New-York tribune., 1878-02-16
THE SILVER QUESTION.
LETTER FROM THURLOw WEED.

r.k. II SiNtt upit- It's bNit t-iitl't III" ''''
Banks, the Chamber of Commerce, Boards of Trade
Republican General Committee, President OF the
Union League Club, etc.. etc., etc, it is because
truth Is mighty Indeed the formidable arr1y
Of metropolitan journals against silver though
in conflict upon other public questions is easiest eX
planned By iie supposior that they constrained
by their convictions Of right and duty. Against
such an array of political and financial Intelligence
aud experience | have dissented only because my
own convictions Of rigGt ana duty are as clearly III
favor Of restoring the money standards ol o'h
country az they were established under tho
Constitution more than f0ursc0rc years ago.
and as they remained until 1873. ! ask luis
because, up 10 the time that silver was stealthiy
dcmonet,zcd nobody objected or thought of object
ing 20 the double standard. Not Of the journals
now SO vohomcntly denouncing silver as dishonest
money had uttered 4 word or syllable against II.
They did not know VIXEN or why Congress "repi-
dia,ed7 silver. No city journal now questions the
magnitude of that change, and yet it was done
without their knowledge. appeal To All and each
OF the editors of our daily journals 10 show from
their flies thas in 167.}-'7l they advocated or ap-
proved or even knew that th5 country was to be
deprived of silver as money standard Nor did
the reasons now urged against the silver standard
then exist
The debate on .ic Bland bin n the senate Is
drawing TO close. So flr tic extreme gold advo-
Gates have shown no disposition to make it wha; 1t
ought to be. They are obstnItely and uncomIno-
misingv hostile 20 silver money. lt has been ~
their power from the beginning 10 make silver
dollar worth iust as much rs gold dollar thus
creating Il specie basis broad enough to effect re-
sumption and restore prosperity. Should these
beneficial objects be ultimately defeated the gold
advocates will become directly responsible for
great public calamity. That responsibility VIII be
aggravated by the fact hat the WRONG was pcrpe-
traied after free iii. .cussiou and ample time iOr
delibeTdion. Ny hope is that tie President, shonld
the bill reach him IN an Objectionable form, WILL
im'ucS with wisdom and inspired bY PATRIOTISM
return it with q message calculated To conpOS" ana
odiust honest differences o opinion resulting finally
in the passage of a law placing the country in rea-
ton 10 the standards of value where II stood before
Congress deprived us of an element Of wealth and
prosperity for which we were indebted in an
emergency to kind Providence.
Ny principal obicc; TO-DAY, and in this letter, is
to submit to the readers OF 'lHE TRIBUNE the views
Of the oldest, and consequently the most expert
euced banker m our state The venerable Thomas
W. OIcott President of the Mechanics and Farmers
Bank Of Albany. has made the subject of finance
study for more than sixty years. He has ever been
an outspoken hard-mOncy mar. During the more
than half century that he has been the fiscal officer
of bis bank the interests of ITS stockholders have
been literally rewarded by the judcious and dis
criminating nee Of their capital in developing the
resources and stimulating the industries
of the community. Mr.. Olcott. though more
than eighty years of age. in the enjoy
ment of good health TO be found a.
usual, during bank hours, III his accustomed seat,
taking lively interest IN all that concerns not only
his bank his family, and friends, but whatever re-
latcs to the welfare OF his country.
The Congre ssi0nal Silver Commission while in
this city addressed intcrrogatorics to prominent
bankers in Mr.. Olcott'@ reply. the Intermediates
are not given, hut their nature viii be understood
from Sir. Olco;ts responses. | am indebted 10 Mr.
Weston Secretary OF the Silver Commission, for the
following copy OF Mr.. Olcotts letter:
ALBANY, y y, Oct. -, 1876.
fs ni sir ,Ho Gg Unable 10 attend in person IN
RESPONSE T. Your poIic invitation. a!.O" me 20 give
written reply 10 your mtefr0gatoi.cs =
no. !. Icaidc IN Albany y y ana hay been an on
cr 81 this bank 1911 am now aud have been is
President FOR forty yoais.
No ? Some 0 hc causes maj Oc loind III thc demon
citation Of silver Germany IN thc unusual large
substitution Of Government hs ~ India IN tho place Of
lcmttnucts silver from London ~ slCcu!tl"us IA
sycr onGnc. If noi Designed, 10 reduce H. price; ana
ID the increased production OF silver n th, conniy.
No .. su-t ol tIc .uscs are probably temporary.
No /. In combination the two standards viii prob
ably strengthen each other and dppToAlnatc more
cnIucltly inherent ~ singh standard.
No ,. believe that doIhr STANDARD VIII greatly
facilitate the resumption of speric payments, and am
equally decided III opinion hal ,Ocfcsd ir,unftioh IN
In it, inception. and uncertainty ~ its continuance.
20 ~" y IT, ad,ption OF double standard by this
counify would be a hatcriug recognition OF the WISE
policy adopted by The nations referred TO- aud wouid b.
calculated to confirm their adherance To the example
No :. regard gold in IL. present and prospective
supply Inadequate sole standard for the CONNER.
drs pl a..
,bot yast prograss and development which We are en-.
c0uragcd to OOk for Ia the future have the honor to
he ctc THOMAS W. OLCOrr
Albany. " l.. oct. 20, 1876.
Mr. Olcoit il will be seen. is clearly of opinion
that the reconciliation eff silver is essential to
sumption, aud that attempt 10 resume without
broader specie basis would signally fail This view
is undoubtedly sound. While it would be danger
Gus to cross a deep gulf upon one plank two would
render il safe Resumption upon gold alone would
be oppressive and cruel there can be no permanent
resumption, and no restoration 20 prosperity with
ont n specie basis broad enough 10 sustain c0ntrO-
vertible paper currency, adequate to the wants oi
the various commercial, manufacturing, mechan-
cal and laborng interests of our country. T.w
Ner- Ork, Feb. -, 1878.
TIE SILVER QUESTION IN A NUTSHELL.
WHAT HE BLAND BILL RfALLY MEANs-GOLD PAID
orr SURE TO CONE BACK-rHE PEOPLE WAITING
TO BE CONVINCED-ARGuMENT, %OT INVEo HIVE
WANTED.
To me razor Of Thc Trtbunc.
SIR: Is il permitted 10 one who lives and swears
by your paper and who now reads little but that and
n couple OF weeklcs, 20 offer few words on the
silver question! As man who lives by his labor,
this question Is before Inc constantly both as one OF
nv pocket and az one of GOOD morals and of good
sense in its higher meaning but tOa full understand
ing OF this question 90 some education IN this line
and some careful thought corrected either by
books or by the steady restless talk of men living
in the midst of affairs Even then many an intelli-