The New York herald., 1878-02-07

being made to demonetize Il in the Latin Union
seems TO me that the probable effect viii pu 10 put
stop fv demonetizatioa elsewhere. even though II
does not bring about the readopton OF the bmetalc
standard Ia those countries that have adopted, I'M
providently, as think, the single gold standard
VALUE oy THE LEGAL TENDER QUALITY.
not correct reasoning TO treat SILVER simply as
q maj kstable commodity-simply as a bullion. such
reasoning loses sight OF the value that results from
quality. II tho greenback, which has no intrinsic
value circulation outside OF the United States and
xSn .s. tns two so ps osn psr sven hsr " YET
ghonld not silver money, which has intrinsic
value, and which crcuates over the greater part of
The GLOBE findorssd with the iul legal tender faculty.
rise par With gold especially If we rate the metals
at Is 9s-lo0 TO /. while most other nations usiug
backs been aud deprecated the TACT that
they have not been receivable IN payment oil customs
the silver dollar OF 4l2X grams fun legal tender and
II will be receivable Tor both these purposes. ana
SSs S0.s not par
does not, and suppose Grssnam's law TO have its
elect. % wha, extent would gold be OK
testify only SO far as silver suppjanlod it,
Three hundred millions 10 gold would not
effect could ouiy be export $50 OOO 900 OF
gold. the place OF which would be taken by SILVER and
the OF eod Ds sxpses MOI SS.
less $500 000. 900 all the metallic money that
country needed u It needs $3.50. oOo, oOo-and It
paywents-the gradual addition OF $50, 900, 600 Of
silver to $30Q,00O. 900 OF gold would not
s' NOT the s0' half que OF Of sSa naSd aSd
when we consider how SLOW Viii be the process OF
0onns SILVER eosrs We w ma We & are % no Inn
1t Will not be so much BY silver currency as Dy our
small notes The one and TWO dollar notes tend 10
expe both gold and silver, while the ivo ana ten dol
lar notes drive gold out Of circulation. Gold circu
lates largely England and France, but the Bank Of
f5 and the Bank Of France now pays out no note
smaller than lO0t (nearly 500.
THk OUTFLOW OF SILVER.
Another set Of reassners argued that silver would
60 out OF the country should the dollar Of grains
DO coned that al silver was undervaiued IN the dollar
OF 42 grams compared with Its valuation in
States VI the Latin Union, 1t Will leave here and flow
into those States, and 80 IL would undoubtedly tend
TO do were those States TO open mints unlimited
coinage Of five franc pieces, but he thought they
would not do So Another objection TO the bill
that II 1t should become law would be flooded
with silver Germany would pour surplus silver on
u.s. and our mneswoud produc0 30 much that We would
have more than We would know what to do with. He
had no tears from Germany IL was said that she had
1000 600 TO spare suppose It were all poured into
tho United States, we could absorb It all without
Gcrmsny could spare her silver; but II she could
the greater part Of II would be much moro likely 10 90
to Asia and 10 Russia, Austria aud Spain, to say
nothing OF the Latin States, Than come TO US.
undervalue silver, as compared With tho rest OF the
world. He did not think we had anything to fear
IRON excessive product oil our mintA He had not
been considered an ipnationst, but he knew OF no
valid reason against enIargng our specie basis, and
wo are 10 have and MAINTAIN specie pay ments 1t must
be enlarged.
A LESSON FROM xURoPH.
And now let US turn 10 Europe for u moment What
do We hear The wailngs 0i thousands OF lab0ring
men, women and children thrown out OF employ mcnt;
the cries oi anguish Of thousands OF other men who
but year ago were rich but now are bankrupts. In
word, the 0tos OF sorrow that SO Affect
in our own distressed land But IRON what countries
metallic England aud gold, mono nomstaic Germany,
while b. metallic France, tho land of silver as we'll as
oa ss
that our foreign commerce would DO destroyed, would
bs dsjonted by the passage OF the pending bii Had
not carried business during the past sixteen
years with inconvertble paper currency, aud was
not the balance Of trade In our favor uowY Again, 1t
had been argued that national credit would be
stroyed. How destroycdP BY US paying our bonds
as we promised 10 pay thom. The United States
needed no sacn prop as single gold standard to sup
port Its credit Tho resources Of this country were
100 well known for her credit 10 be inj ured He
longed TO our Indebtedness hold At home and not
America TO enrich Europe telegram Of this morn
ing Informed that $4,000. 900 worth OF our bonds
be getting back iherc SOON whether this bi passed
or not as the interest upon our bonds was greater
than that upon any safe European stocks II our
in the United states, and suppose they should 1nd
sasb psrchassss, would nes every one IN tho land
Tho English debt hold By EpgIisnmen,
the French debt by Fronchmen. and he hoped day
by Americans. The people Of the United States had
bscn so long accustomed 10 paper currency, and IL
he'd been found 20 convenient tnAt was not reason
able suppose they would discard II. Our currency
would continue to be small paper money, and tho
problem for Congress to solve was upon wnat basis
should rest? We could not maintain paper currency,
convertible ut all times into CON- unless employed
silver as we'll as gold for tts base There moro
cold and silver sSoud both 10 used ". nsa sbe ssecs
OF both metals throughout tho world TO draw upon.
Unless silver should be made iull legal tender tho
idea OF specie payment In the United States would
soon be abandoned. Every opponent TO an irredeem-
aDlc paper currency aud every friend oil spoce
currency should Insist upon The full reconciliation
of silver. III tlig bill should become a
dsncy would be TO put stop to the demonezation OF
silver in other countries. Should postpone the
monetZaii. N OF silver until compact with other
nations be made 10 do It It would never be remone-
tized. He hoped our country would be ranged by the
side OF the b-metallic States
Let the commercial world know that we do not
tend TO abandon the use OF silver Silver
American product. Many millions Of dollars and the
labor OF thousands OF mon were employed In Its pro-
duction In this country, and TO destroy or cripple this
Industry would DO cruel and unjust
SPEECH OF Mr.. kERAAN.
Mr. KxRNAS, (dem.) OF N. Y, said he concurred
with the Senator from ohio (Mr. rburmar) that the
Senate should decide this question without appeal to
prejudice passion IL was OF vast i'm tance
10 the future prosperity OF our country. lie would
not attempt to argue Tho questions suggested by the
Senator from Ohio as hc Kernap) had already gwen
his honest convictions on this question. Yet he had
painful feeling that the result Of the adoption OF
this pending measure would be detrimental to the in
tercsts OF the country He would be glad If we could
hold our bonds at home, but as compared with
European countries ours was new country and
needed capital cheap as possible to develop our In
dustries and our resources. III the action oil Con-
gress In passing this bill should bring home our
bonds from abroad our capital would be invested IN
them and would DO diminished to that extent in
developing our resources. lilo referred 10 the
Matthews resolution, and said 1t stopped al once tne
funding OF debt nj four per cent. That rcsQlu-
tion was bringing back our bonds now, and thus was
detrimental TO our welfare.
THE EXISTING DISTRESS.
He referred to the existing distress throughout the
country, and SAID he yielded 10 man IN the SYM
pathy he felt for all suffering, aud especially
Tor the mechanics and laborng men, those VINO
had been accustomed to provide Tor their families by
their daily labor. Alter tho most careful examna-
ton which he had given to this subject he OF
The opinion thai this bslI shoula ~ pass would not
bring the relief expected. THIS bill was step 10 tue
wrong direction, either 10 alleviate the suerngs OF
our country or TO prevent their recurrence IN Iu
ture. He spoke IN favor OF sound, stable currency
rs being essential TO the prosperity OF our country;
aud reerring TO the greenback currency history OF
the country during and the war, &C., hs SAID
few men would doubt that, with lrmposs, patience
and economy. We might havo speediy-that is In ter
or twelve years alter the cloee OF the war-re-
turned to u specie standard But during the past
twelve years We had this 1uctuatiLg currency
which inflated the prices Of everything ono
dealt n. and this detrimental country.