The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-06

the redemption of greenback notes, and
Isl the net to provide for the resumption
of specie payments which | have here
tofore pointed out, analyzed, and inter-
preted The act of March ;, 1879, was
an appropriation for public works, with
a proyiso that the bonds issued shall be
of the character and description set out
in the act entitled can act for the re-
FUNDING of the public debt" approved
July IA. 1870. The act of July IA, 1870,
Is the act to authorize the refunding of
the public debt, referred to in the pend
ing resolution. which | have already
described. The act of January 20. 1871,
is an amendment to the act of July IA,
1870, to merely increase the amount Of
bonds authorized to be issued without
changing the character as to the medium
of payment.
SO. then, Mr.. President, a careful ex-
animation of all the statutes shows that
the loans for which we received coin
between 1873 and 1878 were either made
TO continue or pay off loans contracted
when the free coinage of silver existed
or were expressly authorized to be made
only by bonds of the character ana
description of those pre-eXisting at
time when free coinage existed. 80 at
the bottom of all of the outstanding
bonds of the United States, without eX-
ception of any kind, is the consideration
of money without regard to whether 1T
was gold or silver or paper, for IN Their
all is tho express contract that they shall
he of the character and description of
those which are payable i'll any kind
of United States coin, whether it be
gold or silver.
Has anything happened in this coun-
try since 1878 to weaken the effect and
force of this resolution? Were there
any subsequent laws or amy subsequent
public facts that impaired or changed
the contracts therein precisely ami clear
ly constructed? Nothing has transpircd
10 weaken this resolution. Much has
transpired to strengthen it. The Bland
Allison Act of 1878 strengthens 1t. mat
act restored to coinage the standard Sill
YER dollar. For twenty years under its
provisions, that dollar has been Il full
legal tender for all obligations except
when otherwise specified i'll the contract.
There is not a single bond issued by
the United States which specifies any
thing else than coin. As it is not other
wise specified in any of the bonds STAN
darf silver dollars have been for TWEEN
ty yeans, under the law of this land,
issue of the bonds, legal tender for their
payment and legal tenders in hand for
that express legal purpose.
The Sherman Act of 1890 strengthen
cd this resolution, for it increased the
amount of the standard silver dollars
and rcaffirmed their legal-tender quality.
The act repeating the purchasing clause
of the Sherman Act also strengthened
this resolution. Even III repeating the
purchasing clause of that act, which we
did in 1893 under promises and eXpecta-
ti0ns which have not been verified. and
by which, Mr.. President. / beg leave to
say / was not deceived. we placed upon
the statute books our unalterable deter
minatien the determination of the Re
publican party, the determination of the
Democratic party, the determination of
the Congress of the country to do what!
To continue the use of both gold and
silver How and in what character!
AS standard money" Not as token
money, not as subsidiary currency, not
as redeemable, secondary, and subordi-
mate money, but as standard money;
and not only to continue to use it, but
also to coin both gold and silver into
money of equal intrinsic and exchanged ,
bic value. /
So. then, Mr.. President, every Senator
upon this floor who has undertaken TO
administer lecture to the Democratic
PARTY has been himself party to making
these so-called Accent dollars the STAN
dard money of this country: has been
himself party to making them legal
tender for the discharge Of all pubflc
and private debts. And yet, Mr.. Presi-
dent, the gentlemen who have done tins
thing. the party who are responsible
for this thing. would seem to be un-
conscious that they are doing themselves
or their countrymen any wrong wheh
they make pretensi0ns upon TINS noor
which would cut down their own char
aeters. besmirch their own record, and
nire them up to the neck in the stains
with which they endeayored to be-
sprinkle us.
The policy declared to keep the coins
at par does not alter the promise to use
them and TO coin them. Now that we
have them in the treasury-have them in
the Treasury by Republican legislation,
have them in the Treasury by the high
moral creetls now preached to MS and at
,,s--we should use them. And now that
we have the bullion there, put there by
New England and by the Republican
party. we should coin it, as they prom
isad to do In doing SO we should take
the greatest of all steps to discharge
the other part Of that act-to keep the
coins at par, step which has always
tended to keep them al par step with
ont which they can never be put at par,
the step which is the plain, obvious,
constitutional, historical, and customary
course to preserve parity.
We should ourselves at least treat at
par the thing which we wish others TO
take at par. and freely coin the bullion
of each metal at par. and make both
gold and. SILVER an equal legal tender at
mar. and pay our debts with them at par
according to the contract, according to
the Constitution, according to the laws,
according to the solemn pledges and en-
actments of the Republican party and
the Democratic party alike.
Thus alone. Mr.. President, can we
keep faith with the people of the United
states. Thus alone can we make stable
and sound money. Thus alone can we
maintain the integrity of contracts.