New-York tribune., 1877-01-02
THE SILVER DOLLAR.
,,,yrrp FROM GEORGE WALKER.

IN IN, Edftor or The Tribhne'
S,p. The passage of the Bland bill ny 'he
House Of Representatives has revlVen III i''' " 80
silver question While NC political situation coi""o
as grave as AT present it can hardly he expected '
en- inportapt "A subject that Of the currency S"'
attract general attention. IL IL, however I'D Prec"7''
such periods political prcoccupat'"n as ,he
that unwise and dangerous schemes OF icsisNi''"" ~
the best chance Of slipping through NO pe''oi o'
- ,l,is coud he offered than that such bill ~ MI
Bland's should have been made law 'eo III as u -
in the power OF the House OF Representative
IN mako laws, l,v the votes of large majority OF thai
body almost without debate question which, next W
that of peace war, or of domestic criScs "ho''s ~
maintenance change OF governments Is horo "oVP!
,oti,g ,e nations of the Old World at the present
time than any other, aud which has the most direct Dear
ing on the resumption Of specie payments ana 'e c'
o commercial prosperity this country has been sum
marily disposed of by the popular branch OF Cohg's
as II matter Of minor consequence OF an ",'
Gated question. A striking feature OF tue purh'''
ia the disrespect which the House has SHOWN
70 the senate and 10 its own record co'h-
mission appointed by both branches to examine ana
r,nort on the silver IL still In session, te tc
given them for doing not having expired LAPe'"'
have been associated with the Congressional mcm"rS" w
the board aud elaborate preparation made Tor eehs
together mass Of fact and opinion when sioud sue"
the fullest light on this difficult question The whoc
dulonatic body has been called On To ASSIST IN us e
cidaon Most singular OF all Mr.. Bland the author OF
the new BILL il himself member oi the coinnsSlo' -
il possible to conceive greater lrrreua'hy Vi i"'o
rum than for Congress which enacted to ignore 'ne
existence and work OF this commission ana I'd ess"o
On the subject committed to in advance oi S report
Il is perhaps unavoidable under form OF popniar
government in which the principle OF party OF mhis-
tcral responsibility has placr That there shou oe
no established and uniform origin or paternity ior te
laws enacted by Congress.
ANY member is at liberty to Introduce any measure
without consultation with or control by the party
with winch he il associated But, while according this
liberty OF action ts members, the House certainty
owes something to its own dignity and ought not 10 III
dorse mode Of proceeding which nlericres Win sucn
presentation OF any question as II may nave io'iousN
adop,ed and which Is still incomplete The House ol
Replesa natives has taken snap .Seh
and like snap judgmcntt viii not hear the sht OF
that examination which reasonably long DEBATE "ou
have given H. It seems to hardly poSsDie that the
effect of the Bland bill could have been properly under
stood by who voted for It, am not Wiling to De-
leve that there is party III Congress OF le c"u''!
insane enough TO wantony fasten upon us system OF
deprcciated metallic money. in place the deprecated
paper moacy whcn ahlicts us, ana SO u arrange
that the depreciation shall be hopeless ana permanent
The owners silver mines can hardly desire 10 depfes'
fine price OF silver now that il is struggling back 10 S
proper relation OF equality with g0ld. Ana S't sue"
will bc the precise effect OF the Band Olli IL repeats
tc mistake OF the coinage OF 1881 by restoring Sl-
yer 10 the legacndr currency on the basis o 10 10 VI
cold Hinder that law the circulntcn Of silver III the
United States practically impossible because i'll
other slycrcoinng countries Of the world the lower re-
lation of l5l, to was legally established The United
States therefore debised silver by requiring 10 parts
Of il the equivalent TO OF Sod' an cAceSs vi
3 per cent above the valuation put upon gold by othc
nations The lunts OF France and other sllvertoihh2
countries lien open To all cones, ana therefore
those who had silver sell took II to France and got
cold for il a rather than buy il of the United states
at g. or 3 per higher The operation has been eN-
paned AT length by Mr. Ernest Seyd In his recent exam
uation before the English Silver Commission II the
state OF things continued TO exist which existed III 1881
the effect Of BANDS bill would be- by law OF necessity
10 reGstabish principle Of the coinage act OF 1873
and make gold the only actual metallic money OF this
country The whole product OF the silver mines would
90 TO Europe and to Asia and no step forward would he
taken toward resumption OF specie payments here
But that state things does not exist Whe the legal
relation OF silver gold remains at l52 o In the sill
yer coming countries tind by indrection also IN En-
gland Germany and Inda), the mints Of those coun-
tries are longer TO all comcrs s0 ta the Seef ol
silver cannot. 1854 exchange II a those mih8 ~
= nr,nliIn o! , per cent above the price which Mr..
bland wishes to rojs;ab-h for it in the United States
when Germany adopted what conceive 10 be the
mistaken policy of making gold the only imperial cur
rencv in imitation Gland, and in yindication OF her
r To CccIpy the ocrstic place In the matter
of money .mce, Holland, and the sVer-colnng
nations geIeray refused to become the victims OF her
uuUisc eseIinent. y successive restrictions they have
brought the coinage silver almost TO sandstl, and
mean to keep il there until some international policy Is
adont4d to uroec them from an inundatOn Of silver
II seems 10 me highly probable that they might have
safely diso gardcd German demOnetizaton OF silver
aud that surplus OF that metal would have dirsod
,> lf tlirou IN the world with very slight influence It's
price if the coinage had on elsewhere IL its ac-
cstotd ropofuOn The rapid rise Of silver since June
al. 10 md mi
than moderate demand for our token coinage, and
.,it Involvement in Indian exchange 10 TO
move tbs But the nations in question de
c,ded not to take the risk and we have
IN consequence witnessed the utter decentralization OF
syCr showing that when not protected by legislation
he demand for the precious metals necessarily declines
aud with il their price, since the uses 10 which they can
Lc put other than monetary, next to nothing III de
;ermning that demand While the European mlnls are
closed against it, the price OF silver Is merely specr
atIvc only merchandise. and subject to the law OF
supply demand which applies 10 merchandise were
IL really everywhere money that law would not apply
to it.
VIII the passage OF the Bland bin tend to open the
European mint! Quite contrary, it would at
once create an export from the United states to better
market silver kept here in the expectation Of
home demand resulting from new legislation The ac
ton Of the United States looked upon 10 turn the scale
on tie sitter question. II we take the side OF silver hY
agreeing 10 cooperate with other nations IN Restoring
u to it's irop, -q yaehcy with gold all of Europe, un-
Tea, it be England nId Germany, be expected 10
uuc with , and there much reason to hope that even
tho.c nations would nor resist general demand ior
common international standard If. on the other hand
c United states outLIs the world the chcapen'ng Of
silver. Tie present cNprctat at itndc" OF Europe viii
become permanent, The policy Of England ami
Germany VIII prevail aGd the currcaty ~
the World wH Dc robbed of nalt it, metal.
H.. ll. tD of