The daily gazette., 1878-02-06
Thurlow Weed ON silver.

~ find myself unexpectedly stigmdtiz-
ed as an sInHatIonist' and Repudiator.'
l say unexpectedly, because, during con- |
siderably more than half a century of
my efforts we're uniformaly
In favor Of sound currency and against
Repudiation. Conscious only of desire
TO be useful, l can afford to be misunder-
stood, or even mlsrepresented, especially
30 while advocating O silver standard the
authority for doing SO being derived from
the Constitution of the United States.
Under that authority the government has
borrowed and paid thousands of millions
of dollars In coin. No one questioned
the money value of silver. 1t was eqally
precious with gold, until In 1873 II was
secretly demonetized. A bill ostensibly
intended to regulate the government
mints contained clause demonetizing
silver, but so cautiously drawn as to
conceal Its purpose. Nothing appears
IN the debate showing that any member
OF Congress was aware that bill, ap-
parently harmless, not only deprived the
country of one half Of Its monetary power
but was In violation of the Constitution.
seen furnished no intimation that II con-
tanned such asweeping clause: AN act re-
visipg and amending the laws relative TO
the mint, assay offices and coinage ofthe
United States,' The conspirators, how.
ever, did not accompli lish all they desired
by the act Of 1873. The following Sec
ton found its way into the Revised
Statutes, which were enacted In bulk In
1874:
"The silver coins OF the United States
" shall be legal tender, At their '.h nominsl q
In any one payment"
The chairman Of the committee, who
\ submitted the report, assured the House
that It contained nothing but what was
found In the special and separate enact
ments Of Congress giving the semblance
Of authority for the section above quoted
These double frauds were perpetrated
without attracting the attention OF news
PAP ,r correspondents. Nor did the Presi-
dent, In approving the bills referred TO,
know or suspect that either struck fatal
blow at the Interest of the country and
the welfare OF the people. In letter
written by President Grant, dated Oct
3, 1878, seven months after the passage
OF the law relating to minis, etc., ht
said:
az wonder that silver is not already
coming into the market TO supply the
deficiency In the circulating medium
Experience has proved that
takes about $40,000,000 Of fractional
scurrency 10 make the small change
necessary for the transaction of tn
business Of the country. Silver will
gradually take the place OF this currenc.
sand, further, will become the standar'
sof values which will be boarded In
small way. l estimate that this will
: consume from $200, 0,000,0 ,000 to $500, 900
1000 In time of this species of our cir
.culatipp medium. confes
TO desire to see limited hoarjing Q
, money. But want TO see boarding
sof something that is standard o
svalue the world over. Silver Is this
Il" Our mines are now produc
sing almost unlimlted amounts OF silver
q 'and II Is becoming q question, VIVA
shall I'VE do with it ? suggest here
n solution which will answer for som
4 years to put 1t in circulation, keepin
1t there until 1t Is 6xed, and then "
will find other markets.
a. The President did not know that b
Q had approved and signed bill prohib
= ting the coinage of currency he value
,t so highly 1t was not until 1874, whe
@ the Code was adopted, that the coinae
n Of subsidiary silver was authorized, an
:, became legal tender for IS. An
:, finally, when these frauds, perpetrate
TO keep gold at a premium for tt
benefit of bondholders, became known
no word of reprobation has been hear
The press, generally alert, vigilant an
IS outspeaking, has no word Of condemns
C tion against conspiracy to cripple an
o oppress the industries and labor of tn
l. country. On the contrary, our ieadin
/, Journals bitterly assail those who labt
It to restore to the country money star
j. dard of which it was fraudulently depri'
o ed. We are stigmatized as silver infii
l. tlonists, for asking the Government
b re>establish financial basis under whic
Ic the country and people were prosperou
a and happy for more than eighty years.
st "The question, stripped OF sophistr
d and verbiage, presents naked issue
y capital against labor. Shylocks, ever n
II pacious, are struggling to keep up th
70 rate of usance.' In maintaining the on
A. standard--thus narrowing our specie bs
st sis one-nalf-they will strengthen an
N perpetuate their advantages. There hs
u | Detn, aS tutFt ofci iuuoo pO, bOeWoOh VA
!. thousands who labor and the hundred
h who enjoy the fruits of such labor, an Il
a repressible conflict. 1t is the duty {
1. governments to see that the faces
d those who labor are not held too closel
4. to the grtndstone.
ir .rhe country is threatened, as Is usui
# when capital takes an alarm, with th
D return of the bonds held abroad, shoul
4 the holders be asked to receive their II
v terest sin coin.' II foreigners choose
n return their bonds because we offer
1 pay them in the precise currency The
N agreed to receive, do not see that eithe
NJ our character or our pockets would Q
"a ininriously affected. Foreigners, durin
,e our civil war, made haste slowly in Il
= purchase of our bonds. Nothing
IA friendship or patriotism was maniteste'
Capital, ever cautious, doubted an
waited long time in Germany, and sti
y longer In England. Most of their inves
ments were made when their bonds co
re them but fifty cents on the dollar. The
IS have been receiving their interest