New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-25
TH1T TIE SILTLR ELL MINIS.

President Hayes and members of the Senate
| and House ought to consider very cO0lly what
! the Silver Bill as passed actually means. Prob
ably the President will then find the strongest
| possible ground for vetOing the bill. Probably
many members may also find the strongest
reason for sustaining the veto. The bill is
dishonest. But that does not seem to be an
objection with many members, so long as they
| think 1t will "pay will make things easy
| fer their constituents satisfy popular clamor
| take the question out of the Fall elections,
! and win members some momcntary favor at
| the expense of public honor. But what if it
stains public honor, and yet wins no favor at
ALL and gives no "reliciT
| Secretary Sherman can execute the bill in
good faith in two ways. He can consider it as
an adjunct Of the Resumption Act, and as gov
eIned by that act i'll its Interpretation, and can
therefore refuse to pay out any silver what
ever until the day OF resumption, and then
only in exchange for lcgal-tcnders. Or he can
take as his guide the obvious intention Of both
Louses to have silver paid out as rapidly rs
possible. If the Secretary does not pay out
any silver, none can be received for duties,
and the Government will then only change to
the extent of 500, 900. 600, before January |,
! 1879. the character of its coin reserve. Not Il
dollar of silver will then get into the channels
of trade The question of its intrinsic value
will not then be considered. 1t will be stored
in the Treasury, and reported each month as
coin on hand. On the 1st of January, 1879,
very much more than $2O,O00,00O of such
coin can be paid out for legaltenders without
affecting in the least degree the current value
| ,cf n sUESiIIDIV
racer. But this course, we are told, will make
the silver party very angry, and give them
unnecessary advantages in discussions next
Fall. Let it, then, be supposed that the Sec
rotary pays out the silver coin as fast as it is
| manufactured.
Obviously if he takes in legal-tendcr dollars
for taxes, and pays out silver dollars for ex-
pcnscs, the legal-tendcrs will accumulate IN
the Treasury. The Secretary cannot help that.
| He has no business to spend more money than
Congress appr0priatcs, and it is presumed that
| Congress will not appropriate more than the
moDabe receipts. Currency payments each
month will much exceed $4,000, 600, or even
| $4,000, 900; therefore, he will have no excuse
for paying out silver for interest. All that can
be coined can be Immediately put into circula-
ton through payment of salaries and the or
binary expenses Of the Government, and
corresponding amount OF lcgal-tcnders will
remain unused in the Treasury. Nor is this
all The coin paid out will naturally fall back
into the Treasury i'll place of gold payments
for duties. If the Secretary pays Out S;25,-
600, 900 during the first year, probably S2O,-
600, 900 at least will return 10 the Treasury in
place of gold and can again be paid out in
stead of legal-tenders. 1t is quite possible
that from $4O,O0O,000 to S60,000,000 Of
lcsal-tenders can thus be accumulated in the
Treasury within single year; if the Secretary
does not deliberately hold back silver from
circulation, this is the inevitable result.
But, it will be said, silver or legal-tenders
may be paid out III purchase of bullion. True,
if the Secretary chooses to make bad bar
gain. But it is altogether probable that he
can make a very much better bargain by SELL
Ing United States bonds for bullion. The bonds
he is authorized to sell for purposes OF re-
sumption. Ii he places two millions each
month, instead OF paying out gold or legal
tenders, lie will to that extent obey the Re-
sumption Act and prepare for resumption.
The net results will be A diminished accumu-
latIon OF gold by the amount of silver received
in the place of gold for dutlcs-say 10000
600. An increased a, cumulati0n of legal
tenders by the entire amount OF silver paid
out after coinage and after receipt as duties
say $45,000,000. Practically, this would be
contraction of the legal-tender circulation at
the rate of more than four millions month.
Shortly after the next session of Congress
meets, the President would be enabled to an
nounce that, the day for resumption having
arrived the Treasury woud retire and cancel
legal-tenders Oh hand, and would be prepared
to redeem in coin all notes presented Mean
while, the contraction of cgal-tenders and the
diminished demand for gold would tend to
reduce the premium.
Thus the bill is not only dishonest, but stu
pid. 1t assails the honor of the country, and
yet does not promise the slightest benefit at