The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-11-11
THE BLAND sTLVER BILL.
Ex-secretary McCuIioch's Views OF Its Prob
able Eject.

h"tc Fs"ects
reporter OF THE SUN called yesterday
afternoon on ex-Sccrctary McCulloch. at his
Office in the First National Bank building. to in
quire what he had to say about the Bland Silver
bill. now before the Senate OF the United States
This was tho result:
Reportor-Mr. McCuloch. the Indications are
that tho bin for the reconciliation Of silver will
paes the Senate and be signed by Mr.. HAYES.
What IL going 10 bo the effect OF the mcasure2
Mr.. McCulloch-Do you mean that the Senate
will pass the Bland bill Just as II stands My
own idea has been. either that they would do
bate over that bill so long that they would do
nothing. or cleo that they would amend it by flx-
Ing limit TO the coinage Of silver. making II a
subsidiary currency and n legal tender only TO
the amount OF. say $50 or 800 This would be
movement In the right direction.
Rcportcr-Wcll. suppose the Bland bill does
become n law. what thon2
Mr.. McCulloch-The result win be highly
injurious to tho credit Of tho country
and to its business interests. The pre-
MUM on gold will advance and II the
balance OF trade. now in our favor should
turn against us. It would advance still more.
Grecnbacks will fall to par with silver. and as
nobody will want tho silver for them. We shall
have merely nominal resumption of specie
payments.
Bcporirr-what will he the effect on Govern
mcnt honds2
Mr.. Notwithstanding that they will no
paid. principal and interest. In silver. which s
probable. II silver Is to he rcmonot2cd. they will
become mere currency bonds and sell accord
ingly.
For q further explanation Of his views Mr..
McCulloch referred TO his recent contribution
10 the financial symposium In the North Anteri-
can Rericc. in which this passage occurs:
A double standard mems 4 silver standard.
The adoption Of y would make gol an article
Of commerce. and drive II out OF tho country.
1t would he exceedingly damaging TO the Gov
crnmcnt credit and put an end 10 funding it,
SIX per cents into bonds hrNrinK u lower rate Of
interest. Tho commercial world has outgrown
the use of silver as q standard of value. II cv-
isis rs such only in Oriental nations, and in
ppyeny-stricken nations, OF Europe and Central
and South America. In France. whore the
double standard nominally exists, the com
age Of silver il hring restricted for
tho purpose Of reducing the amount
in small transactions. Bismarck. the wiscst
and most fnr-s cling statesman Of the age. ut
great national expense and at no little dis
!urmncc To the money markets OF the wori !.
has substituted the single gold standard Tor the
double standard heretofore existing in the
States which nis genius h9s c9ns 'lidated into
an empire. Holland and Is 'lgium are follow
rapidly as they can do H. without too grcnt lose
law. which makes gold the standard in al
commercial transactions. ana silver sub
salary currency only, Is prevailing, and
viii prevail among the most enlightened ma
! lions. and the p"oplo Of the United States will
make capital mistake II they stand in the WAY
o. IL. The adoption Of silver as a standard
would pcrpetuate the disadvantages 10 which
Wr have boon subject ID by the loyal tender
notes I'm our commercial relations with conn
tries which. like Great Britain. maintain. and
must b" greatly benefited by Maintaining. the
higher standard of gold II would ally the
United States with India AMI China, and pre-
vent our commercial cities from cOmpetin. or
even attempting 10 compete with I.onien in the
business OF International exchange. When and
wH"rc Will foreign bills on Now York be- salablr.
IL they to bc payable in an article the vaiur OF
which cannot he accurately cstimat"d sixty DAYS
in advance II W. nro wise We shall aim to
make the EAGLE what the sovereign has been To
Grrut Britain. rnd thus To- acquire among the
nations the financial position which. as the
creates. producing nation Of the world. is with
in our reach.