New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-10-19
SILVER AND TIE DEBT.
THE SILVER COMMISSION PROPOSE TO PAY THE
DEBT IN SILVER OR GOLD IND1FFEBENTLY-
npnnrcrInN LIZ TMEN1 Y-rIGIIT YEARS


DEBT IN SILVER OR GOLD INDIFFERENrLY-
PRODUCTION IN TwENIY-EIGHT YEARS.
WASHINGTON, Oct. 1S.-The report Of the
Silver Commission an abstract Of the important points
of which teegraphed to THE TRIBUNE, exclusively
yesterday, makes volume OF over 200 pages. The fol-
lowing tho report says about paying the debt in
gold or silver, and the amount Of the production Of
precious metals:
The world has expended vast amount OF labor in the
production Of the precious metals and has made great
sacrifices in uphOding the automatic metallic system OF
emf let alone to work ont its conclusions, that IL
be abandoned. The legal light Of the United States to
pay It's bonds in gold or silver, at ia Op-
lion. is so clear that no serious denial of it
is made The claim that they should be paid
only in gold il placed Vague and shadOwY
grounds. There is no dispute about tue facts Of
the the law. contract has been entered INTO
between the Government ana lts creditors. luF@lyHg
contingencies which may favor either party, and both
parties must abide ne Issue WnateEer IL NAV re- IL
would be beneath the dignity OF the Government 10 de-
mand any advantages which the law and the contra:
made under it do not confer II would be violation OF
Justice and betrayal II the great interests cohhdcd 70
IT'S charge TO accept anything less Inc Government Is
an agent and not principal IL Is tne trustee o. tae
nation and must ma Ie clartr ana gliie Iol tle bu
mnstrauon Of the affairs intrasted L. 1t in the law
and not in sentimental emotions. The attempt TO
brighten the Government from exercising lts undoDt d
right pay Its bonds in the cheaper metal by proclaim
ing that if II does its honor VIII he furnished and its
credit impaired at home and abroad u unworthy OF con
sdeTatOn The puncual uhilment 10 the letter OF al
Obligations is TIC surest and best support OF the credit
and war, only the patriotism OF its people, which is
/
premiums for the applause # its creditors The United
states is the only nation that mas made default
in its promises II has never failed TO meet punctuay
| and fully all its obligations.
We largely the debtors OF Europe, relation do
occupy toward other quarter of the globe The
aggregate OF our Indebtedness publcaud corporate held
there estimated to exceed $2O0O000 00O and ~,
any computation, an Immense sum. III IL Is taken at
| $1,000 100000. the annual interest must be fully
SlO0,00O,O00 This is the minimum OF the current es
mates Ii Is not tribute in the Odous OF
ceTor But in s pnf nne or es II ~ os
ua
alc To II in history ancient modern So far il Is
true, II doubtless Is TO some extent that our ndob ted
ness Europe paid from the sale OF else
where, the United States debtor country inter
ested against such dimnutiOn OF tine worlds measure
of val e. as wOul result from demOnetiZng silver and
ought 30 throw the weight Of its example and influence
against IL.
Tic Investigation shows that the silver product
Of the United States during the past six years was
$50 800 OOO making an annual average of $4,000 600;
the product for $50 by ITSELF $3s 100000 When
these returns cOntrasted with the computations
which have hitherto obtained currency, It VIII be
that the later have uniformly ana greatly exaggerated
production of silver in this country. II il O the
estimates that in 1913, the date or the CalifOr
ma discoveries the bullion value OF the worlds stock
plate, COIN and bars was - 100000 IN gold and
81 900 100000 I'm silver hat OF com and bars alone
81 100 O0JU gold, and $2,20O,OO0OOO IN silver.
In the tweny-eght years ending with 1870 the aggre
gate production OF gold and silver ~, $50 900 OOO
which addition OF siXtyseyen per cent To the
stock in 1s4S of com, bars and plate and Of 1875
TO the stock of coin and bars. But in the
twenty-eight years the production OF gold alone
S32l5 100000. This was In addition To the gold stock
lS4s in bars and plate OF IL per and The
stock and bars of 2G8 cent Estimates OF the
amount OF the worlds stock Of the precious metals In
the two facts are illustrated that annual supplies
affect stocks of the precious metals slowly, and
stock of either OF the metals exposed
centric enlargement than Is the aggregate stock OF tho