The Portland daily press., 1898-01-20
THE STANLEY MATTHEW'S REsoLU-
TION.

Tt WAS nlEebC6il y Ceti . po~S
stanley Matthews introduced into the
Senate the resolution which has just boen
revived BY the Senate committee on
finance and is to be favorably reported to
+ho senate The text of that resolution
was as follows
Re if resolved by the Senate. the, HouEe
| ~ REPRESENTATIVES concur ring therein.
That Ali the bonds of the United states
issred or authorized to be issued uHoer
the said act Of Congress herein peiore re-
cited are payable, principal ana ansere ~.
at the option of the government VI ~
Tinted States. in silver dollars, OF une
coinage Of the United states, containing
40 IS Grains each of standard SILVER, anu
that 10 Restore to the coinage such silver
| coins as n legal tender in payment OF sucn
bonds nrincipal and interest, Is not III
violation of the public faith nor IN Zero
cation of the rights Of the pubic crealsor,
| In beginning his speech in support OF tne
resolution Mr.. Matthews said ne hao DEEM
moved in part to introduce 1t by a resoiu--
tion nassed by the General Assembly OF
Ohio. which declared that common
honesty to the tax payers, the lettet anu
snirit of the contract with the bonahoid-
ers and true financial wisdom demanded
tbe restoration of the silver dollar 10 lts
former rank as lawful money. MT MAI
tbexys,s epeech was an argument to prove
that the government had the legal and
equitable right to pay the public dep1 IN
silver. The best and most comprehensive
| answer to Mr.. Matthew's claim was per-
hans made by Senator Bayard, and 1t IS
even a stronger answer to the resolution
today than it was then because silver ana
cold have drifted far more widely apart
now and the enec1 Vi
=uch policy as the resolution advo-
Gates would be much severer blow to
the public credit now than it could nave
been then. Mr.. Bayard said:
:sMr. President, an act that weakens
the Gre lit of the nation adds just SO much
to the burden of tho laboriDg men, and
takes away just SO much from tne Jus.
| rewards of labor On the score or COLO
economy, weakening of public credit II
the most wasteful of conceivable proceed
ings, A mans good Fname is his acnlel
possession, and our laws give remeale'
and award rrrecompense to every. clllzeJ
who is damnitied by Islander or by Npel
But d nation has no sucn remedy, al,
it's sole defence must be found IN 1ne JeaI
GUS care OF it's citizens of pubic honoi
and credit.
ssNow. let it he noted that by the terms
of the act of 1870, known as the fundlne
bill, thu bonds therein authorized, TO INT
amount of 81, 800, 600, 900. were mace e1
pressly payable 'in coin,' principal ane
interest, not designating gold or silver
coin, but including them both. why
we're not the metals nominated or one o.
Ia. Ra,,aIIGP EV the TGQ1lIa
ton of the government and the laws re
latiug to coinage ssthe two metals, the wv.
units of value, the silver and the goit
dollar, were equivalents. or as nearly 81
as human statutes could make them. ant
we're intended to be maintained at al
equal relative value so long as ooth o
than should be used The intent OF TN
law we'll understood by all parties to tn
lccnfract. was to pay the debt for which
these bonds were issued in gold coin O.
litsreouiyaIent in silver, or in silver coll
or its equivalent in gold. The govern
nent that borrowed this money and IS
sued these bonds had the power ana Tn
duty so to regulate the value Oh slIVe
unit of value and gold. unit OF Vaiue a
age was slyly contemplated, but al! wa
oDen and clear in tho sunlight of homes
contract: and when the government o
1878 dropped the silver dollar out or 1T
list OF authorized coins, it preserved To-
it's creditor the equivalent in gold as i
had agreed to do. This was the bargain
this was the intent. There was no ad
vantage contemplated either way. Ih
Government was dealing in equivalents
1t did not intend that any derangenlen
of the creative values of the two shoult
inure 10 the gain or loss of either part.
to the bargain.
"Let me ask tia advocates OF this resp
luton, if Congress should declare by Law
that silver should be equal to gold ounce
for ounce, would that be justice, woul
| that be q regulation of valpes, or woul
ii not be theireentire confusion and dc
raneemept? Yet / saysto you that, know
ing that 4l2 12 grains are worth today i
} any market in the world but ninety cent
in gold, it is but question Of degree
and not of principle whether you sha
not stamp, coin and declare thereby tina
10 grains of silver are equal to 20.
grains of gold.
1t is but question of degree. and nc
difference in principle; and then, re
| neat, can you demand that piece c
coined silver worth but ninety cents sha
: be taken as the equivalent of n piece {
coined gold worth hundred cents? Yo
underyalue one coin deliberately; you d
NOT certify the truth as to its value, bu
You stamp upon it that which you kno'
at tho time is false. You cannot teri
such action regulation. Is this an execu
ton Of the power in its honest intent an
meaning ito coin money and to regelat
{ the value thereof?
2 sGJ@ raoyos tn he that treating thj