Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1898-02-26
ABLE ARGU NJ E N 7
In Opposition to the Free
Coinage Fallacy.
BRYANISM MEANS REPUTATION
Republicans Stand on the ST.
Louis Platform.

The Senate, on Friday, January IS,
having under consideration the reso-
luton submitted by Mr.. Teller and
reported from the Committee on FL
nance by Mr.. Vest, declaring that all
the bonds of the United States. issued
or authorized to be issued under GER
tain acts of Congress are payable,
principal and interest at the option
OF the Government, in silver dollars
of the coinage of the United States
containing 4I2A grains each Of stand
ard silver
Nj. Elkins said:
Mr.. President, l admit az once that
under acts of Congress passed twenty
years ago the Government had the
option at that time to pay its bonds,
principal and interest, in standard
silver dollars containing 4i2H grains
of silver, and would have that right
now, were the conditions the same as
then and had there been no subsequent
legislation on the subject. But since
the passage of those acts there has
been other legislation affecting the
contract of the Government with its
bondholders, which is in full force.
The act of Congress of July IA,
1890, declared it to be the established
policy of the United States to main
tain gold and silver at a parity, and
the act OF November I, 1893. reiter-
ated with emphasis this declaration.
AS long as this is done, it does not
matter to che bondholder, nor any
other creditor of the Government,
whether payment is made in silver or
gold Very few, if any, holders OF
Government ponds demand gold in
payment OF interest. The interest on
the public debt is paid by draft on
the United States Treasury, and this
draft is paid, when presented, in the
ordinary currency of the Urited
States. In addition to this, since the
passage of the resolution twenty years
ago, a great change has taken place,
one that has affected the entire COM
mercial world-silver has declined
until it is now worth only "A cents on
I
the dollar. The Government of the
United States should not pay its cred
itors IN deprecated money, even if
the law should permit, by taking ad
vantage OF technicality. A person
who is willing to loan money to the
Government when it is in need is
entitled to be paid in the best money
the Government has.
If there had been added to the res
olution under consideration the words
Provided always that gold and silver
are OF equal value, then there could
be no objection to the resolution.
Then again the resolution assumes
that gold and silver are now the same
in relative value as in 1890 and before,
which is not true.
The purpose Of this resolution,
however, as believe, is not to assert
any right of the United States touch
ing its contract with its bondholders
1t is simply introduced for political
purposes and to create division in
party lines-the first skirmish for po-
sition in the approaching COMPRESSION
al elections. Unfortunately, its ten
dency is to cause distrust, and shake
confidence in the credit OF the Gov
eminent, although this may not have
been the intention of the Senator
who introduced the resolution. The
resolution can do no good. 1t cannot
accomplish anything, even if it pass
es. 1t would not have the force of
law.
The Republican party is willing to
stand by the Republican platform
adopted at St. Louis declaring for
sound money, international bimetal-
lism, maintenance OF the existing gold
standard and Of the public credit, pro- !