The New York herald., 1876-07-27
CHARACTER OF ITS SUPPORTERS.
Spectators, lnllatiOniSts and Bonanza Men
in Combination.
THE DEMONETlZATlON OF SILVER
Minority Report on the Naval
Investigation.
FROM OUR SPECIAL CORRESPONDENT

WASHINGTON, July &C. 1876
Mr.. BLAND's SILVER BILL-THE THREE CLASSES
WHO SUPPORT THE BILL-CoMBINATIoN OF
WALL STREET sPECULAToRs, SOFT MONEY
MEN AND BONANZA sToCKHoLDERs-THE
EFFECTS OF THE DEMoNETIzATIoN OF SILVER
FROM A SILVER Observation-Disclosures
DEFEAT OF THE INFLATIoNIsTs.
The Bland silver bullion BILL which comes up again
Tomorrow has among its friends three classes OF
people, the Wall street gold combination who orgi.
mated the BILL and mean, Of course, 60 it only
cause a heavy rise In gold; the Western
soft money men, who see in it the
for an unlimited Imitation OF the currency, and the
owners OF silver mines or shares, who have been
seized with a wild panic and catch at any scheme
which they imagine will help to enhance the price of
their product This panic, which showed itself first in
The remarkable speech with which Senator Jones,
Of Nevada, this spring surprised his friends and
listening Senate, has naturally increased with the
hnued la OF silver in European markets, and so
madness are tho silver men now that they sobery
assert that the demonstration OF silver by
this country England and Germany Is
the result of gigantic conspiracy OF the German hold
ers Of American securities to rob them In
prominent owner of silver stocks remarked to-day
silver must be brought again to its old relation
10 gold; that its demonetization a crime and
rage tha. # Franco should follow the examples of this
country, England and Germany, the whole world would
he bankrupt and ruined and that the only way
tucn universal disaster is for Congress to
restore tho double standard at once and ut
all hazards Ho added that tho silver dollar was
legal tender for all amounts 10 tho year 1873 which
true; that entitled to pay OF bonds silver
at the old rate II WISH which Is true the Ian
guagc of the statute OF 1869 being goId and SILVER"
not "gold silver" and nnally, that a ''doube
standard" Is the only honest measure, which is
much as to say that farmer - thief unless he keeps
two bushel measures OF different CAPACITIES and dry
goods rogue II he has yardsticks OF diff.
iercnt lengths to measure on his cnlicoes with.
The silver miners look exclusively to their own in
terest They the victims Of their good for.
tune They produce silver na such great quantities
aud rapidly that they Cutting tho market or
as was said day by one OF them,
If this thing don't stop silver will be worth less
than nicke.''
But in the face Of this admission he thought 1t
susht to be again made standard OF value the old
rate, compared with gold, at which Congress fixed 1t
many years ago.
Ifyou say to such that his project is too i'm.
potant 10 be hurried through the close session
without debate he replies that there timc ose
and that, as he believes tho right he don't
sec why 1t should be debated. If you suggest HIM
U
ter than farmer, who suffer loss when wheat or
eorn tails 10 price through overproductiou, or u
aborer. whose wages fall If the labor market
nocked he looks at you in disgust, because he
magncs there is something sacred about silver,
SomethiDg exceptionally valuable, and he would ny
into rage II he was told that his silver product
sery much less useful and important than the prodnc
Iion OF wheat. which eat cotton and wool,
which men can wear and that in fact mining of the
precious metals, called. oitener q curse than
blessing to country, and does necessarily enrich
II. II tne silver people were not manly Sc. of
spectators silver shares and mines they
would demand what they would readily get
from Congress-the appointment OF a commits.
sion of experts to consider carefully the
question which they trying to force upon Con-
sress and report at the next session. Such a COM
MISSION properly constituted, could make a report
valuable not only TO this country, but to the world
But it would probably not satisfy the silver men, who
just have less confidence in scientific nvestiga-
sion than the ignorance OF Congress and the power
OF the ''previous question" The real question for
consideration is OF course, whether silver has, by
reason OF its greater abundance, altered in value
measured with gold, and how much When this is
nsccrtaned new standard dollar DO en-
acted, which would then and until the value
again changed be an honest silver dollar. but
this is precisely what the silver men will not havo
They assert vchementy that silver has fallen only by
reason of its demontization in England and Germany
that Is the duty oil this government reintroducc
as legal tender for all and at the old standard.
AMI that If Congress only declares that 412 grains of
silver the equivalent OF dollar In gold will be SO
all the world
The democratic caucus. tomorrow evening will dis.
euss both the Silver bill and the repeal OF the Resump
lion act l; almost certain this evening that the
Naf,n nsta will In hcafo tu
Tho discussion promises 10 be lively.