The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-11-07
The silver Folly.

Although the great and surprising ad-
won by trick. there is no likelihood that
the bad bill which was passed by the House
on Monday and sent to the Senate will be
recalled. Mr.. Frye exposed the trick in the
House yesterday and charged it upon its
author, Mr.. Bland; but he prudently for
bore to propose any action on the subject,
which would have been promptly voted
down by the triumphant indationists, who
have proved that they have a majority of q
full House and would have gained new
victory if Mr.. Frye had brought the matter
to vote yesterday. It is certain that the
Silver bill cannot be recalled from the
Senate, and certain that, even if it
House are strong enough to repass it, even
if all it's opponents who have gone home to
attend the State elections were present in
their seats. The hope Of defeating this lies
first in the Senate, where the contest
will be animated and the vote close, but
secondly and mainly in the veto of Presi-
dent Hayes
We rely with unfaltering confidence on
the President to interpose his constitu-
tional negative if this silver bill should
pass the Senate It is inconceivable that
Mr.. Hayes can ever sign bill which would
PROSTATE the national credit and make
it impossible for the government ever to
sell another bond in Europe. President
Hayes is not expected to take President
Grant for his model in many re-
spects, but Grants veto of the in
fation bill in April, 1874, was his wisest
and most courageous act Mr. Hayes more
than any other citizen has reason to
out it he would never have been President
of the United States. Grants veto of the
imitation bill made Hayes the republican
candidate for Governor of Ohio and caused
the canvass to turn on the hard money issue.
Hayes election as Governor was signal
chief nest of the imitation heresies, and it
was that hard-won victory over the ''rag
baby" that made him the republican candi-
date for the Presidency. Mr.. Hayes is more
irretrievably committed to sound views of
the currency than any other public man
that he should ''turn his back upon him.
self" and sign a Reputation bill which is
infinitely more mischievous than the one
which President Grant vetoed in 1874. The
imitation bill Of that year did not touch the
public debt and the national credit. It
y,,o-o1xy nopkomr al on ovnonc;o,n 81 rr
paper currency, leaving the principal and
interest of the national bonds to be paid in
gold and the customs revenue to be col.
lected in gold to furnish the means Of pay
ment But this infamous silver bill is di-
rot assault on the public debt and the ma
tional credit. If it should become law
all duties would be paid at the custom
houses in silver, and the principal and
interest of the government bonds would be
paid in this same silver received from the
importers of foreign merchandise It is i'm
possible that President Hayes should sign
such bill. The grand fiscal success to
which his administration aspires is the re-
funding Of the public debt at low rate of
interest. This implies the selling of new
bonds to the amount of nearly thousand
million dollars. No European capitalist
will touch q bond of the United States
payable in silver We shall continue to be
burdened with the heavy rate Of six per
cent interest on nearly one half of the
national debt if this dishonest, repudiating
silver bill should become law. We are
confident that President Hayes will stand
between the national credit and such a
prostrating blow. If, which we do not be-
lieve, this swindling bill should pass the
Senate, it will be by q slender majority.
Certain it is that it could not be repassed
over the Presidents veto. The country
may therefore rely upon him as the efficient
bulwark of the public credit.
The value of silver dollar is about
ninety two cents The passage of the silver
bill would therefore cheat the government
out Of eight per cent of its revenue from
customs; would cheat the holders of govern
ment bonds out of eight per cent of their
interest and principal; would cheat all pri-
vate creditors out of the difference between
the value of greenbacks and silver, which
is ABOUT nve per cent. Ibis INFAMOUS OIL
ought to be labelled "a short and easy
method of cheating creditors" It would be
equally disastrous to the rich and the poor.
The latter have something like fifteen hun
dred million dollars deposited in the
savings banks of the country, and this
swindling silver bill would cost these de-
positors more than q hundred million dol
lars We do not cease to hope that it may
be defeated in the Senate, but if this hope
should be disappointed it would be re-
proach to President Hayes to doubt that he
will use his constitutional negative to up
hold the public credit and maintain the
sanctity of national obligations.
Results I'm tho states.
The result of the elections in the several