The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-03-02

robbed OF their necessary supply OF small
money, to the great detrment and con-
sternatiou of all trading people. why
this consideration, which now seems
to be influencing the Secretary, did
not occur to him before, we are at loss to
understand We suppose 1t must be i'm
puted to want of experience In finance,
and i'm trains of prompt financial thought
We hardly know now 10 aid Mr.. BRIs
row In this emergency 'except by advising
him to back out altogether. This Is at
least safe way ana altogether better
than an utter flasco, of which he has TO run
the isk II he goes on with his issue of sill
yer. We see that tho Chairman of the
Finance Committee OF the Senate, Mr.
SHERMAN, advises him to stick, and I'M
doubtedly he is pressed to do so by the
bonanza Senators OF the Pacific slope,
who we venture to believe are the real
authors Of this bungling piece Of business
Seeing their silver supply rapidly increas-
ing, and wishing to stay Its depreciation,
they naturally supposed IL would be good
thing TO get off thirty or forty millions on
70 Uncle Sam, and try the experiment OF
substituting it for the paper fractional cur
rency. We suppose II was in furtherance
OF this view that their friend, the Director
OF the Mint, was taken out and daZzled
with the display OF glittering riches in the
mines last summer, Of which we had from
him at the time such an enthusiastic de-
scription.
But however the present awkward situa-
ton was brought about It has to be con-
cd nj n 4 al
In regard to 1t. It is misfortune that Mr..
DRIsTow feels that he must shelter himself
behind Congressional action In his dilemma.
He ought to have policy Of his own, and
announce 1t. lie ought to know what to
do, and propose 10 do 1t. This is his Off
cial duty rs Secretary of the Treasury. II
Congress overridcs him and directs him
to do something else. then he is not respon-
sible for the consequences. We do not
wish to see Mr.. BRIsTow lose prestige in the
| administration of his Office of which we
| must say this silver business has led us to
fear there was some prospect. That he
now sees the danger OF trying the expert
ment, which IL would seem he must have
| been led to favor or il would never have
| been carried out to Its present extent, is
so much in his favor; but II he permits
himself to be the agent of carrying 1t out,
and 1t should fail. the odium will inevi-
tably fall upon him.
| IL the issue of silver is made, accord
ing TO the programme, it will not be without
its advantages, however II may result 1t
will bring TO the test several notions of the
paper-money men. 1t will show, for ex-
ample, whether there is such a love for
Government paper money that people will
prefer it to coin. 1t will show whether
there is not still In the public mind little
laundering after silver money. We shall also
see whether the old passion for boarding is
extinct. We shall be able to determine
these questions after a brief experience.
We can soon tell II the silver circulates
freely, or II, on the contrary. II begins to
| hide itself We have no fixed convictions
on this head, though We confess to some
lingering suspicious.
But one thing is certain: IL is favor
able time to try the experiment. Silver
was never SO plenty as 1t is to-day. 1t
never was so low in price In proportion to
gold, and 1t was never being produced
with such rapidity as now. 1t is fast losing
position as standard OF value, by being
| TeJecttu Us sucn ny HI the ledulng nhtlOut
OF Europe Asia still remains open, and
this may preserve the equilibrium Of this
precious and once favorite metal for a
long time to come. The circumstances OF
our movement are thus peculiarly inter
esting, however 1t may result, and we
shall watch its progress with great inter
est. II IL shall turn out to be success at
the first, II may prove an and to resump-
ton in various incidental ways, and par
ticularly in inducing legislators so to
shape their action in the future as TO pre-
vent a fall in gold, and thus to secure the
perpetuation of the silver circulation.
Thus all our hopes and all our sympathie:
are with the success of the project, If car
ried out, however our judgment may ques
ton its practica bility or its wisdom.