National Republican., 1878-01-11
The silver Question.

frankly and manfully admitted his mistake
in former utterance, in which he some
what severely charged the responsibility Of
silver demonetization. The money centres
regarded that letter as q throwing up of
the sponge on his part as an advocate
and defender of silver reconciliation,
but they are row advised by himself
that those conclusions, however devoutly
to be wished, were without justification.
Mr.. WEED now writes another letter on
the subject, which is an exhaustive argu-
ment in its defense and support, It ap-
pears in the New York Tribuae of the 10th,
and opens IN this wise:
I did not err in q former letter In saying
that the public feeling on the silver question
would intensity. The hope expressed in that
letter that the discussion of the question
would lead to better understanding Of II has
not, so far as the gold advocates are concerned,
been realized. That class, SHYLoCK-like,
stand with their bonds in one hand and
knife in tho 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 shed. The moral taught by
SHAKESPEARE may be uscfully studied by cnpi-
talists who purchasing their bonds at large
discount cling to policy which has given
them handsome premiums on their invest
mcnt.
In discussing the question Of demonetiz-
ing silver, Mr.. WEED shows in q mastery
manner, the great injustice of that unncces-
sary measure. lie tortifcs his position by
introducing the following from Mr.. SXow-
DEN former director of the Philadelphia
Mint, which was elected by the circ ilar OF
the Controller of the Currency on that sub
ject:
see that II il proposed to dcmOnatizc the
silver dollar. This think unadvisable. Silver
coins below the dollar are now not money in
II proper sense, but only tokens. do not like
the idea of reducing the silver dollar to that
level. II Is quite true that tic silver
dollar, being more valuable than two half.
dollars or four quarter-dOllars, will not be
used as circulating medium, but only for
cabinets and perhaps to supply some occasional
or local demand yet think there is no ne
ccssty for SO considerable piece ms the dollar
to be struck from metal which Is only worth
nincty.four cents. When We speak of dollars
| let it be known that We speak Of dollars
| not demOnctiZcd and reduced below their in
trinsic value, and thus avoid the introduction
| of contradictory and loose ideas Of tho i.,!l.
ards of value.
To this Mr.. WEED adds:
The prctcncc that the dollar Of our faith
ers" was demonctized il was not equal in
value with the gold dollar is rcpelled by the
| explicit language of the Comptroller Of the
Currency and the cx-director Of the Philadcl-
| phia Mint. Nor was decentralization occa-
stoned by the action Of other govern.
| We made haste to deprive ourselves of m elc-
mcnt essential to the wealth OF our country
and prosperity of our people. II was clear
| ease of voluntary financial homicide. And
yet, after n series OF manirulations, each con.
| templating the demonetiliug of silver, that
object was finally accomplished In 1874.
In reply to the argument of the gold ad-
vocates that the European bond-holders paid
gold for their bonds, and to the. question,
why should they be paid in silver at ten
per cent discount from the present value OF
gold 2" Mr.. WEED remarks:
Ii this were oil true there would he justice
aud reason iu their claim. But IL Is exactly
the reverse of truth. They did not pay gold
for their bonds. They were slow to take them
at any price. speak undcrStandingly, for
was in London when some English capitalists
purchased Confederate in preference to Union
bonds. and when American bankers hcstatcd
about recommending Union bonds to thCiI
customers English and German capitalists
waited until the war tide began to turn in our
favor, and then, with gold at premium OF
from one hundred and fifty to two hundred
| per cent. purchased our bonds at q discount oil
from ten to fifteen per cent. Instead, there
fore, of paving gold for their bonds" the
English and German capitalists remttcd thcil
gold to New York where 1t was converted by
their agents into currency, with which thcil
bonds were purchased. The average cost o
several hundred millions Of six per cent
l.. AZ
exceed fifty per cent. i'll gold. Upon theSI
bonds the holders have for twelve years bccI
receiving interest in gold, with the furthc
advantage Of exemption from trxes.
, In referring to the duty of capitalists an,
Lawmakers in this crisis, Mr.. WEED is ex
ceedingly outspoken and logical. lie re
. marks:
. My purpose and hope In what have write
on this subject has been to induce capitalist
to act wisely, for 1t is with this class that tn
difficulty exists, and no other class is so decp
! concerned in its adjustment. Could capitalist
4 discern their true interest they would lose n
1 time in restoring the relations which cXistc
between silver and gold before the suspensio
! Of specie payments. They have the power I
I make the BLAND bill just what 1t ought to b,
Gold and silver arc equally valuclcss as none
without the "supcrscrptiOn' of the Govern
mcnt. With that "superscription" the gol
and silver dollars can be made equal in valu,
And with the double standard Us a basis, rC
= sumption can not only be accomplished |
1879 but rendered benefcient and enduring
= But If capitalists and influential journals pei
/ sist in q course which prevents the utilizatiO
n of silver, and consequently aggrayates tn
business paralysis from which We have alread
suffered too long, they will provoke and pr,
cipitate evils which / am laboring to avert.
Mr. WEED next cNDOSeS the scheme b
y which the gold ring hope to have none
Z benefits apply to classes instead ofthe who
: people, under which the rich will be mad
f richer and the poor poorer. lie says:
5 While objecting to double standard whic
=. makes gold and silver Of equal value, I'll
gold men offer a compromise which max,
gold the standard for capital and silver
| standard for labor. In other words while d,
nlauding gold standard for the payments
the bond-holdcrs, they offer to make silver
) lcgal-ter der for the payment of all debts III
$ der $50. The value of this concession ca
s only be estimated in remembering that by I'll
decentralization of silver II has fallen eigl
per cent. below par. In practice, therefor
' we have two standards one above an
c the other below par. The rich man, VII
p "tOils not" receives and enjoys his interest
: gold, while the laborcr is paid in currenc
I eight per cent. less in value than that whic
n the capitalist receives. There are privilege
= classes in other countries and under 9th,
-, forms of government. 1t has been our boa
heretofore that no such distinction exis
C among us-that the high and the low, the riC
e and the poor, were recognized and prOtcctC
a H. Ion, lD.,..