Year: 1877

, specially provided Oy law, with coin
age and valuation so regulated tha
our people shall not be placed at a dis
advantage in our trade with foreigI


nations, and that both metals shall b,


kept in circulation as the money oi


the nation as contemplated by tn.


Constitution, and we therefore de


mand the reconciliation o. silver


What plan OF reconciliation shall b.


adopted the convention remitted to IN;


wisdom of Congress, preferring TO leave


details to that body; as did the Demo


cratic convention, which


RESOLVED, That We denounr4 as an


outrage upon the rights OF the psopl,


the enactment OF the Republican lnea
sure demonetizing silver, and demand
the passage IF law which shall restore
TO silver its monetary power.


Denouneing as a Republican fraud a
measure for which every Democratic
Senator and nearly every Democratic
Representative ia Congress voted, i a
reflection on their liz diligence, their
vigilance or their virtue


Whether the passage of the act wss
effected through fraud, ignorance or
honest conviction, is of no Significance
now 1t demonetized silver in fact, the
legal effect and after consequences of
/ which are the same, whatever may have
been the motive. The living present
must look at things as they are. must
deal with facts as they exist, and leave
the dead past to bury its dead


Both Conventions having declared
| for rremonetization, the discussion of its
expediency becomes superfiuous. Nei
ther having declared wiIat, in its opin-
ion should be the weight and fineness
of the new dollar, this would seem an
equally barran issue But in the Cleve
land Convention, having favored rasto
ring to silver its full legal tender pow
er as money. except where restricted by
contract, | should be unjust to myself,
unworthy of my position, not to devote
some consideration to the subject;
What are the varied interests which
reconciliation would necessarily affect
In view of the probable effect on these
interests, what restriction shall be i'm
posed, Can it be made an aid TO re
sumptionl Shall the old silver dollar
be re instated and nothing more!


The value OF the old recently drop
ed as far below the legal tender note as
the latter was below the value of z ld
If it had continued a legal coin of the
country, might it, thus deprecated, be
now employed in discharging the pub
lie securities and private Indebtedness
without dishonor or breach of contract.
| answer, yes; on the same principle
that the holder of an obligation for q
stipulated amount of any specific com
modify is bound to accept it. in dis
charge of his obligation, whatever
change its value may have undergone
from natural causes, its quality re
manning unchanged. The tiuctuation
of value by the operation of natural
laws at the risk of him who holds the
obligation Further, | think it would
be no breach OF honor, faith. or con
tract obligation to discharge any debt
contracted while the cid silver dollar
existed, by payment in the restored
dollar of like weight and tineness; for,
although 1t may have been contracted
with immediate reference to paym mt
in legal tender notes, yet as they were
redeemable in the old dollar, il must
have been contracted with reference to
possible payment in that coinage also;
and as the value of legal tender could
never rise above the valae of the coin
dollar in which they may be redeemed,
however much it should depreciate, no
substantial injustice can be wrought TO
such contracts by diseharging them in
the dollar contemplated.


But many millions of existing private
indebtedness have been contracted
during the four years elapsed since
demonetiZa ion. This Indebtedness
has been entered into with reference
to payment in legal tenders. the value
OF which since has been regulated by
that of gold coin alone OF tn S, the
evidence is the decline in value of the
old silver dollar below that of legal
tender notes which could not have
occurred if these had continued to be
redeemable in that dollar Hence,
compulsory payment of such recent
Indebtedness in newly issued dollar
OF less value and purchasing power
than the legal tender shall have at the
time when payments shall be made,
cannot fail to work injustice whatever
NAV be the legal right and authority
for the exertion of such power


Again. about 800, 600, 900 of legal
tender aud bank notes are outstanding,
which, being interconverti5le, are of
equal value. Make them redeeinable
in coin dollars of value and purchasing
power less than they possess and they
will Immediately drop to the same low
er level. Consequently the effect of
reissuing the old dollar or any other
the value of which at the time shall be
less than that of the legal tender, will
have the effect 70 annihilate portion
of TIE existing wealth of the country
equal to this percentage of difference
in values. If that difference shall be
ten per cent, then ten per cent. OF
its value will stricken from the legal
tender or other paper money which
every man may have, and from the
account and credit which may be due
him, whether he be labOrer, mechanic,
farmer, merchant, or millionaire.


No plan of remonetization can re-
gard these interests as Insignificant,
or disregard them with impunity. Far
better that the whole Government and
through it the whole people bear rata
bly, the loss. than that by compulsory
legislation, many millions, probably
hundreds of millions, be stricken from
from the wealth OF one class for the ex-
elusive benefit of another, when no
exigency of the country demands it.
Whatever else be the Nations loss its
justice and its honor must b. nntar-
nished.


demonstration il at best haZ ard
Gus experiment. Its effects on the
business under existing conditions IL
involved in uncertainty. Forecast is
not infaIIible Two standard metallic
dollars differing in value are a. un
philosophical as two standard pounds
differing in weight BusiLess would
inevitably adjust itself ID the shorter
measure and the longer become prac-
ticalIy obsolete This is observable
now in the exclusion of gold coin by
legal tender notes; ifintereonvertibie,
they will float together; otherwise.
not.


IL is contended that by restoring the
monetary relation between silver and
gold. the reciprocal power of each over
the other will preserve substantial c
quality ia the value of the respective
dollars. This comedies the grave i'm
portance of such equality a, all times,
aad hence of starting together in the
race; for if il be a matter Of no impor
tance, argument to show that it could
and would perpetuate its existence by
reciprocal or any other power, is with
out significance. They started abreast
in the beginning; unless they do so now
existing conditions will tend rather to
separate than unite them 10 the course
IL they were alike free to contend whe
ever either is employed as money or
not, their power over each other wo'd
be very great. But silver has been de-