New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-10

now understand that IL was DOJ poehlpio w
pay interest or principal Of bonds IN silver
and that it was not the intention OF the
United States so to change its policy rs to make
payment in silver possible, or 10 denonetize
gold. The fraud in the bill pending IL that IL
virtually demOnetlzes gold. IL provides no'
for very small and limited coinage OF silver,
such rs had existed prior to the issue OIL
bonds, but for an unlimited coinage OF silver,
and it makes that coinage, not on the basis OF
the existing value of silver as recognized
throughout the civilized world, but on the basis
of the old value Of silver, before the enormous
product of the last ten years had lowered IT,
The inevitable result would be that, under sucn
circumstances, gold would be entirely driven
from circulation, and payment OF large sums
could be made only in silver
This il an essential violation OF the contract,
because it is a change of the fundaneh'ai
conditions understood by both parties "heh
the contract was made and by both parties
expected then to be maintained. Iad IL oeen
maintained, had the Act of 1873 never oeeh
passed il would still be utterly anu Plip""iJ
dishonest to commence an unlimlIeu ooi""5
of silver, at a time when such cOlnaSc "o"i'
drive gold out Of use, thereby making ~ III"
possible to employ in payment Oh oohuS "
interest thereon the metal expected by ouin
parties to be employed in all large payments,
TO this extent, the change OF coinage propose"
is rcpudiation. 1t changes the essential con
ditions upon which the contract was paseu
because neither party then expected gold 10 DC
forced ont of use in large transactions.
The case becomes still stronger when the
effect Of the act of 1873 is considered. Bonds
amounting to many hundred millions have
boon issued since the passage of that act;
bonds previously issued, amounting to many
hundred millions more, have either changed
hands or have been retained by the present
holders, in the faith that the pohcy then
adopted by the United States was not to be
changed for the purpose Of Wronglng creditors.
II is net possible to conceive OF q more
definite understanding, based upon more cX-
plicit declaration of public policy. We place
10 stress upon the pledges made by successive
Secretaries of the Treasury. All that
they had power to do was to announce
the policy of the United States as fixed
bv law. When the United States de
clared that it would coin no more silver
dollars, it pledged its faith that the conditions
existing in 1870 should not be altered
by any future coinage of silver. Upon that
pledge of public faith buyers OF bonds lad
hight to rely, and did rely. Thousands, also,
refraned from selling bonds OF the United
States because ofthat pledge, and at time when,
had their bonds been largely thrown upon the
market, funding OF the public debt would have
been made impossible. This nation has proiitod
by the declaration that it would not change
its policy respecting the coinage Of silver in
such quantity as to serve for payment of large
amounts, and it would be naked Reputation
Of a pledge of public iai.h to change that pol
icy now.
1t is for Republican Senators, especially, to
consider these things. Fidelity to the public
faith is the citadel of that party. Ii they sur
render the citadel they destroy the party, ana
may count with certainty upon It's defeat
hereafter. In that event, it will make 10 diff
ference who controls the party. They waste
their time in talking OF other matters of pol
icy, if they mean by this act to make Repub-
ican success impossible hereafter.