Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-01-28
what Shall II Profit Them7

After all that's been said and done
what shall the Teller resolution To pay
government bonds in silver profit those
who resurrccted it? AS long ago as
thai is putting forward this copy OF tha
ed Stanley Matthews resolution pro-
posed to pay government bonds. where
on the kind of redemption money was
NOT she cited in greenbackS, after the
manner of the man who wanted to pay
off the mortgage he had given to secure
his notes With SOME more of the notes.
The voters of the country thought this
over carefully and concluded it wasn't
a creditable proposition, nor such a
transaction as a good business man de-
srous of maintaining his credit would
care 10 risk. Accordingly they voted it
down overwhelmingly.
Two years later the refunding act
provided fer paying the bonds in coin
At that time coin would naturally be
expected to refer to gold for that was
the only kind in circulation, except in
the form of fractional currency. From
the foundation of the government down
to that time there had been coined only
about four and a quarter million sill
yer dollars. Our silver had sold for
more out of The country than at home
and a silver dollar was worth more
than a gold one. so that it would not
circulate alongside it. But in the next
eight years the price of silver fell and a
movement was afoot to raise the price
ny forcing the government To coin it
and use it.
Many of those who voted for the
Matthews resolution undoubtedly did
50 believing that government would
take enough of the silver to raise the
price of it to par. The Senate and
House passed the resolution, thinking
probably to force the administration to
lttht tiitll hIfN VI IL. ~ ''iliiiiiNAi ~
ton didn't and the country virtually
supported the administration. Never
theless the Matthews resolution at that
time was honest in comparison with its
counterpart, which. as Senator Hale de
clared in the Senate, is an expression
of the desire of its supporters to bring
the country To "A silver basis. Silver
monometallism is what is sought by
this undetermined means, the direct ap-
peal to the people having been defeated
in Sc
1t is ranllly dishonest for ii seeks to
PAY bonds that Mere bought With IN
understanding that they We're To he
paid in as good money there is in the
world Senator Lodge quoted from the
remarks of Teller, the father OF thu
pres sent resolutions. no longer ago than
Feb. 49, 1895. referring To the bonds is
sued by the last administration. which
constitute a third Of the existing debt
Not a single one of those bonds was
taken upon the theory that il would he
paid in silver. If those men understood
that they We're to lac paid in silver at
the worlds estimation of silver bullion
today, they would have brought GO
cents. instead of Sl0. 1t is apparent
On the race of the transaction that they
expected these bonds to be paid in gold
or, if in silver. as good as gold. They
have got the pledge of the administra-
lion that they shall be paid in gold.
Does Senator Teller believe that the
people of this country are to repudiate
su( n an understanding, virtually an
agreement by which the government is
honorably bound? They never hava
endorsed any such an attempt to infict
national dishonor and we do not hclieve
they will.