The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-11-08
The bland Silver siii-A sponge
for Public and Private Debts.

yerisimilitude that \ part OF 1T is worth
quoting ON this occasion. We refer to the
parable of the unjust steward, who, nav
ing abused his trust, made dishonest pro-
vision for his future support. 81 cannot Dug,
said this ancient worthy; Ito beg am
ashamed = and he accordingly hit upon n
scheme for scaling down debts rs means
of establishing claim upon the gratitude
and charity Of the debtors. lie was too
shrewd to draw q sponge across the whole
amount of any debt and only wiped out
what he supposed would be q safe fraction
We insert so much of the parable OF the un-
lust steward AS may suffice for giving an
| idea of his method -
am resolved what TO do, so that when attn put out
of tho stewardship they may receive me into Their
houses.
him. ana said unto ihc first, How much owest ihou
/; my lords
| And he said, a hundred measures eff oil. And no
said, Take thy bill and sit down quickly and wri'o
| nity.
| Then said he TO another, And how much owest
| thou? And he said, u hundred measures OF wheat
Ana he sad unto him. Take thy bill and write iour
This unjust steward was the prototype
of the silver schemers in Congress, who are
attempting to curry favor with the debtor
class by relieving them from full payment.
So venerably ancient is the craft and cum
ming which attempts to trade on the willing
ness of debtors to evade honest payment
and SO true to bad side of human nature
is the representation in this parable 1t is
not u safe thing for the morals Of people to
be heavily in debt, as John Randolph once
! pointed out, with great profusion OF his
torical illustrations, running from Catilines
conspiracy down to Shay's rebellion, and
including instances like Benedict Arnold
by way OF episode. 1t was by
pandering to the hopes of debtors
that Catiline. Shay and their like became
formidable leaders, and by the weight of
personal debts that Arnold and men OF his
type were tempted to betlay their country.
The silver champions present milder form
of the same pernicious influence, the class
to which they appeal not being desperate
debtors like those who followed Catiline,
but only set of people who, though per-
fectly able do not wish To pay III full, like
those tempered with by the uni ust steward
II there should ever arise in the West or
who were ready to apply the sponge to the
whole Of their obligations instead OF to
part of them it is probable that they also
would find a host of demagogues ready to
become their leaders and to echo and exag-
gerate their sentiments.
The silver champions in Congress have
placed themselves on ground where none of
r., l.. IA
can be brought into service. There are
some able ad vocates of bi-metalism, although
there is a large preponderance Of scientific
opinion on the other side. Whatever force
there may be in the arguments Of the BIZ
metalists none Of them are available for the
support Of such 4 monstrous scheme as that
which has passed the House. If an honest
and intelligent advocate of double
standard had been called upon to draft
bill for remonetizing silver, he would first
Of all, have attempted to make the silver
bullion in n silver dollar of the same value
rs the gold bullion in gold dollar, thus Sc
curing creditors against fraud by payment
in q debased currency. An honest and in
tellgent author of q remonetizing law would
next have explicitly exempted the principal
and interest Of the national debt from its
operation, because, even if the silver
and the gold dollar could be maintained ut
par, the sacred duty Of maintaining the
public credit untarnished forbds legislation
which would cause distrust and uneasiness
in the purchasers Of our bonds. This ex-
emption would cost nothing to our govern
ment if silver and gold dollars should be of
equal value, but if there is to be any risk
of depreciation the public creditors have
right to ask that the risk be borne by our
selves at least in respect to past obligations.
With regard to future obligations they
would insure themselves against risk by in
sisting upon high rate of interest and
refusing to touch any new bond except at
rates which would protect them against
fluctuations in the value OF silver. 1t would
be bad policy to make silver a tender for
the interest and principal of our national
debt even if in remonetizing it we should
so increase the amount Of metal in the dollar
as to make it equivalent to gold. 1t is
fact known to every capitalist in Europe
that within the short period Of three years
the price Of silver has fluctuated to the
enormous extent Of twenty-one per cent
Until silver shall have reganed its old COM
parative steadiness, and have maintained it
for a period of five or eight years, our gov
eminent could not sell in Europe single
bond payable in silver Nothing is more
certain than that if this infamous Bland
bill should become law an utter stop
would be put to the refunding Of the public
debt, and that we shall continue to
pay six per cent interest long after
M honest policy would have reduced
it to four per cent. Moreover, If our
government pays the public debt in dollars
worth only ninety-two cents it will 50 COM
pletely forfeit its reputation for good faith
and financial honor that subsequent offer