Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-03-24
THE SILVER QUESTION
Characteristic Letter of Ex-Govern-
or Altgeld of Illinois.
Defends His Standing on the Money
Question and Soundly Berates
Gold Bug Money Lenders-The
Dearest Money.

Ex-Gov. John P. Altgeld has written
letter to Judge Dunno, replying to the
statement made by the president OF the
Iroquois club in his letter to the jurist,
in which Mr.. Eddy cited certain utter
ances of Mr.. Altgeld, published in his
book in favor of the gold standard.
The ex-governor's letter is Characters
tic, and speaks for itself. Here it is:
MY attention has been called to a letter
addressed to you by Mr. Eddy claiming
that I had favored paying the United
States bonds in gold. He quotes from an
article wF9tten many years ago relating
not to the money question, but to the PEN
sion question, and in which 1 urged that
the government should deal as literally
with the old soldiers as 1t did with the
bondholders. In this connection 1t seems
/ used the following language: The masses
CT the people are not averse to dealing just
ly and even literally with the ex-union
soldiers. They can always be relied upon
to support any honorable policy. When,
after the war, it was urged by many that
some of the bonds of the governmens
should not be paid in gold because they did
not call for 1t on their face and had
not been paid for in gold, the masses sus-
tanned the government In paying the golo
not only because it was thought that In
some way the honor of the government
was involved, but because a wise and far
seeing public policy required that the gov
eminent should deal literally with Its
creditors While 1 do not in this language
express an opinion of my own, it Is true
that 1 attempted to state, incidentally and
for the purpose of Illustration only, what
the masses have done, and Mr.. Eddy and
his cause are welcome to make all they
can out of 1t. But when the date and pur-
pose Of the article. well as the then
existing conditions, are looked at 1t will
be seen at once that 1t was simply case
of careless, inaccurate, and. therefore, un-
warranted use of the word gold instead
of the word coin. The article was in the
Sos. and did not discuss money, but PEN
sions. Prior to that time many of our
people had contended that the United
States bonds should be paid in paper money
that the bondholders had bought the
bonds in paper, that paper money was
still legal tender, and, therefore, law
full money, and that consequently 1t would
be just to give the bondholder the same
kind of money he had given the govern
ment when he bought the bonds. On the
other hand it was contended that the gov
eminent should deal literally with its cred
itors, and that it ought to pay its bonds
in COIN. No declaration to pay the bonds
III gold had ever been suggested.
only a few years before congress had
almost unanimously passed the famous
Matthew resolution, which was voted for
by Mr.. Mckinley and nearly all the prom
inent republicans and democrats in con-
Gress. This resolution declared that the
United States bonds were payable at the
option of the government in our four stand
ard dollars. This was the last formal
declaration, so far as know, which our
government has made on the question, and,
instead of it's being declaration to pay
in gold. it was a declaration to pay in sill
yer coin. But this declaration was ac-
cepted by the bondholderS as triumph
over those people who felt that the bonds
should be paid in the same money which
the bondholders gave for them. There is not
an instance on record where bondholder
al that time complained of the Matthew
resolution. The bondholder had been treat
ed literally, and 1 insisted that the soldier
should be treated with equal liberality.
The careless use of language Is always to
be condemned, but when it is used, not in
connection with the subject under con-
sideration, but only in connection with an
attempted Illustration, it is a very small
prop for an opponent to bolster bad case
with. When the question came up for
discussion whether the bondholder should
be permitted to increase the burdens of
the American people by demanding pay
ment in gold of bonds that were pay
able in silver, I promptly expressed my
views in language which nobody has mis-
understood. But we need not be surprised
at the tactics Of the gold-standard people.
Having both justice and equality, we'll
as common honesty. against them, they
have been obliged to proceed by stealth,
by bubble and by Misrepresentation. The
gold standard movement in this country
has never taken an honest step nor drawn
an honest breath. 1t deceived President
Grant as a beginning, and 1t has repeatedly
deceived the American people. But sup
pose I had deliberately declared for pay
ment in gold, that could not Justify a
wrong.
What are the facts about these bonds?
The law authorizing their ISSUE and even
subsequent law that refers to them, ex-
pressly declares that they are payable at
the option Of the government in coin, that
is practically every bond has printed on
its face the fact that 1t can be paid in
standard silver dollars. The resolution of
Senator Stanley Matthews, voted for by
Mr.. Mckinley and nearly all the repub-
licans in congress, simply declared what
the law already stated. 1t was construc-
ton of the contract between the govern
men and the bondholder. This contract
Is the same to-day as 1t was then. The
law has not been changed nor has the
contract in any way been changed. If
they are now. Suppose the bondholders
were indebted to the government under
similar circumstances-would they give the
government a dollar of gold? Would any
sane man call themselves dishonest If they
did not? Further, about $270, 900 of
these bonds were issued by the Cleve-
land administration solely to maintain
the gold standard, and Mr.. Cleveland told
congress in his message that he had to
sell them in the market for many dollars
less than they would otherwise have
brought because of the fact that they
could be paid in silver dollars. Think of
it! Sold very cheap because they could
be paid in silver, yet we are asked to turn
around and pay the spectators in gold.
The truth is, this policy, If carried out,
would not simply be dishonest, but would
be a crime against the toilers of America
whose sweat and blood must earn the
money to pay these debts. And 1t is
also true that the false pretense of the self
constituted guardians of pupIic honor would |
be an insult to common intelligence IL they |
we're not SO extremely ridiculous. Who |
are the men who are ready to resort to
every means, fair or foul, to betray their |
race and sell their money to the money |
power? AS a rule they are corporation |
men, not one in a hundred earns his bread |
by the sweat of his brow or creates any,
thing AS a rule they are the men who |
cat the fruit of other mems toll. Every |
great corruptionist in this country is a |
gold standard man. Debt can only be |
paid by the product which toll creates. |
To now make the bonds payable in gold |
would add that much more to the burden |
which that metal is already carrying, and |
would still further enhance It's value, re-
duce prices and paralyZe industry. 1t !
would require more sweat and more blood |
to earn dollar than it does now. Prac- |
tically 1t would add many hundreds of mil /
lions to our burdens. Yet these men who (
are so swift to give the monied power |
for nothing would scarcely pay |
q dollar of this burden. Ultimately 1t |
" ould nearly all fall on the men who toll |
with their hands. Their wages would be !
reduced and their lot made harder.
Let US close by referring again to the
soldiers. The article quoted from relates
to pensions. We are now discussing con-
tracts. Pensions are given on account |
Of SOM disability incurred in the service,
and have nothing to do with contracts.
During the war the government contracted |
H. 70 hny