The daily gazette., 1877-10-20
Jour Immense Resources,
SHALL THE PUBLIC, DEBT. BE
, PAID IN GOLD OR, sILvERi,

WASHINGTON, ID. O., October 1s. g
The Congressional Monetary, Commis-
sion's report presented to-day in the Sen
ate makes volume Of oyertwo hundred
pages. In the elaborate discussion Of the
question they say: '' 20 '"N y" Y
'T The World has expended 4 vast
amount, OF iahor inothS production Of
the precious metals, and has made great
sacrifices I'D upholding the automatic
metallic system sof money, and hasMa
right to insist that it shall be consist
emily let alone TO work out its own con-
clusions, or that 1t he abandoned. The
legal right of the. United States to nav
It's bonds In gold or silver at its option,
10 so clear that no seriousi denial Of IL is
madea The claim that they should be
paid only in gold is placed on vague and
shadowy grounds. '7Vs 1'f} rN .asanls
There is no dispute about the facts of
the case or the law. A contract has
been entered into between the Govern
ment and its creditors, involving contin.
gencies which may favor either party,
and both parties must abide by the issue,
whatever it may be. 1t would be be-
meath the dignity of the Government to
demand any advantages which the law
and the contract made under it do not
confer. 1t would be violation of JUS
tice and betrayal Of the great interests
confided to its charge to accept anything
less. The Government is an agent, and
not principal. 1t is the trustee Of the
natinn and rnuot And tbn oI,ontau ord
guide for the administration of the affairs
intrusted to it in the law, and not in sem
timental emotions. The attempt to
frighten the Government from exercising
the undoubted right to pay Its bonds in
the cheaper metal by proclaiming that if
1t does so its honor will be tarnished and
its credit impaired at home and abroad,
is unworthy of consideration.
Tho punctual fnlfillment to the letter
of all obligations is the surest and best
support Of the. credit of any country.
Its honor can rest permanently in peace
and war only on the patriotism of its
people, which is sure to be weakened if
their substance is taxed to pay premiums
for the applause of its creditors. The
United States is the only nation that has
never made default in its promises. 1t
has never failed to meet punctually and
fully all its obligations. We are largely
the debtors of Europe, relation we do
not occupy toward any other quarter Of
the globe.
The aggregate of our indebtedness
public and corporate, held there ts4ek-
to exceed 90, 100000 aud
is, on any computation. an immense
sum. If is is taken at $2,000,000,0 ,009,
the annual interest must be fully
$l00, 100000. This is the minimum
of the current estimates. II Is not a.
tribute In the odious sense of CON
tribution exacted by sovereign, or
imposed by q Gonqueror, but in ITS
present financial effects 1t does not
iiffer from either, and there has new
er been any PARALLEL to it in history,
ancient or modern. So far as 1t is
rue, as it doubtless is to some extent
hat our Indebtedness to Europe IS
paid from the sale OF commodities
,lse where the UuIted States as q deb
er country, is interested against such
diminution of the worlds measure
If values as would result from demon
,tizing silver aud ought to throw the
weight of its example and inf1ence
against II.
This Investigation shows that the
,roduct of the Big Bonanza thus far
las not exceeded $52, 100000 during
he four years that it has been worked
making an annual average of about |
100000, of which forty five per
ent was gold, leaving for the average |
unual product of silver from this ore
'ody fraction over 81 100000. TAX |
ng all the mines of the Comstock |
lode together during sixteen years
t unpre cedented activity in mining,
ssisted by the most perfect and Dow-
rful mechanical appliances, there
ave been found some twelve or
hiIteen ore bodies which have yield
d altogether about $240,000, 900 OIL an
nnual average of $l5,OcO,OO0 OF
,hich about All y cent. or $7,l25, 900,
var gold, leaving, 1886, 900 as the
verage annual production of silver
he silver product of the State of Ne
ada has been collated only for the
tx years ended Dec. 81, 1876. During
his period the average annual product
7as $40, 600, 900 and for the year 1876
Y itself only $2S,000,000, instead of
100 .000, 900 so confidently stated, by
he Reichsanzeiger. The silver pro-
uct of the United states puring the
anne period was $155, 1900, ,OO0 The
roduct for 1876 by itself was $3S, 200,
90.
When these returns are contrasted with
he computations which have hitherto
btained currency, it will be seen that
ne latter have uniformity and greatly
x exaggerated the production of silver in
mis- country. 1t is one of the common
stjmates that 1S4S the date of the Cali
,rnia discoveries, the bullion value of
ne worlds stock of plate, coin, and bars
,as S., ,80O,000,0O0 in gold, and $4,000
OO. 600 in silver; but of coins and bars
lone ST ,2OO;0OO,O00 in gold,and $2,2Oo,-
DO, 900 in silver. The total product ion
f gold and silver in the five years end
10 with 1856 was $s50,0O0,0 700, being an
ddition of only fourteen per cent to the
,tal stock, Inclusive of plate, or OF
yenty eight per cent. to the stock IN coin
nd bars.
The total production of gold alone ln
,e same year was $3.50, 100000, which
as an additien of rs per cent. to the
ntire stock of gold. including plate, and
le still greater addition of 62a per cent
the stock of gold in coin and bars.
- ;,,I.t x,aa, andinO with |