The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-10-19
OUR IMMENSE RESOURCES.
sHiLL THE PrBLIC DEBT re Paid ~
com OK IN STLDER?
The Congressional " onctnry Commission de-
cinrcs that the United states Bonds May
he Paid In SiiNcr-'thc HIn bonanza.

The Congregational Monetary Commission de- !
cinrcs that the United states Bonds May |
he Paid In Si,er-Ihc Hin Bonanza.
WAsnfSGroN. oct. is-Thc Congressional |
Monetary Commissions report presented to-
day in the Senate makes volume OF 2o) pngcs.
In the elaborate discussion Of tho question they |
say;
Tho world has expended vast amount Of
labor in the production Of the precious metals
and has made great sacrifices in uphold
ing the automatic metallic sysiem Of money,
and has i.;ht 10 insist it shall bc consistently
let alone To- work out its own conclusions or
that it be Abandoned. The legal right o. tho
United States TO pay its bonds in gold or silver
at its option. is So clear that no serious denial
Of it is made The claim that they should be
paid only in gold is placed on vague and
shadowy grounds
There is no dispute about tho facts of tho case
or the law 4 contract has been entered into
between the Government and its creditors in
volying contingencies which may favor either
party. and both parties must abide by Tho issue.
whatever it may be- II would bc beneath the
dignity Of III Government to demand any AL
vantagcs which the law and the contract made
under it do not confer. 1t would be- violation
Of Justice and a betrayal Of the great interests
| con1dcd Ia its charge to accept anything less
| Tho Government is an agent. and not principal.
/ Ii is the trustee " the nation. and must find the
! charter and guide for the administration uf the
affairs iutrustd to it ia the law and not in sem
! timcntal emotions. The attempt 60 iriglten the
| Government from exercising It's undnuh.d
! right tO pay rs bonds in the cheaper metal by
| proclaiming that If II doe. 30 its honor VIII be
| furnished and lis credit impaired ut home and
Tine uuuctuul fuflmcnt 90 th" l"ttcr ~ all
! obligations is the eur'st and host support OF the
| credit oi any country Its honor can rest p'r-
! mani nty ~ piu" ana war only ON the latrid
! ism Of It's people, which H. sure To- h' Nruk ru'l
! it their substance IT, taxed to pay premiums ipr
the applause Of h- credt"r-. The I ht'd
! States is the only nation thui Aas meyer mud'
default ia IT. pronns' II has nev lh.rd l"
We are largely the detilr- of Europe, % relation
"" de- not occupy toward any other quarter OF
Thc aggregate Of our indebtedness public
| and CORPORATE. held there j. t-timat'd Ia exceed
s5V" !, I ~ +. tn ," "'' n s2oo 666.
! the annual interest must %" fuiiv slOpWh.Wl.
| This h tn minimum cd the current estimates. 10
l. no, a trihut, m tne oai0us scnscnf "a ronirhu-
eonau"ror. hut in it, pr,s M financial cIoOt- il
never been any parallel to t IN history. n,lcnt
or modern. SO iii as il r. irur. a. It 11u'ti'--
! Europe il paid from the sale oi commodities
clscwherc The United stat = rs Il debtor roun.
try. Is inter -'ed against such diminution W.
| tir world p u'Asur' vi Nu'u's a- M"uN r'~N'
| from demouHti2 NJ 81 liver. and ought Zoo throw
This invr-t-aton shows that Ia" product nt
the Bg !. ni MA thus far nas not rN''f i'd 10
| 5unuOl durn.. ine Tour years ,lai u Aas boon
sl3OOu.uO0. ol winch iuriy-Hyr per cent Wa-
| god. leaving Tor il, average annual PROM : ni
silver from this .r body frloilon over -'nN".-
Opr. Taxing AN the mines 90 tn" tum~tn'h
lod" together during sixteen years ui uuItH-
ced"nt"d activity m mining. as-i-t"d uN tn"
most por;' ana powerful mechanical nruli-
AM, =. There have l~'on found some tMtIN"
goin'r Aruni s2lu Onn ulU. or nm annual average
OF sl5.uNI 900. Oi winch about ~ p IL CENT. or
s7l2jOpn WIS gold. leaving slsl5um H- iAe
4.HaaH4 IA o. I8NI an ISL A. lao Re- il
product OF the state ol Ncs.lda has been rollHi 4
| only for tn" SIX Years ended brr. 81, $50.
WIS 4 . Ouu 6Ol and Tor the yrur 1876 10y itreil
only SIS uOuupO in-tnld of 500 OuoUnu. 80 c"u-
product of the United States during tho same
period wss $1,000 900 makIni nn ann ~ q,
av"rnE" o' s2G |1p"p. The product Tor 1916
by Itself WIS t3s .2uuo,o.
When these returns are cQntrasied with the
computations whi'h hhNc MN rrt0 "'thlhrp
uniformly and greatly oy0ggcrate! the rrojnc-
tlon OF silver IN thus country. II i- one ot thc
California discoveries. the bullion value of the
World stock Of plate. ,e.in and bars was
YER: hut of coin and har- alun" il.-llNuunu
ina gold. and s2.-NN nNuhun 10 silver. Tine total
andng %,,h is5e Vas so5otoo ooo b.m- an al
dlu0u oi only fourteen per cont 10 ihr total
49,, , ~ 'us,' ''i ,, AMI hr ''' e'"''' 49,
Ihe total ntodA.i',n,-, of e.,d H'one ~ re
diion Of % per cent. a. the entire sto of gold
in Guiding Il0io. AMI the still ErnltDr addlt "a
of ~ q per cent I" the stock OF gold in coin and
hnrs
In tho twcnty-oight years ending with 1875
the nEEreE1t" production "i Eoi ana ~ilNr
war H.J-2 900 600. which WAS an Hddltlou az %
per cent. tutl, 49,. i in ISIS uf coin. bars and
plate. and of l3i per cent. to the -tp'k of coin
~" pr"dnction Of roil non, Wa s32i5uo6i w.
TINS was an addition 10 TIA" gold stock ln l-+s
n coin es ana pitr % ~ h.r cni ana -
. Inmates ui tie amount " me Worid ~tu'N ul