New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-09-25
held at home. President Hayes in his very sensible
sneeeh at St Paul said:


speech at st. Paul said:
Another gratifying and important ment In the
state Of the public debt that bonds mainly
Of them are held in the United States and only onesI
abroad. The interest the debit mainly paid TO our
own citizens.
Can our leading journals and politicians have for
gotten the political issues of 1887, 1913 and lo4Of
Then, as now there was q wild senseless warfare
against paper money. Then President Van Buren,,
sustained by Colonel Benton, Silas Wright, Inc
Washington Globe Richmond Enquirer, Albany Ardm
and Ne,o- Hampshire Patriot, demanded gold cur
rency. Colonel Benton made speeches inthe United
States Senate declaring that yellow boys shining
through the tnterstces of silken purse must be-
come the exclusive currency of our country In
structions were received from Washington in favor
of law suppressing the small notes of our Safety
Fund banks Governor Marcy reluctantly obeyed
these instructions. In accordance with his
recommendation Democratic Legislature
prohibited our banks from issuing any note under
the denomination of S.. This warfare upon paper
money preclpitated financial crisis. Committees
from New York and other cities visited Washington
seeking relief from measures which Occasoned
widespread suffering among all the industrial
classes. In response to these appeals the Washing
ton organ of the Administration denied " that there
was any pressure which honest men should regret"
President Van Buren, was credited with saying that
3" those who traded on borrowed capital ought to
fail" The Hon. Samuel Beardsley, OF Oneida, in a
Congressional speech exclaimed: Perish COM
merce, perish credit perish all, rather than take
any backward STEP"
The Wings of New-York boldly accepted the
financial issue rendered by the Democratic
National and State Administrations. Upon that
issue we carried the Assembly by large
majority in 1887. 1t was the strongest
hot had
been chosen for many years. Among the
Wing members were David B. Ogden,
Samuel b. Ruggles and Willis Hall. of
New-York; Daniel ID. Barnard, of Albany;
Victory Birdseye James r. Lawrence, and Aza-
riah Smith, of Onondaga; Henry w. Taylor, of
Ontario: Luther Bradish, of Franklin Benjamin
D. Silliman, of Kings; George w. Patterson, OF
Livingston; Peter B. Porter of Niagara; James 5.
T. Stramaban, of Oneida; John A. King, of Queens,
and John NJ. Holly. of Wayne. Notwithstanding
that defeat the Democracy chung to their gold issue
The Assembly passed bill repeating the law sup
pressing bank notes under So, which the Democratic
Senate rejectei. The canvass of 1888 presented
the same issue William II. Seward, the "Small
Bill" candidate for Governor, was triumphantly
elected. The Presidential canvass, now ac-
lively progressing, found the Democratic party
committed to policies opposed to river and harbor
the country. Upon the wrong side of every popu-
lar issue, the Democracy preciptated its own over
throw. William II. Seward was reelected Governor
and William H. Harrison elected President
History is now repeating itself, and yet how few
political leaders of either party profit by the lessons
of 1910. In 1878 silver was demonetized by
clause IN bill entitled "Act for Regulating the
Government MINIS" Very few members of Con-
gress knew that the bill contained such clause,
and General Grant has since acknowledged that he
signed it in ignorance of its real purpose. 1t was
stealthIy done to aggrayate the premium on gold.
When it was incumbent on Congress to provide for
the resumption of specie payments 1t was seen that
upon a gold basis would occasion gen.
eral arrangement and distress. The masses de-
manded the reconciliation of silver. Bankers and
bond-holders resisted And, most strangely, the
daily journals of this city, with exception THE
Graphic, arrayed themselves in favor of single
standard. Such unanimity of journals differing
widely upon other questions was alike re-
markabe and unprecedented. In great
National struggle between capital and Ia
Dor, the fact that THE TRIBUNE. Herald.
Journal Of Commerce, kreaiRg Post Commercial Adrer
tiser EJpres, Worid etc., ETC., were found standing
shoulder to shoulder in favor of single standard of
value. denOuncing and ridlculing all who advocated
silver and gold as the standards provided by the
Constitution OF the United states, still excltes our
special wonder" And even now while the silver
dollar is legal-tender, theSeournals lose oppor
tunty to depreciate it. Ours the largest silver
producing country in the world, and ours is the
only Nation in the world that seeks to reject of
the richest gifts of a 5ouDtiful Providence. Legal
tenders are not soft money in the offensive
applied TO them. Rebels were the first enemies of
greenbacks. The conflict protracted and san
culinary, but greenbacks triumphed-as they will
triumph in the present conflict. They will be good
money as long they are needed, and they will be
needed until the objects for which they created
have been accomplished. Those objects were, first,
to preserve the Union, and next, to aid resumption
and restore prosperity Under the auspices of the
Republican Administration and party, by wise use
of gold silver and legal-tender, the country and the
people may confidently anticipate speedy resump-
ton and enduring prosperity. But If we suffer the
strongest and most popular element in the canvass
to pass into the hands of communists. agrarans
and repudiators we shall be guilty of a folly as
fatal in its consequences as treason itself. T.w.
Neac- York, Sept. 81, 1878.