The New York herald., 1878-09-30
New York for Honest Money.

etary principles and rejected the fantastic
crotchets of the hour Considering how
important the State of New York is politi-
cally and commercially the fact that both
of its State conventions proclaim their sup
port OF early resumption and their condem-
nation of an irredeemable paper currency
is encouraging and satisfactory. We are
convinced that the national or.greenback
party will make no figure in our State elec-
ton. The firm stand taken by both parties
| will tend to check the movement both here
| and elsewhere.
| We can discern neither justice nor utility
in the small cavils in which one or two re-
publican journals of this city have indulged
respecting the currency declarations in the
two platforms. 1t is alleged that neither
makes any specific mention of gold as the
sole standard of value. This is true; but it
is also true that both platforms insist that
all the kinds of money shall be maintained
at the same value, which is but another
form Of saying that they must all be kept
at par with gold. The New York conven-
tions were wise in ignoring the silver ques-
ton, which is spent ISSUE and doing
nothing to prevent its dying speedy
natural Death. The truth is that silver
can never come into general circulation ex-
cept as subsidiary-currency in a country
like the United States. which is welded to
the use of small notes. An attempt was
made by the Legislature Of New York some
forty years ago to suppress all bank notes
of lower denominations than five dollars
but custom proved too strong for the law
and small notes continued to circulate just
the same rs before. Small notes are SO
popular and their convenience is so great
that it is not likely that any serious attempt
will be made to forbid them, and they will
be M insuperable barrier to large circula-
tion Of the new silver dollars. The
country has for several months been
witness to Secretary Sherman's persistent
attempts and grotesque failures to put the
new dollars in circulation. The people do
not want them, and SO long as they can
procure greenbacks or bank notes OF small
denominations they will be unwilling to
load down their pockets with heavy silver
dollars.
The silver dollar has ceased to be popu-
lar, even with the inflationists. So far as
we have observed or con recollect it has
not even been mentioned in any platform
adopted this autumn by the so-called ma
tional party in any State. Last year all the
imitation platforms rang with praises Of
sthe dollar Of our daddies," but this year
it is utterly ignored and neglected.
After the passage OF the Silver
bill at the last session Secretary
Sherman made haste to put it in execution
with something more than legal duty; nay,
with superabounding zeal. We do not
know whether he acted from sympathy or
sagacity but had it been mere cold saga
city, without any tinge Of sympathy, he
could not have pursued q course more cal
culatsd to cloy and satiate the champions
of silver. Had Secretary Sherman been
backward and reluctant in executing the
Silver law; had he contrived excuses for
delay in getting the mints in operation
had he, after tardy beginning, coined only
two millions per month, the silver agitation
would not have died out SO suddenly, But
he began at once, began with an earnest
endeavor, to coin not merely the
minimum two millions but the maximum
four millions in each of the early months
after the passage OF the law, and the result
has been to extinguish the silver agitation
by demonstrating it's practical absurdity.
The unwillingness of the people to take
the silver dollars and use them has caused
the imitation party in all the States to in
scribe greenbaeks on all their banners,
to insert greenbacks in ell their platforms,
to call themselves the greenback party,
and, dropping oil mention of silver, to
shout ''Greenbacks greenbacks" !" as their
party cry. The trainers of the New
York platforms were therefore wise
in not inAicting tayonet stabs on
this miserable corpse, and in leaving
the dead silver party to bury its dead,
as it has made such haste to do. Last
year "the dollar OF our daddies" stood up
successfully against sound public opinion,
now ''none SO poor to do it reverence" the
imitation party itself quietly dropping it
and talking Of nothing but greenbacks,
greenbacks, greenbacks.
This wholesale desertion by the daddy
ties of their last years platform is a conse-
auence of the demonstrated unpopularity
of the new silver dollars and OF the unwill-
ingness of the community to take and use
them when they are TO be had but they
ought to have come TO the same conclusion
earlier by a simple process of reasoning. 1t
has become evident TO everybody within
the last few months that paper dollars,
int 1lv hp 1san
within half of one per cent OF par with gold,
in virtue Of their legal tender quality and
limitation of their amount. 1t should have
required no great astuteness to perceive
tint ninety cents worth of silver could be