New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-25

- Nvn-frauc piccPs. hat subsidiary CONS
Tnse countries did not dcnlJietze saver ioF itihhs
she 'scee LEG metal wch had aud rejected
inctal which had rs raw laat 'al Isf AeI cou'
fy canle France 10 stop the coinage Of silver and par
tcnlsry deInonetize thar metal within per i'nSSf
FIance WAS not empire az tie time she did mat
That same furnace Of which fused the German Con
fede,afion INTO one empire Simply melted of tc mper-
asn of Franc and broHn out her pure and unalOled
republcanisir. ana when she bicAme ftlu'hV.
and when Germany fang bcr deiaonetiz"tlon ei
silver at her tic proud youGg republic tunS Il Oask ~
ddan and pSioT9ed in@neai m m Nr 6aMfhg
rival. than that rival rad Won ovtf n sr,oi ~
inc h r'1 examne. but It was mee;lng the hnan
Gal step Germany made BY her RECOMMENDATION Oh
posed that this SILVER which lies there IDLE whios Fine
rejected aud the Latin Union rejected Wi! nov nov, W ~
he ofar and swallow il down We sir u we 90 II WI
he on the same pnepe et s 5s 0 Was not because he
wanted the dollar cared lartichlaIy noO " i hod
BAT he wanted to show what strong stomach ne h"d'
Viii any one deny that the effect Of this measure
will drive the gold which Is now III 'lS counuy
from beyond our limits To otter counles IS MOI m
a Tbe oyeivaaed metal viii drive out the better metal
and drive us to the monO-metalllsnl OF silver
This bin would eOndemn this country toa currency
which is a commercial ana financial lhSuiator.
THIS BILL 40 RELIEF.
Sir this bin IS not advocated, in opinion, FAR as
oon Gather the arguments Of its friends measure OF
nermanen policy of finances looking to the lasting pros
ne,4tv and the futlre interest of the country, but
simply as measure OF relief to the lin-
mediate sufferngs and necessities OF our people.
which are great and which deserve all the eloquent sym
otv which has been expressed for them upon this hOor
d cir If consistent with sound principle conld adj
n,uister this relief 10 would cooperate with them
more heartily than l.
tits said that it will increase the volume of your
rency; that this country ahorng under scarcity OF
money growing out OF the Tunous contraction OF your
currency; that the people need some relief Indeed
they do! A widespread rum is perNadlng nearly
an the interests of society here; II Is not conhned
one class it goes through al tae Innca9ns OF
tUers depressed: laborers thrown out OF employment;
and the farmers the South ard in the West are gIoa
Ing under the superintendent mass OF indebtedness
when threatens crush them from their former afu
the relief is that this bill viii give. shall
not stand back from the consideration that it
pay bis debt at 80 cents on, the dollar.
1oe e that viii enable the people of This ccuary~
The Indebted casses-to lift their debts by the
payment OF cents or 90 cents, or 80 cents ON the
dollar will be a bcnefacOr to his generation and the
creditor class will be much the recipient of the bete-
cents upon dollar creditor class OF this coun
try compared the sacrifice, and the insolvency and
tie beggary, and the poverty and the fraud. and the
ruin. and the desOaton which is row threatening them!
rehefl BY opening the OF Nevada running four
mns and coming money SaS sTppGSG %9a PUTT putting 1t
fore any one is authorized TO conclude that the
1y q SeS OF by SILVER drea T S v GisT @
currency give relief TO these suffering people ne should
rency growing out Df decentralization at tins
time, which is the cause of this distress.
that but Tor The absence Of silver there would be large
volume OF currency, have gone no step in favor OF
reverse. senators and gentlemen have INVOKED
figures on this subject aud shown mat We
CURRENCY ane the OF it, by citing the fact that Eng
we have only FROM sl7 $40 ana that France has 81
10 our $50, that Germany has, DeneKc; 80
they have only show the excess Of wealth over
in this nation in which silver is demonetzed.
oslrar
is unlimited legal-tender, the proportion is Sl5 per
capita and Russia is SO. Tue law, he sad, is this
The cheapness of silver caused by demonezation and
the discovery OF new mines, ana other causes wicn
that have thrown themselves open Tor SILVER to now III
OF a capacity metallic these nations. ana
the flowing in Of silver simply causes an outflow OF soid
without rise In the Yc.ume.
IL is in the nature Of what is in my STATE where
crevasse breaking through tne BANK pour. ls water
into bay or arbo 1t does not increase he voIuhe Oh
water il Goes not deepen the harbOr or the bay above
Slutes the s9lc elements of the bay and destroys the
oysters and other fish, of which there was plentiful
There is fixed aud we'lknOwn law Of political ecOno-
my which will explain the scarcity Of money in this
ferTed II you win look at the statistics, have a
much much lager inconvcrii6e currency, and in that
fact is the cause OF tnat memorable nm
itation upon the growth of your currency ac
coriing to the needs OF your population and the de
mands Of the people. When the currency OF country
puts stop to The Inflow of any coin from abroad a.
completely IL there was prOhibtoTy tarins Tile
law Of an unconverhbe currency and paper icurrency
issued by Government IS:
Be It enacted. There shall be much and no
And no matter what the demand of trade shall be- no
matter what commerce shall require, or how your
population shall increase. you eannot ADD q dol
lar u that currency through the ordinary
Excluded BY IT. You cannot added Atty cents Unless you
enact statute on the subject and say BE 1t enacted 50
bankruptcy Of people who are writing under the curse
of an Inconyertlble currency
BETTER WAY OF EXPANSION.
Mr. President If it absolutely necessary TO relieve
our people Of the pressure of contraction would 1t not
be best to pursue the shortest way to that end by
stopping process of resumption rather than TO
resort to measure whose effects cannot be
The fe,uopetzation Of silver viii not relax or arrest
the contraction growing out of resumption In my 0pln
trious of contraction itself instead of expansion.
The policy of resumption is simple. From various cir
of specie payments whether ANYBODY wants it not
Gold quoted short time since as low down as lo2
Everything points 10 a speedy equality between
the values Of gold and greenbacks nothing In our leg
isaton prevents IT, think equality will come very SOON
1t when gold and greenbacks arc at
par gold will to be commodity and pass into the
circulation. All motive power TO hoard IL or to make
brokerage upon IT commodity, will be gone II this
be case IL will at increase the volume OF avaia-
bic currency by the whole amount OF gold In the country
and think that is put at Sl3oooOooo y some OF tue
Estimates In spite Of every thng that Is beng ohe 70
prevent specie payments from being resumed tue nat,
condition and effect OF business relations are
bringing the two together. .
Suppose that just when We are near the unockingoi
the door which has kept gold out OF the currency OF we
country for long and just when we are III sight oit
We iGSk i up again by me passage o. gyer c G
silver currency and pat At in circulation the manuiae-
ture OF silver a slow process the handling OF SILVER is
slow process; and the immediate eject would De 10
drive out this volume OF gold already here ana put IN
available III a short time; which would be contraction
OF the currency shorter and more disastrous than any
Of affairs
IMITATION NO BENEFIT TO LABOR.