Democratic Sentinel, Volume 1, Number 41, Rensselaer, Jasper County, 23 November 1877 — SILVER AND GOLD DOLLARS. [ARTICLE]

SILVER AND GOLD DOLLARS.

Letter from Thurlow Weed. To the Editor of the New York Tribune : In your issue of yesterday, on the silver question, you say: “We make a broad distinction between them and the bi-metalists. The latter think specie payments can better be sustained by the use of the two precious metals than by one.” This is precisely what I have earnestly urged in letters which you were kind enough to publish, but which, I regret to say, found no favor with our leading journals. And this is precisely what can be accomplished with the consent and co-operation of such journals. In taking ground for constitutional money standards, the press would disarm the “inflationists,” “repudiators,” “demagogues,” etc., whose malign influence is always to be dreaded. Let the friends of resumption content themselves with the money standards of the constitution, and a solution of that question will soon be reached. Resumption without prosperity will prove alike temporary and disastrous. Our specie basis should be as broad as possible. Congress is invested by the constitution with full power. The silver and gold dollar can be m*do of equal value. Neither has any money value without the “superscription” of the Government. Silver was “ degraded” by its demonetization, while gold was appreciated by the passage of the law of 1873. Repeal that law, and authorize the coinage of the silver dollar equal in value to the gold dollar, and we shall soon realize the truth of the proposition winch you deny, namely, that silver and gold will “find a common level.” Resumption with one standard will signally fail. The basis will be too narrow. But by availing ourselves of the double standard both previously equal in the language and spirit of the constitution, resumption and prosperity, twin financial hand-maidens, will scatter their blessings bountifully amidst a rejoicing people. It is urged against the double standard that the single one has been adopted by the Latin Governments, and that for this reason we should voluntarily deprive ourselves of one-half of the money power of our country in working out the resumption of specie payments. To this I reply, that our first duty is to be just and true to ourselves. Silver and gold coin are the monetary standards of the constitution. We agreed to pay the national creditors the interest and principal of their debt in coin. We have for twelve years been paying interest, in gold, upon more than $2,000,000,000. The bondholders, while gold is at a premium, receive largely more than the 6 per cent. “ nominated in the bond.” And these premiums, as has been truly said, were “ squeezed, drop by drop, from the sweat of lanor. Now, labor has borne, with exemplary patience, quite enough of injustice and oppression, and it vbehooes Congress and the administration to bring their best judgments and their paternal sympathies to the consideration of this question. When the insidious law of 1873. demonetizing silver, shall have been repealed we shall be prepared to confer with other Governments in relation to the double or single standard. International congresses have been convened for the consideration of far less important subjects. Meantime, let us hope that our Government will mature ana establish a financial system which ’will equally protect the credit and honor of the nation with the prosperity and happiness of the people.

THURLOW WEED.