The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-12-28
CoNGRESs AND OUR COIN.

The passage of the bill re-monetizing
our silver coin by the House OF Repre-
sentatives is an important step toward
the resumption of specie payment. To
be sure, the bill has not yet become
law, as the Senate has yet to act upon
it. But the large majority vote in the
House on the passage OF the bill in that
branch of Congress has a significance
that the Senate will not fail to appreci-
ate. 1t signifies public sentiment on
the subject that members of the Senate
will not be slow to perceive, and they
will be careful to govern themselves &C
cordingly.
Since the day, in 1873, when the act
demonetizing silver was passed, no man
OF any party has ever been able to rem
der a reason for the enactment Of that
law. We will not undertake to affirm
that the passage of that law was effected
by stealth, or by any form OF legislative
fraud; but it is neyerthe less certain that
its enactment was as actually unknown
and unnoticed by the people OF the
country as though it had been passed in
the secret closets of some Congressional
star chamber. No petition from the
people had ever asked for such meas
ure. No public conventions had ever
indicated a sentiment in its favor by
memorial, resolution, or otherwise. That
such step should have been taken by
Congress at that time and under the
circumstances, a step SO uncalled for, SO
unlocked for, SO utterly adverse to the
public interests, presents one of those
legislative riddles that no genius can
ever solve.
Had it been the purpose of our law
makers to enact a law that would add
new burdens of debt to an already over
burdened country, and to make that ad-
aitional burden for the direct and sole
benefit of the bondholders, they could
not have devised q plan more effectual
TO that end. True, they did not directly
add dollar to the bonded Indebtedness
of the country by demonetizing silver.
but they directly diminished the means
of payment in coin to the full extent oil
the silver coinage of the country. And
to diminish our strength is equivalent
to increasing the burden we are fated tc
bear. And yet we are by no means pre-
pared to affirm that any such
purpose was actually entertained
by the Congress that passed the
bill demonetizing silver, And YET
such result could not have escaped the
attention of any considerate mind. Ii
was through manifest lack of considera'
tion that such enactment was passed
But, now that the country has had at
tention called to the matter, and all Its
errors and evils made known, the Con
gressmen who will hereafter insist upon
retaining tine act OF 1878 demonetizini
silver can not complain if they are held
accountable for exhibiting unqualitet
perverseness of Judgment, ii rot acting
from the impulses OF reprobate mind
The principal defense as yet Offered
for the law in question is found i'll tn
statement of its friends that "doubl
standard" of value, as gold and silver
il impossible. But the answer to that il
in the simple fact that we have alway
had Just that double standard, and hav'
never known inconvenience therefrOm
The error of the theorists in this regart
lies in considering the two metals al
monetary rivals and antagonists, whel
no such state Of things exists. 1nsteat
OF opposing, they mutually sustain eac
other. The pendulum OF the clock, anon
the best of modern tinc-keepers, is cor
structed OF different metals, in orde
that any excess OF contraction or expar
sion of the one metal may be correcte
by the greater rgidity of the others. b
this plan a system OF "compensations
is established Whereby true moYemen
is secured. 1t is measurably SO in th
none tary uses of the two metals of 81
yer and gold.
Stability in standards of value is, a
all men know, OF prime Importance
any monetary system. But how coul
this desired stability be secured by el
aching only gold to be the legal tende
and standard OF value? The reply
this has been, because gold has a MOI
fixed and uniform value than silve
Bu; this is not true. 1t is a bare assumI
ZION to support theory. The fiuct'
atioJs in gold have been as numerou
anu AS serious as those in silver. An
if t1e mnluaily sustaining power Of th