The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-01

congress as to the power of the govern
ment either as TO the payment of its OBJ
ilSatonS or as TO what may be declared
legal tender. No one denies that this or
any other nation has the power to pay
+ IN gold or silver, or paper or copper ac-
cordlnS 10 their pleasure. Payment can
not be enforced against a sovereign
nation It's Obligations are measured by
Its own sense of honor and good faith.
The intelligent selnshneSS of a nation
which Is to live not simply for a gen
Grafton but for centuries. ought to lead
lt-and Whenever nation is wisely gov
erned, does lead it-sO scrupulOusly to
maintain its pledges in both letter and
spirit as to preserve its credit untarnished
and thereby not only make it possible to
borrow at the lowest rate of interest but
also TO make il easy to obtain loans in
eNlgencles and thereby not only make it
possible to borrow at the lowest rate of
tain loans in eXigencies which are sooner
or later TO come TO every nation. Honor
and credit are its title deed to permanence
ana prosperity The diShonor of the pend
ing resolution is in its tail. And that
sung, well-nigh harmless 20 years ago
under conditions then existing. is made
doubly harmful by the conditions of to-
day The detail of this resolution is as
follows: That TO restore to its coinage
SUCH silver coins as a legal tender in the
payment OF said bonds meaning prac-
tically all the bonds of the United States
now outstanding is not in violation of the
pubic Iaith. nor in derOgation of the
rights OF the public creditor
FLOOD OF LIGHT"
THE declarations of the movers and sup
porters OF this resolution in the senate
during its recent considerat ton in that
body. throw a flood of light on what is
meant now by the phrase TO restore to
its coinage such silver coins, a phrase
which. IN 1873, was with good reason in
terpreted by many who supported a
similar resolution to mean something
vitality different from what it must mean
now
This brings me, proceeded Mr.. Ding
ley, to the consideration of the vital
question as TO whether the moral rights:
in other words. whether it would be an
act which the moral sense OF the world
would regard in accordance with the
honor ana good faith of the United States
to pay its outstanding Indebtedness in
dollars Of so very much lesser value than
the dollar which has been the practical
standard of value since 1864 barring the
war and reconstruction period. and which
has been the legal and practical standard
OF value since 1873. and the dollar in
which our bonded Indebtedness has been
paid thus far, paid by eVerH administra-
ton from Lincoln TO Mckinley. to-wit:
The dollar equal in value to 25.S grains of
standard gold. applause. Bear in mind
that We are discussing this question from
the point OF honor and good faith, and
not from the point of power and technical
legal rights: for / have already said that
the government can do as it pleases.
MORE liidn lIIte-lOuELDS OF the OufStanQ-
ing bonds We're, as a matter of fact. is
sued and sold after 1878. when the silver
dollar Was dropped from the list of coins
Now. in view of these facts. would 1t be
good faith for congress. now that silver
has so greatly deprecated. to restore
its Gree and unlimited coinage at the
ratio of Is to l. by this country alone.
when the market ratio is 80 TO / and TO
use such dollars to pay the bonds which
we had sold for gold under such circum-
stances? l do not think IL would. I fear
that many Of you are resting on the ex-
pectaton that nothing of this kind will
be done and eXcusing your vote for il on
the unworthy side that you are playing
politics.
SILVER NIONOMETALLISM.
IF not so I beg not to trihe with the good
faith of the nation for any such miser-
a bic end: for rest assured il is an exDres
sion of opinion of the sense of honor of
the people OF this country. contemplated
by this resolution under existing condi-
tons which would seriously injure the
credit of the country and tend to weaken
reViving confidence. 1t is / believe (as
does every scientific bimetallst in the
world o>tsice Of politics. that 16 to l
free and unlimited silver by this country
would make the United States a silver
monOmetallic country. like Mexico and
China, and would give US a silver basis
that would obstruct our trade with gold
standard countries that now take 30 per
cent of our exports, and prove a serious
menace 10 our progress. and because |
believe that ii would seriously injure our
credit and standing as a nation. 1 appeal
TO the gentlemen on TINS side of the house
TO maintain the pledge which the Republi-
can party made at st. Louis to keep all
our currency. whether silver or paper as
good as gold, and preserve the public
faith and credit; and TO the gentlemen
on the other side to maintain the standard
of value which Jackson's administration
gave the country 81 years ago, and the
honor and good faith of the nation so
carefully preserved by the father of the