The New York herald., 1877-11-23
Tn. silver Biii .s Amended.


The HERALD records its emphatic dissent
from the opinion that the Bland Silver bill
is essentially improved by the amendments
Of the Senate Committee. Two or three
inches are Topped from the tail Of q rabid
dog when the amputating knife should have
been used just behind his ears. The amend
ment relating to the amount Of silver to be
coined is o transparent humbug. Itprovides
that not less than two nor more than four
millions of silver dollars shall be coined every
month. Although this looks like limita-
ton in the coinage of silver it is none in fact.
The capacity of the Mint to coin silver dollars
is said to be at the rate of only two millions
per month, and if this be so the amendment
makes it imperative on the Secretary of the
Treasury to work the Mint to its full capac-
ity. Pray, what more could have been done
under the original bill We know no rea-
son for impugning the statement that two
million dollars month is the utmost Co
pacity Of the Mint working the customary
number of hours with its present ma
chinery; but while this amount OF silver
coinage is absolutely commanded by the
amendment it allows double that number Of
silver dollars to be turned out every month.
This could easily be done either by addi-
tions to the machinery, which can be pro-
cured without much delay, or by doubling
the number of hours for working the pres
ent machinery and employing relays OF
hands. Let this be managed as it may it is
certain that fixing the limit at double the
ordinary working capacity Of the Mint is no
better than a permission to prosecute the
coinage Of silver without any restriction, as
provided in the bill when 1t came from the
House. When Tam O'Shanter, mounted on
his gray mare Meg, was pursued by the
witches, he passed the keystohe Of
the bridge with no other harm than the loss
OF feet Meg's tail, the witches leaving her
"scarce stump" But Tam O'Shanter
Bland, mounted on his silver mare, has
been more fortunate in crossing the bridge
between the House and Senate, for his nag
has not even lost the extreme hairs Of her
tail by the amendment limiting the amount
Of coinage. The pretended limit being
double the present working capacity Of the
Mint is really no limit at all. 1t is freak
Silver bill is made less Objectionable by this
The other Amendment is not quito SO
futile, and presents q closer parallel to Tam
OShanter's famous adventure. Tam came
bravely of, losing nothing in crossing the
A. - ~, fn;S ~, T,,1
mare, and the Bland Silver bill has lost as
little in passing from the House to the
Senate. 1t is absurd and ridiculous to
think that the amendment giving to the
the profit of the silver coinage
is valuable curtailment Of this pernicious
bill. We award to it the credit of defeating
q pet Job of the owners Of the silver mines,
and it is always pleasure to see o set Of
swindlers even partially circumvented.
But a man must be verdant who thinks
their loss gain to the government We
will attempt to make this very plain.
If this amended bill becomes law the
in putting it in operation.
buys for nine million two hundred thousand
dollars sufficient amount of silver bullion
TO be coined into ten million silver dollars,
making eight hundred thousand dollars by
The operation. So far 80 good. But consider
The necessary consequences. What will be-
come Of this silver when it is turned ont in
bright coins from the Mint? It will go
straight to the merchants who have duties to
pay at the Custom House. It will most cer-
go -. A.
porting merchants can use silver coin to
The greatest advantage. The bill makes it
. tender for all dues, and of course for
duties at the Custom House, which cannot be
paid in greenbacks, but only in coin. After
the passage Of this bill merchants will not
pay duties in gold if they can obtain silver.
They can export their gold and get its full
value, but in foreign countries our coined
silver will only command its market value
as bullion. It is inevitable that the first
use made of the new silver dollars will be
for the payment of duties at the Custom
House. and that as soon as the amount is
sufficient nothing else will be paid for duties,
in accordance with the universal law that
whenever there is legal choice of paying
in either Of two metals payments will always
be made in the cheaper.
This brings us to consider what the gov
ernment will gain by buying silver at
ninety-two cents and coming it into dol
lars. 1t will lose precisely as much in col
lecting the customs revenue as it will gain
by the purchase and coinage of silver. It
is like getting rich by taking money out Of
one trousers pocket and putting it into the
other. The government puts forth silver
dollar which costs it ninety-two cents and
then receives it as the equivalent Of gold
dollar in collecting its own dues. Where is
the gain? Even if the silver dollars were
to pass but once through the Custom House
in payment of duties it is too obvious
that tha government would pain moth.