, 1877-12-22

Government Bonds ! The Americans
ara proud, aud justly proud, Of
taa puuctjlious honour with which
they have met all their obligations,
aad there ia a general belief that, even if
the law gave the Federal Government the
option of paying off any part of the debt
In a deprecated currency, the Opportuni.
ty would be rejected with disdain. But
il is worth vemarking that the Silver
Commission, boldly taking the responsible
lily for this app %icljiOn Of Its principles
al The pracricaI deduction from them. say,
~ TIE a'tsmpt to Tighten the Govern
!. ~ nom exercising its uadoubted
-" right to pay its bonis in the cheaper
" meta! by proclAjming that if it does so
" It's honour will ba furnished and its
d" cre.li1 impaired at home ADD abroad is
"Cnwo:thy Of consideration" If, then
the majority Of the House of Representa-
tivts be disposed to adopt the policy Of
the Silver Commission, as appears from
the passing OF the RECOMMENDATION Bill by
1913 votes to 81, the chang in the law
wouli not merely affect the internal curren.
cy OF the Republic, but would involve she
pc Vrr Of paying off the Nltiona al Debt in
ID Hi'tut which udS lillcA Ll DEIOW IN
uoriAql relation to the almost universal
standard Of The worlds transactions. The
oebt Of the United States to Europe, as
the Commissioners Report points out
exceeds, dealing only with National, State,
aud Corporate borrowings, 400 millions
sterling. Only an inconsiderable parG Of
this is expressly stipulated to be- paid in
gold. 1t il moderate estimatu to state
that ifsilver be Internationally accepted
as coin" in The United States, $1,000
worth Of American Bonds will be reduced
in value to $3.50 or less.
But what is the chance that thes,
doctrines Will prevail? The Republi-
cans as a rule, are "hard money" men,
but it would be rash to assert that oil,
or even most, Republicans are against
the remonetiz ,tion of silver. In the West
inlee1, they are nearly all in favour Of
it, and when Secretary Sherman went
electloneering into Ohio he was com.
PEELED to hold his tongue about this
matter, lest he should do his friends
more harm than good. On the other
hand, the Democrats are, with very few
exceptions, on the side of remonetlzatIou.
But the Democratic "Iufationists," as we
have seen, can count upon 140 votes on
an ordinary Division in a House OF less
than 800 members. and if they should De
reinforced by any strong contingent Of
Republican %"silver men, they would
have it in tn ,ir power, perhaps, to carry
a MEASURE on which they had set their
hearts by a two-thlrds majority. The
majority of 1853 against 81 by which the.
Reconciliation Bill was carried does not.
it may be, represent the permanent dIstrlbu-
ton Of voting power, butt it shows to which
side the balance i%nc'ines. Ia the Senate 1t
is other wise. The Silver Party boast thai
they can reckon upon q majority there
also it may be that they can ; but it will
be seen thar there they propose to modify
the Bill !; and, at all events, they 90 not
venture to claim the power OF overriding
the Presidents veto in the Upper Chamber.
The President, indeed, has lost no time in
declaring" that if Congress passes the BIZ
"remouetizing silver, making it a legal
"tender for all debts, public and private
he viii veto it," With this resolution
the Silver Party as well as tne
anti esumptionists have. nownto deal.
and since they have little prospect OF
coercing Mr.. Hsyel'E will upon a question
which he aces has vital relations vito the