The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-11-12

boar in mind that there are two bills on the
currency question now pending in Con-
gress, both supported with equal zeal by
tho lunatic inhationists. but not equally
strong with other members. One OF these
crazy projects is the Bland Silver bill,
which SO surprisingly passed tho House ana
is now pending in the Senate. The other
is tho bill for repeating the Resumption
act, which is to be debated from day to day
in the House as soon as the Army APP
preparation bill is disposed of, which
it probably will be to-day we
feel no anxiety or uneasiness respect
ing the repeal of the Resumption law,
for although it may pass the House 1t IS
likely to get stranded in the Senate, and
even in the improbable contingency Of its
passing the Senate it would certainly be
vetoed by the President The assurances
which have been given on this point leave
no room for doubt. Besides the we'll known
views and committals Of Secretary Sherman,
the explicit statement OF Secretary Evarts,
reported in our Washington correspondence
on Saturday, is fitted to inspire perfect con-
fdence. On this point the Cabinet is a
unit, and it's three most influential mem
bers-M essrs. Evarts, Sherman and Schurz-
are not passive supporters, but steadfast and
ardent champions of the well known views OF
the President as to the indispensable neces-
sity Of standing firmly by the Resumption
law. We regret that Mr.. Evarts did
not, in describing the policy OF the admin
istration, express himself with equal vigor
and decision respecting the wild and PERM
cious Silver bill which has passed the House
and gone to the Senate. We also regret
that the trumpet of Secretary Sherman gave
so uncertain sound on the silver question
in his otherwise satisfactory article just pub
lished in the North american Reuie,c We do
not doubt what the action Of the President
will be on the Silver bill if it should pass
the Senate, but we are sorry that Mr.. Evarts
forebore to express his opinion of this dis
graceful attempt to swindle public and pri-
vate creditors.
There is reason to believe that the admin
istration, or at least the Secretary of the
Treasury, favors the reconciliation OF sill
yer, under certain restrictions as to the
amount coined or as to the extent to which
it should be made legal tender. Consid-
ering the reckless audacity of the silver
fanatics, it proves to have been mistake
tor the administration to give them any
countenance. But its incautious conces-
sions do not in the least commit it to any
such absurd scheme as the Bland Silver
BILL While Secretary Sherman, in the re-
cent article to which we have alluded, says
that ''silver may be made most essential
aid to resumption, he is careful to add, IF
confined either in the amount or mode
of issue or in its legal tender
quality" But the Bland bill, SO
far from satisfying this requirement,
makes the amount unlimited the mode of
issue unlimited and the legal tender quail
ity unlimited: If this bill becomes a law
everybody who owns ninety-two dollars
worth of silver can take it to the Mint and
have it coined into hundred silver dollars,
and this debased money can b, used to pay
all debts, all duties at the Custom House
and the principal and interest of the
national bonds 1t is possible to be a much
stronger silver man than any member Of the
administration has shown himself to be and
yet to repudiate rs dishonest and ruinous to
the public credit such a project as the pend
ing bill. The silver lunatics should not
can escape veto by the favor
heretofore shown by some members of the
administration to the partial reconciliation
of silver. The intelligent silver men will
scout project which puts them in such bad
company and covers reconciliation with the
scorn Of honest men.
The ablest and most distinguished advo.
cate of bi-metalism, either in Europe or
America. is NJ Henri Cernuschi, who was
examined before the Monetary Commission
ct Washington last winter. NJ. Cernuschi
is an Italian by birth and an LII. d. of the
celebrated University Of Pavia. He fed
from his country during the political
troubles Of 1S48 and established himself rs
banker at Paris, where he has since re-
sided. We think this suitable time
for bringing the opinions Of NJ. Ger
nuschi to the attention Of the mod
crate silver men, both in the Senate
and the administration. They will see that
this enlightened advocate of bi-metallic
standard strongly condemned in advance
every scheme resembling that which has
passed the House. Mr.. Cernuschi thinks
it would be blunder for the United States
to remonetize silver except in concurrence
with the commercial nations Of Western
Europe. He strenuously contends that re-
monctization without such joint action
would not establish q bi-metallic but an ex-
elusive mono-metallic currency in this coun-
try, banishing gold and making silver our
only standard. He also maintains that it
would isolate us from the commercial system
Of the world, reduce our foreign trade to
barter, and erect an insuperable barrier to
the further refunding ofour public debt If