, 1877-11-17

catine, Ia, written by Mr.. JonN UNDER.
WOOD, in which tho policy Of remonesizing
silver advocated by THE TnmuxE is criticised
md condemned. Tho writer objects to tlo
term " "!hyloe1s" being applied to those
who insist that there sl.a!l be Int ono form
Of money, antl TINT gold; ie thinks that it
was uudfgniaed and unjust In TuE TRIBUNE
to have used such n torn ln reply to m article
in tho Nation, forgetting TINT tho AHtion
md alt tue advocates OF m exclusive gold
currency, including A1r. Joux USnEnwoop,
dononnce the reconciliation Of silver az an
act Of repudation,-a dishonest and fraudu-
lent proceeding on The part OF tlishon-
es: Government. While cpitheta are not
arguments, thoso who denounce the
demonstration OF silver rs swim
ding proceeding thereby invite tho ro-
tort which ia necessarily appropriate aud
directly applicable. Our correspondent
wholly misanaerstands or misstates tho sil-
yer question. In 1884 tho American gold
coinage was at premium In silver, rs it is
now. Tho Government then reduced the
weight Of gold in tho coinage. Subsequent
ly the now discoveries Of gold reduced tho
va}uo Of TINT metal, md American silver
coins becamo moro valuable than the gold
coins. Gold being thoucefortl tho inferior
or cheaper metal, tho gold dollar, being
worth about. D8 cents In silver, became tho
coin In general use, and romatned 80 until
tile close Of 1871 and tho beginning Of 1876.
This two coins had been lcgal.tendcr from
l1O2, and 1t WIS not until the c|,angc in
the relative valucs OF tho two metnls took
place, md when silver again became gailable,
that 1t was generally discovered that In 1873
silver Ind been secretly an.l, under tic cir
cunlstances, fraudulentiy demonotized. So
secretly and adroitly Ind tl,ia boon lone
that President GRANT, who had signed tho
law, was not awaro Of 1t for long time
after. Tile Chairman Of tho Committee who
Ind reported tho bill aud those who had
voted for 1t were not aware Of what WAN
contained under the phraxcology Of tho not.
There werc fcw mon in Congress- who
we're aware of what was intontletl ono OF
these WIS Mr.. lIoorEn, Of Massachusetts,,
mad perhaps Secretary, then Senator, Jous
SHERMAN waa another. Here was q cnse OF
deliberate fraud, perpotrated upon tic co1n.
try III tho interest Of tho International
leaguo Of u,oney-leuders whose purnoso IL
to incrcnse tko yaluo OF gold by
making It the exclusive monoy Of tho
world. At TINT time nil tho existing
bonded indebtedness OF tho United States
was payable In gold or silver coius Of tho
United States, and silver was alegal.tenlcr
for all the other Indebtedness, public aud
private, Of tho country. No part OF tho
national debt has been created since the act
Of 1873 deuouetizinq silver which docs not
on its face rscite that tie san.s ID payable in
The gold or silver coin Of tho United stutcs
Which was q lega!-tcnder in 1870. So tho
contract with the public creditors las not
been changed or altered by shs act dctnone.
tlzine silver, because the contract sltll calls
for payment III silver or gold, al the option
OF tho Government, 1t il not n ouest;on of
,nakiug new dollars worth hut o3 cents :, II Ia
q question, however, whether tha f,ovsrnmant