payer, Il payee, and a thing to
be had. If the thing be specifically
named. il is that thing and no other
thing which the payer agree to pay aud
the payee agrees to receive. That equal
agreement uniting upon the identical
thing is that which constitutes the obli-
CATION of thc contract.
These resolutions Mr.. President. DO
met 90 beyond these elementary princi-
ldcs Of law. They simply and clearly
apply them. The thing which the United
States agreed to pay i, identified be
yond dispute III these resolutions Tho
thing which the paycc agreed and obli-
gated himself to receive is also identified
in these resolutions. That thing is 4
| dollar. is now a COIN dollar of the United
States is a standard dollar Of 412l.
grains or Il gold dollar of 2o;l grains.
That dollar is defined by statute law
Of the United States passed III pursll-
ance of the Constitution. and we have
| sworn to support the Constitution and
these laws. but not some sentiment of
honor Which may be as various as the
men who utter -.
We have never, Mr.. President, by any
Law given the creditor the option to
select the dollar to be paid him. It
would be unnatural and absurd to do 50.
The United States has agreed to pro-
vide Il dollar 1t may tax to pay debts,
but it can not tax the people two dol
lars to Iay one dollar. If the creditor
coming to be PAID could fix the kind Of
dollar to be paid him we would nave 10
keep each kind Of coin dollar in stock
and on hand: that is, two dollars in OF
der to be ready to pay ono debt. We
would have to double taxes hy leyying
both kinds of dolIals in order to be
ready to pay over one.
All the contract calls for is. a CON dol
lar but we have the rig. TO get that
coin dollar in any honest way that we
may 1t is none of the creditors bust
ness how we get. He is not the Keeper
Of our cOnSc;enccS. We may tax for il;
we may coin for it; we may borrow it.
1t is only his business to receive it and
give us quittancc therefor and that he
has solemnly obliged mSelf to do.
There is a reason of poi.cy, as there is
4 reason of principle, why we should
never accord the creGitC. the privilege
Of picking the kind Of dollar to be paid
him. He would always r.ck the one that
was for the noncc Of the dearest in me.
tallic composition. He would look be-
yord the immediate present value OF
the dollar to the composition thereof.
Il ,-IIlI nd
ward in specula tive calculation.
~ thus picking that dollar which has
some greater prospective increment in it
he would increase the demand for that
which was already the most in demand,
and thus increase the disparity which
we should seek to heal That system is
at war with our own plans and cur de
clared policy to maint2 parity. II
check-mates the design of the principle
If parity.
If we TO not let the creditor know
what dollar he VIII get. le Will pro-
claim that one dollar is IL good ;,s anoth-
CT dollar. f we pay sometimes the
cheaper and sometimes the dcarer o.
pay them both iniifferently. without
looking 1T their composition. lat only
looking t. the legal fact THAT th"y ar"
dollars then the parity between them
NlJl ~ His iilt ttAdil sl' ttI iIit
Government and by placing the pressure
Of demand i'll the balance where it j.
most necdcd.
The present system WAS designed to
destroy The parity Of til" metals, and
not TO create parity. Its effect has been
in distinct conSonance With its design.
The dollars. indeed. have been kept at
parity. But the one of Nifich the mot
al Is the more valuable is the one al
ways picked by the creditor: tiI,, other
one is always avoided. Thus the ten
dency upward Of the one Of dearer met
al is always re-enforced and the tenden-
cy downward OF the metal that makes
the ether is always rc-enforced like
wise.
We are reminded, Mr.. President, by