New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-13
UNLIMITED SILVER.
LETTER FROM TlIuRLow WEED.

EAST READY 10 iOiN THE NE>I AND 5OOAh ~
rHE BLAND BILL IS DEFEATED.
TO me EditOr o T me TrtbWpe.
SIR: Since the publication Of my last letter in
favor of the remonetization of silver, the question
has assumed new and important aspects. The Pres
iGent and Secretary Of the Treasury have, in their
communications To Congress, declared themselves
against the full reconciliation OF silver The OBJ
icctions Of both are founded upon what, IN their
Judgment. concerns the financial honor OF the Gov
ernmcrt in other words, tho apprehension that
full reconciliation Of silver would arrest the re-
funding OF the public debt seems TO be the control-
ING consideration with President Hayes and Sccrc-
tary sherman The President goes so far rs TO COM
pnte the amount which he thinks would be lost if
the negotiations Of the Syndicate he suspended.
am greatly disappointed that both the President
and the Secretary Of the Treasury have failed to
present the silver question in its true light through
Congress TO the people. We had right to expect.
from the highest executive and financial authority.
au explanation of the causes which, in their opin-
ion render it essential to the National honor 10 pay
the National debt in money other than that which
the Constitution and the laws Of Congress made a
iegol-tender Men whose opinions and actions are
based upon the Constitution and the laws may II rea-
soned with consent to ho more than just the public
creditor but tins concession will not be forced from
MS 0y being denounced as iniationsts and rcpudia-
tors or in being stigmatzed As ready to commit
robbery aud wrong by voting in favor of the re-
monetizaton Of silver As the public interest is
likely to intensity rather than diminish IN the future
discussion of this question want to recall, demon
strate and clluch two OF three vital positions. First
let it be remembered that the Constitu-
ton of the United States made gold and
silver coins legal tender, and deyoved
upon Congress the exclusive power to regulate the
weight and value of both metals as coins. Second
rs often as the cxigcncies of the Government re-
quired resort to loans, laws were passed athor-
ziug the Secretary of the Treasury to borrow the
sums required making the principal and interest
payable in coin. That policy and language, - Will
be seen by the following act. copied from the stat
utes Of the United states was continued until The
year 1870. The law which passed on july H. 1870,
is as follows
ctofJuly IT, 1870 rage pa Of the acts Of the second
session OF the Xi.Ist Congress That the secretary
OF the Treasury is LcreOy authorized 10 issue in rn or
sins not exceeding in tie aggregate $500 100000,
coupon or bonds Of the United States, surh
form prescribe, ana Of denominations Of 500
or s5lae multiple Of ult rcdcemablc in CON Of tine
! present standard value and bearing interest,
payable sem.-annuay such coin ~ tie rate OF per
! ce1dTg s3oo0o0.0o0 Of Ike bonds the same in
al respects interest at the rate Of - pee cent
| Also g p not exceeding elOVo.Ooo,uoo
OF like bonds the same in all RESPECTS interest
| az tine rate OF al2 per cent
In accordance with and in obedience to the pro-
{
| Treasury prepared bonds by the terms Of which the
| debtor aud the creditor IS borrower and lender
/ acted Understandings. The lender paid gold and
silver for his bond according TO h- interest con-
/ vcnisrce. and agreed 10 receive in payment of
PRINCIPAL and interest gold silver at the option Of
The government. The following is a copy of the
Endorsement of the bonds issued under The law of
July II, 1870:
Tie Unitcd states OF America indebted D., Of
ifI i 81 TIa. B.
issued scc0Id1nce with tht provisions of J act o. Con
gross cautcd An act 30 authorize tle rcunhe of the
National dcht approved Jur IL. 1870 amended by an
ACT approved January 20, l~1l' AMI ~ itccciHaHe a.
trc pleasure nitcd states after the first dY
Sopicnncr \. ID. S9i, Ol the STANDARD value OF
thu U1ted states or said Jt9 H. 1870 win interest IL
such coin from The day OF the date hereof al the rate OF
a. per ccntu,E per annGm, payable Quarterly ON The
each year The prntial ana interest are exempt rom
the payment Of all taxes or dutrs OF te lnIed states
well from taxation IA any form by OF unucr state
municipal Ga !ota! authority
Until s71. therefore, silver and gold coins in thc
eve Of the law, and between the Government ana |
the bondhoidors were Of equal value. and equally |
Iegatendcr. 1t was not then dishonesty "repu |
diatiour or robbery 30 pay debts precisely
we agreed to pay them. Bat in 1873, after a sus
pension of specie payments and when the question
OF resumption was in the distant future, Congress
stealthlv demonetizcd one OF the precious metals |
NJ one asked for that change, and very few knew
that they had voted for it. We left to infer its
MUM, vho silver fell step by step, until We
are asked whether it is honest 10 pay our
debts in a dollar worth eight per cent less
than gold dollar My answer TO this question Is |
that the moment IL was discovered that silver had
been fraudulently demonetized the repeal Of the law
of 1873 should have been promptly and Indignantly
demanded. Silver restored 20 its accustomed posi- |
ton as cga-tender would have recovered its mar
kct value or if 10y the new financial attitude OF the
Latin Governments It's value in fOre gn markets had
been unfavoraby affected, we should have been |
in position to meet the question upon |
equal grounds Bnt of this advantage we |
were surrcptitiously deprived. The money |
standard question is eminentiy one TO be adjusted
by an International convention. If such q cOnyen-
ton shOuld now be called, we 90 into n at great |
disadvantage, having voluntarily deprived ourselves
Of a standard recognized IN common with gold by |
France, and used almost exclusively money IN |
India, China and Japan. In wholly ignoring these |
considerations. the Administration has lost great
Opportunity waited auXiOusly for the Presidents |
Message, in the hope thar IL would advert TO the
fraudulent demonstration of silver, recommending
its restoration with such notifications as he might
deem proper. have long believed chat resumption
can he reached easily, and can be rendered perma-
nent by the utilization of silver This opinion is con-
trmed and strengthened by experience and Ob5erya-
ton. Silver has quietly ana adyautageOusly taken
tue place OF fractional paper currency currency 10y
which, beside It's Inconvenience, the people lost
many millions of dollars. But even subsidiary sill
YER precious 1t to the masses ofends the adyO-
cates Of gold standard, National Convention OF |
Bankers embOdying and representing, II is to be-
presumed, the financial wisdom of the country,
unanimously adopted, as the result of it's delbera-
tons the following resolution:
Resoirei, That, in the opinion OF this convention,
sill, money, subsidiary currency, desired by the
ueopie and that its free" and eufOrced" use viii
greatly aid IN restoring the vdlae OF paper money
Nv great respect for individual bankers leads me |
TO believe that, while this resolution was uRan- |
imonsy adopted, many bankers would hesitate, in |