The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1898-04-22
PRESIDENT M'KINLEY.
TENDERS MORE THAN THE
POUND OF FLESH.
MOretOn Frewen, the Great English,
Bimetallist, Reviews the Situation
The Obligations Of Debt Enhanced by
Legislation.

The catastrophe so long impending
appears to have overtaken the Repub-
lean party. The senate yesterday
carried by far more than any mere
party majority resolution that to pay
the bonds of the United States in sill
yer dollars lis not violation of the
public faith, nor in derogation of the
rights of the public creditor" This
resolution is word for word the Stan
ley Matthews resolution which after
two months debate passed both cham
bers in 1877 by majorities of two
thirds; President Mckinley, at that
time in the house of representatives,
voting aye"
-Four hours after the senate vote,
and referring to it, no doubt, the
president said: whatever may be
the language OF the contract the
United States will discharge all it's
obligations in currency, recognized as
the best throughout the civilized
world, at the time of payment" In
other words, although the taxpayer
contracted to pay, and the bondholder
weight and fineness, yet the executive
intends to break the terms of the con-
tract and pay only gold coins.
Sir, do not let us over here be so
blinded by the dazzle of gold we wor-
ship as to lose sight of the fact that
the president promises to break a
contract between debtor and bond
holder, and to give the bondholder
something not in his bond. Mr. Nc
kinley was surrounded at the Waldorf
banquet by the entire bondholding
class last night; his statement was re-
ceived with "deafening cheers" and
no wonder
But what had transpired at Wash
ington a few hours earlier? Senator
declaring that both the principal and
interest of the bonds should be pay
able in gold, or its equivalent" and
seeing that Senator Lodge is very near
to the president, who was himself
about to affirm this very thing in New
York, Senator Lodges amendment
should naturally have attracted sup
port of all the administration senators.
1t was, however, defeated in a very full
senate by majority of more than two
to one. What, then, is the future of
the Republican party in connection
with this issue?
We are confronted from all parts Of
the western world by that anti-Semitic
outburst which the late Prof. Emile
de Laveleye twenty years ago foretold
would follow from the anti-silver en-
actments in the European legislatures.
The obligations of debt have been so
enhanced by legislation which has con-
tracted the worlds currency that
where man borrowed the value Of
one bale of wool, or one quarter of
wheat, he is obliged to pay back two
bales or two quarters. So that the in
dustrious classes have begun to ask
whether this legislation was accidental
or designed; they recognize that the
owner of million sovereigns today is
about twice as rich as the owner of
the same sovereigns twenty years ago;
and they detect, or think they detect,
in cosmopolitan Semitic finance the
only mechanism sufficiently powerful
and secret to secure a tampering so
widespread with currency laws. For
those who have little liking for the
most dismal section of the science
dismal, the evolution of the silver is
sue is yet not without philosophic
est.-Moreton Frewen.