The Indianapolis journal., 1898-01-31
THE DUTY OF THE HOUSE.

by tne adoption OF the Teller resolution
In the Senate the House is confronted with
an opportunity and a duty The action of
the Senate is distinctly reactionary, COM
mittIng the government, so far as one
branch of Congress can, to policy promul-
gated twenty years ago. In order chat its
effect may be clearly understood the Jour-
nal reprints the Matthews resolution of
1873, as follows:
That all the bonds of the United States
issued or authorized to be issued under the
said acts of Congress hereinbefore recited
are payable, principal and interest, at the
option of the government of the United
the United States containing 4l2la grains
each of standard silver, and that to restore
to its coinage such silver coins as a legal
and interest, is not in violation of the pub
lie faith nor IN derogation of the rights of
the public creditor.
The Senate now reaffirms that resolution
When the resolution was passed only S.O45,
S3S silver dollars had been coined. The coin
age had ceased in 1873. and from that time
the only legal tender and standard OF value
for all payments above S. had been gold.
Between 1873 and 1878 the United States had
borrowed in gold coin S59e $3.50. 700 at a lower
rate Of interest than it had ever paid be-
FORE Those who had loaned the govern
ment this amount in gold, that being the
only legal tender and standard at the time,
had right to expect that it would be re-
paid in gold AS the silver dollar at that
time was worth only 92 cents. as compared
with gold, the declaration that bonds given
for money borrowed in gold might be re-
paid in silver was a proclamation of ma
tional dishonor and dishonesty If it was
so in 1878, when the value of a silver dol
lar of 41215 grains was so per cent. of the
value of a gold dollar, how much more dis
honorable and dishonest is it in 1875, when
the value of the silver dollar is only about
81 per cent. of the gold dollar!
But this is not all. Such a declaration
would be bad enough if it threatened bond
holders alone but it threatens millions of
others If carried out to it's logical conclu-
sion and intent it would place the govern
ment at once on a silver basis, and with it
the entire country. The robbery intended to
affect bondholders only would affect every
body. The country, as well as the govern
ment. being on a silver basis, every de-
posit in a savings or other bank, every life
insurance policy, every outstanding debt
not expressly made payable in gold, every
salary and the weekly and daily wages of
every workingman in the United States
would become payable in 52-cent dollars.
This, we repeat, is the logical conclusion
unlimited coinage of silver at 16 to j and
the scaling down of all debts, deposits, saw
ings, salaries and wages 4S cents on the
dollar
The action of the Senate causes the coun-
try to look to the House for protection to
the national credit, and it should not look
in vain. The House has an opportunity to
distinguish itself by contrast with the Sen
ate and to discharge duty to the coun-
try the performance of which is eagerly
awaited by all the friends of honest gov
ernment, honest finance and honest money.
1t should reject the Teller repudiation as
quickly and decisively as possible and send
it back to the house where it originated
with the veto of the representatives of the
people The sooner this is done the better
tomorrow would be better than next day.
and to-day would be better than tomorrow.
The moral effect of the action will be ma
terially weakened by discussion and delay,
as will the political benefit to the Repub-
lican party. While every honest American
is expressing his humiliation at the action
of the Senate and the country is still en-
gagged in deploring it's proclamation of dis
honesty let the House come out with a
counterblast, quick, strong and ringing,
which shall asure the country that the pop
ular branch of Congress stands like a stone
wall against reputation.