Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-02-18
THE REPUBLICANS AND SILVER.
Perry Belmont in the New York Mail
and Express.

To the Editor of the Mail and Express:
Sir,-I have read, In your issue OF the
4th instant your elaborate criticism or
my recent letter to Mr.. Donnelly, IN
which | ventured to give my reasons Tor
thinking IL absurd that the Republicans
in the Legislature at Albany should try
TO make a question of public morals or
Senator Murphy's vote on the Teller reso-
luton and for declaring that good and
lOsa members OF the Republican party
who defended its record during the last
thirty years ar0prevented from eensu-
ring the vote in YdvOr OF tnai resolution.
| did not allude to the half dozen
amendments offered I'm the Senate. unless
what / wrote OF the parity clause, in
the law OF 1898, has by you been taken
as an allusion to the amendment pro-
posed by Mr. Nelson, THAT II II tie
duty Of the government of the United
States, under the existing laws TO main
tain parity I'm the value of its gold ana
silver money, so that the dollar in one
metal shall for all monetary purposes
Ds equal in value TO the gold dollar OF
the other metal"
The phrase, under the existing laws"
refers 10 the parity in the law OF 1895,
copied substantially from the Democratic
national platform Of 1892.
II you are really candid and sincere
In your criticism of my letter, and seek
TO ascertain the legal truth regarding
our coinage and currency legislation, l
should be glad to know what objection
you, as a Republican, have TO what l
said concerning parity"
1t is amusing TO notice the exhibition
Of emotion with which Republican news
papers have received my allusiOn TO the
record Of their party in Congress, de-
monetizing the silver dollar in 1913. and
remonetzing il in 1873 and 1890, and by
the two laws enacted in the two last
named years compelling the Treasury to
use the remonetzed silver dollars i'm pay
ment OF government bonds. The Repuh-
lican party set up the gold standard in
full perfection I'm 1873, casting out utterly
the silver dollar. but in November, 1871,
Mckinley and sixty-five other Republic
cans I'm the House voted to return to the
free bimetallic coinage or 1892, 1894, and
1887. The Senate rejected that restora-
ton OF free coinage. and substituted
therefor reconciliation Of the old silver
dollar, with a simple qualification that
the coinage should not be free, and that
the silver dollar should not be a legal
tender if the contract expressly stipulated
for the payment OF any other dollar.
Two thirds of the Republican senators
voted for it, even after their President
had vetoed it, and more than that pro-
portion voted for the Matthews resolu-
ton.
On June 10, 1878. a bill passed the Senate
by IS to Is (only nine Republicans In the
negative) that greenbacks be receivable
I'm payment of bonds authorized under
the law OF 1870. Allison then voted for
paying the bonds not merely in silver
dollars, but i'm greenbacks. That would
have suspended funding operations anc
the obtaining Of gold for resumption
When the bill went TO the House McKin-
ley voted for it, but 1t was defeated by
IS votes. Thus Mr.. Mckinley is on
record as voting for free silver coinage
for tho Matthews resolution affirming the
moral right of Congress to remonetiz'
silver dollars in order to pay herewith
the bonds authorized in 1870, and for pay
ing those bonds in greenbacks.
1t is equally amusing TO see how fierce
~ the Republican newspapers resent th'
suggestion that party which first de
monetized the silver dollar and then fiv,
years afterward, and again as late as 1890
remonetized IL, and compelled its use
with the gold dollar in paying bonds, il
not quite entitled to censure Murphy, as il
he had violated public faith and morals
by voting 10 ratify and uphold what /:
now the law of the land. even in regarC
to Republican reconciliation OF the sill
yer dollar. Very truly yours.
PERRY BELMONT.
New York, February 9, 1898.