Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-02-15
Belmont to Hendricks, on the Silver Question


The uniform value of our public debt and
the confidence, thus far never betrayed, in
the faith and honor of the United States,
have made it possible to affect steady re-
duetion in the interest of the public debt, by
which $500 ,000, 900 more would be saved
in the total burden of the debt than the
maximum profit from its fall in value with
and payment in silver. Moreover, that uni
form value thus preserved by a gold stan
dard of the public debt has been Of quite in
estimaDle importance in preventing fright
full spread of financial distress during the
last three years. Of the | ,72G millions of
our bonds thus steadied in value 300
millions, according to the best estimates,
are owned in this country. of these | 300
millions, not Gnetwentieth part are held by
rich individuals. Nineteen-twentiethS at
least are held by savings banks. trust COM
panies, insurance companies and estates,
nearly all representing the savings of the
Industrious poor. or the support of widow
and orphan. While :he investments of
the rich have been shrinking. their mills
closing, their real estate sunk under mort
cages, their railroads detaulting and our
well-to-do merchants and traders breaking
down by thousands lnder falling values on
every hand, suffering far moro keenly and
generally in all Eastern cities than any
Western rural populations can begin to
imagine, these million of wage-receiving
industrious poor who are holders of our
national debt (2.50O 600 of them through
our savings banks alone) have been spared
the affection of seeing their Investment tun-
bling down in the general rum.
The silver miners of Nevada and Calitor
mia are rich at the lowest price Of their beau
tiful metal, which should now come into
wider household uses and their profits are
still enormous. Thy do not need that
Congress should try to enhance the price OF
their commodity at such frightfui cost to
the poor of our land.
How can they recompense the producers
of our cotton, corn and wheat for another
tidal wave of changing prices How can
they and the politicians atone to the mer-
camille classes for superadding another era
of auctuating prices to that from which We
had Just begun to emerge?
The payday for the principal Of our pub
lie debt is a long way off. To Tighten the
burden Of that distant generation by fraud,
the silver bill will keep the interest burden
on the present generation heavier than it need
be, BY , per cent or more than 81 600 600,
900 per annum. Shinplaster infiationists extol
the bill which will repudiate d large fraction
of the public debt Politicians hide their
consent to that dishOnor under labored
phrases about reconciliation of silver, and a
bi-metallic currency The honest men
of the United States must make answer to
both.
To those who talk so flippantly about re-
monetizlng silver, and bi-metallc currency,
it is enough to say that there is but one way
to accomplish that end-a preliminary in
ternational conference, and then, if possible.
concerted legislation between the United
States and the leading commercial nations of
Europe, or at least the Latin Union. The
silver bill would shut US out from such
conference and insure its failure in advance,
for it would drain off the gold from the
United States, and make a bimetallic
standard long impossible. 1t would
give France and her associate ma
tons the opportunity they are wait
ing for to demonetize their silver and en-
able Germany to complete her present pur-
pose. No European nation would then Join
in any concerted plan to remonetize silver,
and link it to gold in a general bi-metallic
standard. Our own folly would have poured
all our gold into the lap of Europe, and
helped those nations over the stle to a
single gold standard Not one of them
would ever then retrace its steps. The gold
currency which We may now command in
the resumption of specie payments, the gold
and silver currency which we might yet re-
cover if it were desirable, would thus both
be put out Of our reach by our own act.
The Bland bill would only remonetize silver
by demonetzing gold. We need silver for
the great mass of small payments, gold
for large payments and for foreign payments.
If Congress will only do nothing, We shall
obtain 10th in due time. Yours respect
fully, ArGusr BELMONT.