The New York herald., 1878-02-07

many and the United States and the efforts
States. kemonetIze IL in the United States, and It
seems TO me that the probable effect will pe to put
stop tv demonetizatiou elsewhere. even though Il
standard IN those countries that have adopted, i'm
providen.iy. as think. the single gold standard.
VALUE or THE LEGAL TENDER QUALITY.
IL 10 not correct reasoning TO treat silver simply
q marketable commodity-smply n bullion. such
the Junction OF money and tho iuIi legal tender
quality. II the greenback, which has intrinsic
value no circulation outside Of the United States and
within less than two per cent OF par with gold, why
snonld not silver money. which has an intrinsic
The globe. tndorssd with the iul legal tender faculty,
rise 10 par with gold especially If we rate the metals
both give but l51s for II One reason why green
backs have been aud deprecated the tact
they have not been receivable 10 psyment Of Customs
the silver dollar OF 4l2H grams full legal tender and
It will be receivable Tor both these purposes, ana
must closely approximate, IL II docs not reach, par
with gold. believe II Will roach IT, But suppose u
does not and suppose Grssnam's law TO have its
psi,sa sis from % n. Count country S BY svsrs sS; Man %
iessly only 50 far as silver supplanicd II.
Sss; ea Ss ..us o sS
umost effect could ouly be 10 export $50 600 900 OF
goid the place OF which would be taken by silver, aud
would the $50, 000. 900 OF gold be sxpeedP Not un-
less $500, 000 900 all the metallic money that tho
country needed. y IL needs $3.50, ooo, ,oOo-and u
payments-the gradual addition OF $50, ,O00, 600 Of
SILVER to 100000 900 OF gold would not
1sv' oo the s0d half Pa OF ''aa sSa as
when consider how SLOW viii be the process OF
msaass danger Of losing our sod II gold be expelled %
It Will not DO SO much by silver currency as ny our
small notes The one and TWO dollar notes tend 10
expe both gold and silver while the five aud ten dol
lar notes drive eold out OF circulation. Gold circu.
iates largely England and France, but the Bank Of
England issues no note OF less demon ination tnAn
10. and the BANK oil France
smaller than l00. NEARLY 500.
THE OUTFLOW OF SILVER.
Another set ot reas0ners argued that silver would
60 out OF the country should the dollar OF grans
DO colned that al silver was undervaued IN tue dollar
States Ut the Latin Union, 1t will leave here flow
into those States, and 30 IL would undoubtedly tend
coinage Of five franc pieces, but he thought they
would not do So Another objection 10 the bill was
that II It should become law VIZ would be flooded
with silver that Germany would pour surplus silver
US, aud our mlneswould produce much that would
have more than We would know what to do with. He
had no tears from Germany IL was said that she had
$50 0OO 900 to spare suppose It were all poured into
tho United States, could absorb IL all without
injury but would not 10 poured INTO this country
Germany could spare silver; but II she could
the greater part of It would be much moro likely 10 60
to ASA and 70 Russia, Austria and Spain. to say
nothing Of the Latin States, Than 10 come TO u.s. who
undervalue silver, compared With tho of the
world. He did not think we had anything to fear
Sn no knsw Of no
valid reason against enIargng our specie basis, and
are " have and MAINTAIN specie pay ments It must
be enlarged.
A LESSON FROM xURoPH.
And now let US turn to'Europe for moment What
do We hsarf The wailngs oi thousands Of Iaborng
the cries OF anguish Of thousands OF other men who
but year ago were rich but now are bankrupts. In
word, the Of s0rrow that SO Affect
in our own distressed land But IRON what countries
do they mainly coincS From two-from gold, mono
metallic England aud gold, mono metallic Germany,
while bi metallic France, tho land oi silver we'll
gold, enjoysa prosperity hardly exceeded by that OF
any other people on the earth. II had been argued
that foreign would bo destroyed, would
bs disjonted by the passage OF the pending BILL Had
we not carried business during the past sixteen
years with inconvertble paper currency, and was
not balance OF trade in our favor now? Again, 1t
had been argued that the national credit would be de-
stroyed. How destroyedf BY US paying our bonds
needed NO sucn prop AZ single gold standard to sup
port its credit Tho resources Of this country
longed to Indebtedness held at home and not
abroad so hero would then be no annual drain from
AmSa 70 enrich s coo oSa Of Of hs nn5 %or
were on thor way home from England. They would
be getting back therc soon, whether this bill passed
not, as the interest upon our bonds was greater
than that upon any safe European stocks II our
bonds SHOULD be sent homo they must nnd purchasers
in the United states, ana suppose they should 0nd
be glad that our bonds were held at homer
Tho English debt was hold By Euglishmen,
would come whom The American debt would bu held
by Americans. Tho people OF the United States had
Ssd Dssn % found 80 oonveniso mat was not reason
able TO suppose they would discard It, Our currency
would continue to be small paper money, and the
problem for Congress TO solve upon wnat basis It
should rest? We could not maintain paper currency
convertible at all times into CON- unless employed
silver we'll as gold for iIs base. There was moro
silver coin than gold coin In the world, and long
gold silver should both DO used had the stock
Of both metals throughout tho world TO draw upon.
Unless silver should be made full legal tender tho
idea OF specie payment In the United States would
be abandoned. Every opponent to an irredeem-
aDe paper currency aud evcry friend OF spocle
currency should insist upon the full reconciliation
of silver. Ii this bill should become law Its ten
dsncy would DO to put stop to the characterization of
silver in other countries. Should postpone the
monetiZati. n OF silver until compact with other
nations be made TO do 1t 1t would never be remone
tzed. He hoped our country would be ranged by the
side OF the b-metaiIic States
Let the commercial world know that We do not In
tend 10 abandon tho use OF silver. Silver was an
American product. Many millions OF dollars and the
labor OF thousands Of mon were employed IN Its pro-
duction In this country, and TO destroy or cripple this
Industry would DO cruel and unjust
SPEECH HERMAN.
Mr.. KXRNAN, (dem.) OF n. y, said he concurred
with the Senator from Ohio tMr. rhurmar) that the
Senate should decide this question without appeal
prejudice passion II was one OF vast impor
TO the future prosperity oil our country. lie would
not attempt argue tho questions suggested by the
Senator from OHIO as no ( Kernap) mad already gwen
his honest convictions on this question. Yet he had
a painful feeling tnat the result Of the adoption OF
this pending measure would be detrimental to tho in
terests OF the country He would be glad If we could
hold our bonds at home, but as compared with
european countries ours was new country. ana
needed capital cheap possible to develop our in
dustrles and our resources. II tho action oi Con-
grcss In passing this bill should bring homo our
bonds from abroad our capital would be invested IN
them ana would bo diminished to that extent In
developing our resources. Ho referred ~ tho
Matthews resolution, and said II stopped at once ns
funding OF our debt at four per cent. That rcsQu-
ton was bringing back our bonds now and thus was
detrimental to our welfare.
TIE EXISTING DISTRESS.
He referred to the existing distress throughout the
country, and said he yielded 10 man IN the SYM
pathy he fsit for all suffering, aud especially
ior the mechanics and iaboring men, those VINO
had been accustomed to provide Tor their families
thoir daily labor. Aitsr the most careful examina
ton which he had gwen TO this subject he yet OF
The Opipion that this bill SHOULD " pass, would
bring the relief expected. THIS bill was a step the
wrong direction, either 10 alleviate suerings OF
our countrymen or TO prevent their recurrence n u
ture. Ho spoke In iavor OF SOUND, stable currency
as being essential to the prosperity OF country
and rcerring TO the greenback currency history OF
the country during and the war, &C., he SAID
few men would doubt that, with lrmDoss, patience
and economy, We might have speedily-that Is In ter
or twelve years alter the close OF the war--re-
turned to specie Standard But during the past
twelve years we had this -1uctuaIiLg currency
which inflated the prices OF everything ono