New-York tribune., 1876-08-08
THE SILVER CONTROVERSY.


LETTER FROM THURLOW WEED.
THE VALUE OF SILVER COIN FIXEDaBY CONGRESS
THE PRESENT TROUBLE THE RESULT OF TUE
SILVER ACT OF 1874 REPEAL OF THAT ACT
ADVOCATED.
TO the Edttor OF The Trtoune. go
SIR: NV last letter to The TRIBUNE eloSoo VII"
ON exnresson of satisfaction that one leading Jour
nal recognized "two sides to the silver question,
Ihave now to regret that the discussion and deSel
op,nent though so full and clear as TO satisfy the
average mind, mot change or modify the views oi
leading Republican journals regret this the uo'o
because these journals are likely to prevent the NE
publican members Of Congress from eNef'u- me-
selves in favor of the repeal Of the law OF $50
law which doprives the Government o. It's ris1' ~
pay its creditors in coin.
The letter OF your Washington c0iteSp,u"0.'"
who is entitled to great credit for the Na'"''-'
formation he has obtained ana icr tne ''V"' ''N
forcible conclusions he has drawn IIViA N'' ~
aoaroLes s,polemented by an equally interesting
md able letter written by gentleman u >a,'
cisco to Coy Dix cannot fail to clear away the iS'
ord correct the errors which darkcn the popular
mind in regard 10 ono OF The two metals recognized
:, tho Constitution Of the United States, ami unti
1873 regarded as equally precious Tue recent als'
cussion cf the silver question confirms ana StEciS'
ems the essential points raised in my letter 1t Is
novbc-e denied that until the act OF 1915, SILVER
equally with gold. was legal tender, ana '""'
the laws authorizing the Treasury Depart
,ent TO borrow $3000,00o,0Oo pledged tAe
f,i,h of the Government for the repayment
of the interest and principal OF It's oo""S
in gold or silver coin. But tor the li-a"ll'ccn
action of Congress IN 1873 no COLLISION OF oplaloh
would or could have arisen. All thI lei'"lls,
therefore for consideration Is now the acI oI 1910
,ts the interests of our people and the welfare OF
tltl atNrG Gsf
act was to depreciatc silver and appreciate gold
The usanc On gold consequently has beeh ooS'l,
natsly maintained and, as 4 corollary, demonetlzeo
silver suffers corresponding depreciation III Naiue.
What then would be the effect of the repeal OF the
law of 1872 Would not the p1ce OF gold 90 down
and that of silver come up until, Is formerly, their
relative values approxlmatedf
twill be urged that the silver dollar Is not cqaal
in value te the gold dollar. The answer is thai Con-
oress is directed by the Constitution OF the United
States to fix and regulate the value OF both metals
neither being legal tender without such rcgnia-
top There is more than poetic truth in the follow
ing suggestive extract from Burns:
.'Thc rank is hut the guincas stamp
The mans the tsO8d for a that
IVi+hout The stainp silver and gold would take
their placcs with baser metals selling III the market
for what they were practically worth Their eXtrin-
sic yalne is impaired by the Government stamp. l
have deplored, in common with other citizens the
lack of craftsmanship at Washington. WIN trniy
enlightened and patriotic men in Congress, the Jaw
of 1878, deriving the people and the country oi
opo of their two legal-tender cOnages, would nave
found little favor in either House Of Congress. bn'
unhappy Webster, Clay, Seward Mangun' Ehsha
Whittlesey. John Sergeant, Marcy, Wright, &c,
&c. have departed. leaving 10 successors
enual TO an emergency which the rebellion
no q Il
cap.es general surprise and will, when It's malign
Influences are better understood, excite general IN
diynation. For when it comes to be well understood
that bv striking silver out of the lcgateIder cur
rencv disastrous blow was struck at the industries
of the country so great wrong viii moi De pa
tiently endured. Congress Is supposed 10 represent
the interests Of the whole people; but III making
gold and gold ony, legal tender, the interest OF
small class only was consulted. The premium OF
cold ia perpetuated by law of Congress, while hes
premums are squeezed, drop by drop from TIT
brow of labor. Now take leave
ask REPRESENTATIVES. and Senators how ions
in their Judgment this sweating process II
favor Of c9rtal and against labor can be practice'
with impuuityi The citizens OF the Western State
demand 4 repeal OF the wrong law. They oppos
RESUMPTION. under the erroneous impression that i
necessarily aegravates the evils from which we an
all suffering. The real difficulty is that CoH@eo
has required resumption in 1879, without haYIn'
taken any step to facilitate OF aid resumption. No
is the "masfcrly inactivity" Of Congress its graves
fault The act of 1873 deinonctizing silver rcn
ders it impossible to resume without greatly IN
creasing the burdens losses, and suiioringo oi an
commercial. manufacturing and l&borng Glasses
Meanwhile the h0nGhoiGeTs and foreigners iron
whom We purchase Injuries profit largely.
III those who urged the repeal of the Resumption
act had been wise enough to see that their interest
wouId have been better served by a repeal Of tn
act of 1873, that repeal wouid have been accom-
plished. and we should have soon found ouIseve
npon broad avenue with an open silver gate lead
.ng to resumption and prosperity. l. W.
kel-TOrk, Aug. ., 1876.