New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-10
ern,nent can lead the country and the people to
resumption and prosperity.
rORFIGN BOSDHDLDE

The sensibilIty manifested Dy our JOURNALS ior the
foreign bondholders calls forth congenia responses
from their London correspondents. The Word OF
Tuesday publishes a letter from Its correspondent.
giving us tho alarming intelligence that, upon the
receipt of news indicating the possible passage OF
| the Bland Bill over the Presidents veto American
securities fell oft One-haf of 1 per cent" After in
dulging in the familiar epithets against those who
| advocate the reconciliation Of silver, The HoriPs
| correspondent says: They paid gold for their
| bonds OF that there is no doubt; for the Govern
ment at Washington and the brokers here
would not sell them for anything else
| They say,why should we be paid in sverf Because
| it is a deprecated medium, and we should be done
out of 10 per cent of orr money" II this were all
true there would be justice and reason i'll their
claim But it is exactly the reverse of truth. They
! did not pay gold for their bonds. They slow
to take them at any price. Ispeak Understandings
| for was in London when English capitalists
purchased Confederate in preference to mon bonds,
and when American bankers hesitated about
recommending Union bonds to their customers.
English and German capitalists waited until the
war tide began to turn in our favor and Them with
gold at premium of from 80 to 200 per cent. pur-
chased our bonds ut discount Of from 10 to 10 per
cent Instead. therefore, of paying gold for their
bonds,' the English and German capitalists re-
mitted their gold TO New-York, where it was
7
which their bonds were purchased. The aver
age cost of several hundred millions Of
per cent bonds purchased foreign ac-
count did not exceed 80 per cent in gold.
pom these bonds the holders have for twelve years
been receiving interest in gold with the further adj
vantage of exemption from faxes OF all this how
ever | do not complain. Capitalists wait and watch
for their opportunity disastrous civil war at
fcred the opportunity, and they ayailcd themselves
OF It. What do Officer to is that an lhglish let
tcr-witcr seeks to mslead and cXasperate by as
scrting that our English creditors paid thousand
dollars in gold for thousand-dollar pr cent
bond while the exact truth is that he got his thous-
sand -dolar bond for less than 80 per cent IN gold.
So far the panic making efforts of the bankers, the
bondholierS. the press and tle pulpit, have been
but indifiercntly rewarded. The passage of
the Bland Bill. it was said. would ilnmc-
diatelv and dsastrouSly affect American credit
at home and abroad. Our bonds would he rushed
across the Atlantic in such quantities rs would
greatly diminish the value III those held at home.
These fulminaiioHS though loud and reiterated.
have dO!e 40 harm. No bonds have been waited
homcward and those held here are not diminished
in value. Goid-shriekiug does not yet pay. II will
be the fault of the boadholders themselves if harm
comes 10 them to others. Let the Bland Bill,
properly amended, become law. and the interest of
all classes VIII De protected and promoted.
TO avoid misrepresentation il may he proper To re-
peat what have said in = former letter. that whcl
we hay. recovered the advantages thrown AWAY by
the decentralization of SILVER, II il should. 10y any
pnblic consideration. be deemed cXredicnt to pay
the foreign hondhoIlcr in gold, that concession
aud should be made.
The clergy avail themselves very properly of
thanl.-giv occasions 10 speak of such public
events r. are tram,pinng. Tury dwell eoqucnty and
= gratefully upon the goodness of Providence in pro-
vdng for our welfare aud happiness. They render
thanks Tor hounuiu hary,sts and lor other man fcs
tatios Of III iac favor ON hc day recently set apart
for general Thanksgiving at least $50 eminent dl-
vines failed TO discern Gol- wisdom and goodness
to lis as a people in opening up for brnrG,. Just
when our nccrssitie, required suoh lcilcf, abund-
ancc ~ the precious MEAL hich has served the world
~ money ever since n standard aud medium was
needed 20 regulate the value ana facilitate the
/ exchange ot commodities. one would have SIP
posed that hc Rev. Mc,,r,. Becchcr and Taylor, in
tnrir clcsr aud constant study Of thc Scriptures.
would hay, found In the teachings IF the Old and
New Tcst3mcuts. enough 10 have made them toler-
ant al least of silver ~ money They must have
discovered. IN addition - the historical fact that
silver wa, aiway, money even hiohcr value wa,
impaired 30 it h5 t.r references and illustrations OF
Divine writers, The psalu-.. ior example IN the
5i,ty->rXth chapter. tenth verse. says:
For Tnou. o 'i.i. hast proved u.;
Thou hast ttIctu '~ silver ir tried.
Nj B.,chcr. IN liz THANKSGIVING sermon. said:
"Taurslirg viii. q standard /, uad thing. Ii al
standard, were Liable to hc tempered with. what
would brrom. of us, TN. /, prcc~clv our ease.
Il i~cx1rll, strong ground o. objection. IN the
LEGISLATION of 1873 aud 1874 standard" was
.tsui.-rri with. II j., that " bal thing wc COM
main If. for when Congress. lv such tampcrIng de-
Irc,a.rd the ,'Fri dollar from p-r cen, above to
rrIt.it below tLC gold par the Wrong from "h;ch
IS" lit -ai -.tir Was prrprtrt'i. W a"i We M" ,,A
fol- lud what shall persist II. asking Ton = tb1t
Congr.., SHALL "t1mpcr back aeapl-that siiy'r
sball Zee D. lAru az
Tor iwo or thlc, day. The pres, WIS iuhant over
Ilr discovery ~ letters .roW Jefferson and Madison
directing me m'ni5 I" W-,'Hiiuur thc t".hat' oi .
tie silver dollar l have not 80 these letters and
do not know what I,tNou> Wci given. bat VIII
hazard u conjecture. pur Ills ~ resources lad not .
then been Developed. The coinage II the silver dol
lar Tor winch bullion had 80 he purchased. mNoiN,
au expense that Was avoided hr the u,c ot
Spanish and Mexican silver J''Is, Mh'h
thrlt, much more :haH gold. constituted /
the specie bass for oar P1p1 .iup!"F /
For more than seventy years, while The silver dol
l.I, nt Spaiu and M,Xiro were standard of value !
they were neither rudicu!cd nor ,tIgmatil ii by |
bankers journalists rs i now the fashion. On /
the contrary, by their general accrmahec an" nee /
use. our fathers lor our " daddie', as II Is now /
plrtsr, made dillgent haste 10 cr0wn lencthcned /
wears of enterprise and industry with ahounding .
prosperity and substantial wealth. Neither Jener-
SON Ma,ison or ANY Of the enlightened statesmen or 4
journalists of the earlier brighter aud hrter days
of the Republic. were heard dcn0unclng those who /
paid their debts IN silver ~ SwudlcrS.
In.rl OF CAPITALISTS ANp LAWMAKERS.
My purpose and hope III what have written on |
this subject has been 10 induce capitalists TO act
wisely for il is with this class that the difficulty
exists and no other class is 50 deeply concerned III
lis adjustment. Could capitalists discern their true
interests they would lose no time in restoring the
relations which existed between silver and gold be-
fore the suspension of specie payments. They have