, 1876-08-11


whereby silver would ho pcr,panently dcmon-
cited would lavo ,toublo effect: it would
close the United stotes es a market for Sill
yer, thereby reducing its value, and would
increase the do,nnnd for gold, incrcns-
ing its scarcity and adding 10 It's purchasing |
power.
We lnro a!rcatly d;sclainac.l any purrosc to |
charge corruption against any one. But tho
London monoy.lentlcrs, foresooi1,g, a. It was
rars Of their business 10 do, the comparative
scarcity Of pold and tho increased do,nanl
for It, naturally lout their MD and their
counsel to tho preparation Of tho bill rows
inn the mint and coinago legislation Of tho
unitoa states. an English gcntlcmnn
named SErp. ronrcsoutip0 large 1nonoycd ill.,
terests,-a man Of abi|ity and exporiencc,-
1arecly participatedin tho propnration Of this
bill. Tho officers of tho Treasury, especially
Str. BOUTWELL,, and tho Director Of tho
Mint. md the Cou,p.rollor Of tho Currency,
and ynrious other experts, took mart. Tho
of,;rons of scicntifo mon mud 1inancio4n in
other countries woro takcr, md The result Of
MI was tho rreparation Of this bill. I,encatl,
tho n,ass of dotail concerning tho regulations
of the Mint was hidden tho 1roppjne out Of
Tho American dollar, and tho erection Of gola
as tho solo legaI-tonaer Of tho United States.
Tho approaching ecarcity Of gold. tho FILLING
OF III its production, tho closing Of all Ger
many to silver. tho consequent increased tle-
mand for oold, scem mover TO laye entered
tho Lord DunLr1ou head Of Mr., Dou7wE1t;
l,o saw nothing of tho kind whom l,o looked
out from TIM cor.windoys oyor tho broad ex-
pansc Of the country. Tho Treasury, cyi-
IDENTIFY, in tic simplicity of its ignorance foil
into the trap, and tho passage OF the blt was
urocd upou Congress.
Wo regret to gay tl1at wo question whether
tho managers Of this bill in Congress wcro
an uninforrncd rs was the head of tho Treas-
ury Department. B1r. HoorEn, who had
charge Of tho bill In tho House, was himself
n ca,}itaiist, d 1,1oney.lontlcr, and dooply and
personally Interested in adling every rossi-
bio item to the value Of public securities in
tho hands of tho holders. Ho represented
TINT class of men and TINT encciol interest,"
1Io Ind tho confidence Of the Sneaker; and
lctwoon them they successfully ropnlsed nil
impertinent INQUIRIES as to what tho bill con-
taincd, and rs to what wonld be its effects,
nntl actually passed It without permitting it
to bo rcatl OF printed.
In tho Senate, untler the caro- Of Senntor
JOINS SHERMAN, the hill was evidently In in
telIgent hands. To tho minority Of tho Sen
ete tho vast details OF tho bill wore Of m un-
interesting character. But in the section in
which this radical change in tho legal stand.
| ard Of value and in the national coinage
was mndo there was not word indicating
to Al inexperienced cyo TINT my
change was proposed. It did not
occur to Mr.. SHERMAN 10 inform
the sousto that such change was mado
nor did ho explain thu. tho effect, it not the
purpose, of the change was preparatory to tho
approaching scarcity Of gold md tho conse-
quent addition to the value of gold, and
proportionato addition to all tho indebted
ness OF tho world which WAS payable or
could bo madc payable in gold. Unin-
| formed of this material ctlcct of the btl,-