New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-10
THE SILVER QUESTION.
LETTER FROM THURLOw WEED.
rur CIRCUMSTANCES UNDER WHICH SILVER WAS

THE CIRCUMSTANCES UNDER WHICH SILVER WAS
Observation-Disclosures BONDHOLDERs-DUTY
OF CAPITALISTS AND LAWMAKERS.
To the Editor Of The Trfbnac
SIR: did not err in former letter III saying that
the public feeling on the silver question would H.
tensfy. The hope expressed in that Letter that the
discussion of the question would lead to better
understanding of it has not, 80 far as the gold adv0
Gates are concerned been realized. That class, Shy
lock-ike, stand with their bonds in one hand and
knife in the other demanding their pound of flesh'
But they will learn here what their predecessors
were taught in Venice, that in taking their pound
of flesh" no drop of blood must be she'd The moral
taught by Shakespeare may be usefully studied by
capitalists who, purchasing their bonds ut large
discount cling to a policy which has given them
handsome premiums their investment.
Since my brief letter withdrawing the harsh terms
in which denounced the parties responsible for the
augmentation of silver have endeavored by an
examination of the report of the Controller of the
Currency and the Congressional debates to OBTAIN
exact information as to the manner of its taking
of" It's object must he Judged by its effects The
scheme Of decentralization. asI learn from the report
Of Mr. Knox Controller of the Currency. originated
with that Department. The bill transmitted to Con-
GEES in 1870 from the Currency Department pro-
posed t0 discontinue the issue OF the doar-piece'
This proposition one among many Tor the better
reo,,t,on of the Government minis" Circulars
were sent to officers of the mint and to others IA
miliar with the subject, asking opinions upon the
various provisions of the bill referred to. These
circulars brought some thirty RESPONSES, from
which bill was drawn containing MANY sections,
one of which "discontnucs the coinage ot the sill
yer dollar" The Controller OF The Currency gives
the following reasons Cor discontlnunG the coinage
of tine dolIar-p piece: THE coinage of the silver
tla nj ~ lpT
discontinued IN the proposed bill. II i by law the
dollar uuit and assuming the value of gold to be
fifteen and onc-half times that of silver being
about the mean ratio for the past * years. ~ worth
in gold "a premium OF about , per cent ats value
being ~ Obj. and intrinslcaly more than per
cent premium III ont Other silver coin. It's value thus
being ~ 0712." The dollar OF our fathers, rs
will hr seen. dcnOnetizrd, not That II
was worth eight cents lcss. but three cents
mon, than the gold dollar This. be 1t
remembered, is admission OF an ofiiccr
81 the Government with whom the dcnohe-
tizatiou ,chrn, originated. The silver dollar. rs Il
unit of value discarded because II wae intrin-
sicaly worth more tlau tic gold dollar This how
ever Is not the whole trath. Wh'c ihe premium on
cold was to De- maintained by di,carlng silver as a
standard. our commercial interest, demanded arrn-
ilon Instead of the sil,cr dollar un Of value, the
Controller Of the Currency says: ii. however, such
a coin +. authorized. IL should he I>sUcd only a.
cammcic ial dollar noi standard nnlf "iaccount
and of the exact value of the Mexican dollar.
which j. thr faV0lite fpr circulation III CHINA,
Japan. and other Oriental countries Here
the cal j., indiecrccty let ont Of the bag.
To project the boudhodcrs ia the enjoyment OF
their gold premiums The silver dollar a. unit OF
value was abolished while the coinage of coi-
mcrcial dollar Inferior ~ value, for u.c with the
Heather Chncc and other Oriemal'. "dN re-
commended! And now, after silver lost lis money
character and va, deprecated IN value by Acts OF
Conarr-s. are denounced ithationi,t-, " Re-
,uia,or," and ">windcr,," for asking the present
C1nere.s TO night the wrong done 10y IT, prcdeces-
sors.
Nj. Snowdcn. a former Director Of the Phladcl-
pba Mint. IL reply 10 the Cont.olicr's circular
said:
see TINT Il Is proposed to dcmoIctiIc the silver
dollar. IlI- / tAmk una'lVl-arlr SILVER COINS b'-
low the dollar ate now not mou.t ~ proper sense
but only token. do not Like the hica 81 reducing
inc silver dollar 20 that level. Y !. quite true thar
th..rly,l dollar being more valuable tan 80 nail
dollars .uUr qu.t cr-dnIlair VII mon ne u''" u,
Il circulating medium, but on't l"i c"niItl- ",'i
perhaps 10 supply some "crHs.ona or l'ra utl'iV;
v, fhu th-l. L. uu NECESSITY JOY - cuu-lt' Ithr
/, piece as the dollar ~ hr struck nom meta. "hch
,. only Vor'h ninety -iUcr cent. " irn Sc -'Hn "l
dollars let - br Known THAT IS" faA 81 O'li'- hnt
GruouctI/rd and reduced ir.uD th'I intrinsic
Va. ADD t!u- avoid t.c hh"ducIgn al con
trad'uiy and oo.c lica- oi the standards oi NHIir
The ur-tcIce that the do ar oi car fathers was
d.moL.l .l because % was nor equal in gaiu" viii
,hc .,.I dollar D. repealed hy iac explicit Language
Of tIc Controller of the Currency, and tie rN-
Director OF thc rhilAa,lrhi, slim. A'r Ud, de-
,o.rii alton orta~Io.cd hy tie action oi Other
Governments. We made ua-ir t. deprive ourselves
II a clement ,t.-u.Iul 800 "a. wealth of cur 'nuu-
trl aud prosperity 0t ON people. II was tIcai
case 90 voluntary ulu.,h hJmioidr. Nnt yet.
art,rs serie. Of nauipuilt'ou- each contemplating"
tie demon, lliug Of silver that object was finally
accomplished in I-'!.
Coup,c,. ia au Act Prov ling tor thn resumption
oi specie payncnt,, p1s .cd January -, $50 ail-
tioil.. the ~r,re arS oi a., Treasury Ia. pay IA"
plhiIc creditor lu CON. Gold D, Dot mentioned IN
ti.. Resumption Act. 10 make This point ClraT !
quote from that At: " And on and aitc. the mt
d1V ri January ammo poiniui eighteen AuulI"d and
,cventy-nnr the Secretary of tic Treasury shall
redeem IN com ihe nicd States legal lender notes
then ont standing ON their presentation ior IcGemp-
lion 1T the Office of tie Assistant Treasurer of the
United states IN the City OF New-l"rk.' Again
ouote from the same section of the Resumption Law:
And to enable the Secretary Of the Treas
ury 10 prepare and provide for the redemption
in this Act authorized or required he - authorized
10 rsc any surplus revenues from time to time III the
Treasury not otherwise appropriated, and TO issue,
s, and dispose of, at not less than par, com,
either of the descriptions OF bonds of the United
States described in the Act of Con grcss approved
july I'll, 1870" On and after January, 1879, the
Resumption Act provides for the payment Of the
public creditor not in gold hui in cum BY "a legal
construction of the Act providing for the resumption
Of specie payments the Secretary of the Treasury is
authorized after the first day Of January 1879. to
pay interest TO the public creditor ia silver or gold.
II this wan not the intention OF the Resumption Act,