The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-10-12
THE NEW SILVER QUESTION.
WHERE HORtTTO SEYMOUR IND FIRM
CIS kERNIN STAND JPON II.
The Former Thinks the Decentralization or
silver was Mistake. aud the Latter Fears
that RECOMMENDATION would be Another.

silver was 10 Mtstnkfsh the
that Reconciliation would be Another.
UTICA, Oct. s-Gov. Seymour was asked
to express his views on the silver question. lie
invited your correspondent to walk with him.
and it was while passing through the pleasant
streets Of Utica that he talked freely on Il sub
jcct which now agtntcs the public mind.
Think" he said. that the dcmonctzation
Of silver was "A most unfortunate thing. 1t is II
no particular consequence whether ii was right
or wrong in itself. II was untmcly. 1t in
volvod Il question with which the people had
not been made familiar. We were going along
in the right direction before that The country
had been made to SEQ the necessity and the
practicabilty Of returning to specie basis
Now u new question Is forced upon us: What
| constitutes a specie hassP and on that question
n great diversity OF opinion is developed Half
the number who have contributed their efforts
toward disseminating sound financial doctrines
are at variance with the other half; and the de-
monetization Of silver has caused the trouble
The hill itself wils smuggled through Congress-
| do not mean 10y that to east reflection on
those who introduced or voted for 1t. But what
mean Is that the people were wholly ignorant
q the scope Of thg law at the time ol lts passage
! Whom did II pass 1900
90 believe II was in 1873
well. answered the Governor. II was not
until 1875 that an act already two years OLD
| began to gain ground among the people That IN
some way they had been cheated 10y the bill de-
/ monctizng silver II Is a slow process by which
| large communities are educated in the prluci-
! pies ~ political economy. II was essential 20
/ our future prosperity that the American people
! should uud crstnnd the advantage oi q stable
currency bascd on coin. II WAS not Ut al essen
/ tial or desirable that they should be- lei Just
/ now into an angry dispute ON the Kind OF coin
| / asked him ifhc had road the proceedings y
! thu recent Bankers Convention onthcsuwecto i
H. answered. Il have read the report rather
/ mkingth lead in such u matter. Sometimes
/ prejudice exists against men oi that calling.
/ ha-rd ON the belief that what promotes their IN
| her some oi the-, bankers a- far back ~ lNGi.
! Somrof us wore stirring them tu save the credit
4 of the state II New York from dishonor. tn"
/ question grew out Of the payment OF th' inter-
,'-t on our State bonds. Tho contract was 4" pay
it in coin Part of these bonds wer" held in for
/ cign countries and to meet the interest IN dr,
! preriatcd paper WAS not only "a violation of good
faith. hut It was equivalent to partial rcrudia;
] ton. A. Governor of the state. | appealed
| again and again to tn" Legislature to save rs
all from this great disgrace. The Demo'rnls
voted To pay the interest in COIN but the Ecpub-
/ leans To- man voted against II. Coy. Iucius
Robinson WAS Comptroller then, elected on the
Republican ticket II, refused To- JON In thi5
/ assault on the credit Of tn" state ana was read
out of the party because ut his manly acton.
Failing 90 carry the Legislature" | appealed 10
the bankers to advance the money required 10
pay th" Interest in coin trusting t. future lrgls-
/ lation 90 reimhur-o them
W ell. MNfIf NII fIlffA cleo
"Dol' answered GOV seymour. with touch
- bitterness. they declared that D. was disc
luvn tn Say that specie was hcur than paper.
fItunmc of patriotism. That at Of di-Iounr
uu fh" part 81 the state cost the country. in One
way and another. more. than a hundred million
dollars. II dis 'reIiird Ms in the face of the
WnrN. II lowered the price ~ all Government
securities and 10 dealt a blow 40 our reputation
which l"uvsS mark ,thi- day. am rlnd 90
lind now that Oh" bankers up longer consider 10
dl-lnNal 20 say that coin Is hrtt"r Than paper.
lt. o. Dab % IIl,
are such recent converts. should assume 10 do
cid" whHi Kind of coin "" should u-n.'
Guv SEYMOUR sAii. You lesson the value III
anything when You lessen lis Use. The chief
Use ui silver all over tho world il for coin. \
general movement look ing toward ~. d' none,
ti1Ation Of silver in Europe and tho United
States has necessarily diminis,'d n value
somewhat hut not very much: doun II any
other commodity. not excepting gold, could
stand as firm against -uoh an attack. II silver
system am Inclined to think 4 would bee rs
valuable now az n ever WIS. %" "U''i nl "a
double standard Is that ~. % regulates iAo lthor.
u,,tli ..nff and tno 0thrr cNrun,l- NTH Nh,
VHrIuf. oii- 100 the weather ana thus perfect
h4Dlu's l- preserved. An idea lik" That thluh
WIS u tnr minds ~ tnos" who made gold and
or. rated badly. lttho~" who hny" studio tho
su'' found ti "hluL' Wa- d'-IrNI". d
',t t',i'i ,,,,,t b. Xxx. div ''.,r 4 III.
ru1fu'nt ot d. law. A~lti- munyp'nldr thiuI
iNlf 'li- i- ID INNANMf li Nl i'I' NiNlIiNi t'IN-'
~. lIf-f fhc debtor elt-- o. make n.lrt uu 'ruu'
the burden, 81 dtld But the bludhOldnr- aut
. other .rrlltnr- must Boz careful l'~t They 40 fo'
ISM ui the dnlfOr rlus~. They ur" ontlird 70
all fhnt law and equity XIV" tl"m. bui II thri
3D. tpIfruif i- for INNWvut i'm coin, 10 u not iu
- them fn tii tate the Kind of CON-.
Judging from all that YOU say you favor The
r"moueuzaton of silver. l Ncntured 10 re-
mark.
" vs.. although soc grave inl'ultios I'm ih
way oi that. The restoration of silver ol'- CO.,,
y place no our system Will not eur" iur"Nll~ Whlrl
it, characterization produced li"monrtiHiii"l
may even have the effect of lmpairlng on
, credit Bui forth" law Of 1873 no such daugc
would now threaten us.
asked Would You have the silver dollar %
tho same value n~ the gold dollar. or would you
1 nav, two standards H. VOL - two COINS
. Wuuli haV" them Of the same value. II pos
-ihlr; hut the drt"rmluntlon of that Nulu" d.
part ~ the problem. as have tried 90 explain
r. The Nalu" which silver would have IL II were IT,
/, stored 10 IT. pid piac" cannot 10" hsrorihinri b.
the prlcc II brings, now That II IL d"monrtN'd
desire thr restoration of silver. NOT MS tu"un
g. of avoiding ih" payment of any part az our Jus
Il debts but because silver l. getting to hr one III
4 the great products of our country. and u ls nu
4 o-iruhic that the uses Of any of our great pru
J. ducts should b" los~"nrd.
Il These are GOV. Scymours opinions on ia
4 silver question.
10 Interview with senator Herman.
y senator Francis herman was found in hi
b law ollre bu-ily engaged in preparing IA
points Of a casn. lie laid aside his work an