New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-11-30
THE SILVER QUESTION.


RANEUEs rs FAVOR OF SILVER.
70 TIE Edaor Of re Tribune. -.,-., ~. o.,
ST. fnJ myself Unexpectedly sdemaized as an
"Tnaationis-" and "Bepudiafof. saw ul''A
c5l, because. during considerably more '''' '"'i
century o. journalism. my eHorI "'i'
IN favor Of "a sound currency ana asNls' .' PSi"
80. r,,s,;,u. only Of a desire 20 be useful' can
ar,ri ~ he misunderstood, OF even misrepreseniea
.,;allv so while advocating silver standard the
,,borifv for doing so being derived from the Con-
.i,,ti,n of the United St,ies. Under that author
itv tho Government has borrowed and paid thous-
ands Of millions of dollars in com No one
Questioned the money valuc Of silver II was
couallv precious with gold. until in 1873 If was
secretly demonetzci. hil ostensi5lv intend @ 20
regulate The Cove nment miuts contained q clause
demouetz.uC silver, but SO cautiously drawn rs 10
conceal t- purpose. Nothing appears DID thc de"''o
showing that any Member Of Congress was aware
that bin apparently harmless. not only deprived
the country Of one-half Of it's monetary power nut
was in violation Of the Constitution. The title Of
the law of 1873. a. viii be seen. furnished
no intimatiou that it contained such sweep
ing clause: An Act revising and amending
tho laws relative to the minis assay offices and coin
are of the United States" The consprators, how
ever did not accomplish all they desired Boy the act
of1s73. TIE following section found its way into
the Revised Statutes which enacted in bulk IN
1874
The silver coins Of the United states shap Toe legal
tender NAL value. for any amount hOt tx
ceednc - in any one payment.
The chairman Of the committee wao submitted
tho report assured the House that 1t contained
nothing bur what was found in the special and
seuaratc enactmcnts OF Congress. And VET thofe
snothing ln any act Of Congress giving the sem
blance of authority for the section above quoted
These double frauds were perpetrated without the
lnowledee Of those who voted for them. and with
ont attracting the attention OF newspaper couosnoo-
Fou+s. Nor1il the President iu approving the bills
referred 10. know or suspect that either struck a
fatal blow NJ thr interests of the country and the
welfare of the people In letter written by General
Grant. dated October 3. 1873, seven months after
the passage Of the law relating to minis. etc. ne
said:
wonder that silver is not already coming into the
,rr-ct tD 1furfr c deficiency in tlc circuli nS hc1
nv, ryocr,orcc has proved tl1; It takes about
si0OOGOOO of fractional currency 10 max, lhe sIts
change necessary for the transaction of h- business or
the country silver will gradually take tle place IF TINS
crrrcnc- and. aulther. VII become Tie standard Of
values. which viii be hoarled .n slu7L Wa e>. ilt
that this viii consume from F%vO
confess % desire 10 81. "a I'm. ~, ...t,, t,at is
standard of value the world over. silver Us TINS
ctsirar srd IT, is becoming question What shall we
d. with itl' l suggest mere sol ton which wiz
answer Tor years. 90 put 10 Ia cTcl uln keeping
II there uutll Is nxed and then we vii find other mar
kets.
Tho President ull not KNOW iNai TIC utN aIplNftN
and signed a Dill prohibiting the coinage OF a cur
rency he valued So highly! 10 was not until 1874
when the Code was adopted that the coinage of
subsidiary silver wasauthorized and became legal
fender for go And finally, when these frauds perp'-
trated 10 keep gold at premium for the benefit Of
bondholders. became known, no word Of reprobauon
has been heard. The press generally ebert Ugilant
and outsraakiug. has word of condemnation
against conspiracy 20 cripple and opnress the in-
0ustries aud labor Of the country On the contrary,
our leading journals bitterly assail those who labor
10 restore 90 tho country money standard oi winch
II was fraudueutiv deprived. We arc stlguatlz,d
as silver inaatonists. for asking the Government to
regstablIsh a financial basis under which the country
and people were prosperous and happy for more
than eighty years.
Thu. question. stripped Of soplistry and verhage
presents naked issue Of capital against labor Shy
locks. ever rapacious, are struggling 10 keen mp
the rate of usance1 In maintaining the one stan /
darl-tAus narrowing our specie basis one half /
they vii, strengthen aud perpetuate their advan- /
ta1es There has been. a. there ever must be, be- /
tween the thousands who labor and the hundreds /
who enjoy the fruits Of such labor. al iuepressihle
conflict l. is the duty Of governments to see that I
the faces Of those who labor not held too closely
10 the griudstone
The country is threatened as is usual. when capital
takes an alarm with the return Of the bonds held
abroad shou the holders be asked to receive their
interest in coin" II foreigners choose to return
their bonds because offer TO pay them in the pre-
Csc currency they agreed receive, do not see that
either our character or cur pockets would be injur
ously affected. Foreigners, during our civil war; |
made haste slowly in the purchase of our bonds
Nothing of friendship or patriotism manifested
CAPITAL. ever cautious. doubted and waited long
time in Germany and still longer in England. Most
vvi fhafr borIs
cost them hut fifty cents on the dollar. They
have been receiving their interest in gold, until 10 Is
rroposed 10 pav IL in COIN" Ii for this reason they
choose Co send home our bonds afford t. re-
ceive Them having large amounts of money seeking
profitable investments. Nor is this the Only method
of intimidation rcsorted To-. We told that if the
money rs of the Constitution restored. the
Syndicate will suspend IL, negotiations. How far
tins threat viii be carried remains 90 be seen. The
Syndicate is not benevolent institution. Ii viii @
ON with its funding operations. OF discontinue them.
according 10 the interests of the parties concerned
l., by a return TO specie payments, upon a basis
broad enough TO meet tie require ncnts OF our cOm-
merciai and manufacturing enterprises and indus
tres. prosperity should follow Resumption, the la
mcutasous of bondhoiders az home and abroad
would uo logger be heaRi.
Ipcreeive that Sir. William +. Dodge and Mr.. A.
l. Low. eminent alike merchants and as citizens,
were among tho Distinguished gentlemen who went
TO Washington % oppose the passage of the bill
ramouctnng silver. Ny respect for these highly IN
tehgeut gentlemen Is so great that ahond De
CaUdiet 20 learn. whether, during their long ana
crclitsble commercial life. they were embarrassed
il thc acquisition Of their large fortunes bg the us.
o. silver n common with gold standard The eX-
q N