Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-02-26
THE SILVER BILI-wHAr NExri

THE SILVER BlLL-WHAf NEXT
An engrossed copy Of the silver bill, as
amended in the senate and passed by
the house, signed BY Speaker Randall,
was delivered yesterday to the senate for
the signature of the Vice. President
which was attached later in the day. 1t
now goes to the President, who may re-
turn it With his objections, or hold it ten
days, when it becomes a law anyhow.
To all moral intentS and purposes it is a
lew now. Nothing that the President
coald say would change a single vote in
either house. Re could not say any.
thing new or unsaid. The subject has
been most exhaustively treated, first by
the press Of the country, and more re-
Gently and connectedly in both houses Of
congress. These speeches came
from the ripest minds and sblest
debstorS of the age, and carry Us back
in memory to the days Of Web.
Ster, Clay aud Calhoun, when the,e
giants we're in the halls of congress.
The speeches Of Voorhees, and Edmunds,
of House and Bailey of Tennessee, and
many others on both sides OF the ques-
ton, will compare favorably With the best
specimens oil reasoning and oratory ever
printed in the old Congressional Globe,
or the Record Of the present era. In the
event Of q veto Mr.. Hayes would have to
draw his arguments and his obj ctions
to the bill from others who have gone
over the ground, inch by inch. before
hin. It is 6 matter of interest 10 know
what course he will adopt bat Of 20 real
Importance. The bondholders' organs
Of New York, sad they are all on that
side, ss far as We know, admit that the
silver Law Is az accomplished fact, and il
isrsaliy snEsing 70 notice how they have
CHANGED their tone fro1 arrogant, dicta-
ton, abuse and ridieule, to 8 eonserva-
tive, srgunsntstiTs, eoneiliatory style.
They tOpe for good results from the pro.
visions Of the third section, relating to
an international conference, and some
even admit that if Europe in general, or
even the nations composing the Latin
union, will consent 20 take part in the
conference and should be able to agree
on a common silver standard. bi, metal.
ism might be adopted with toIerable
safety. This is a wonderful admission,
but it only proves that the world moves
The great Importance Of the bill lies not
so much in the fac. that after ii becomes
a Law it will or ought to add not less
than $4,000, 900 in silver per month to
the circulation, a" in the provision that
it will authorize the payment of all debts,
public or private, in this coin, except
where otherWiie expressly stipulated
in the contract" This is a step 10
the right direction, though a short
one. But for the next few months
the efec; Of the law will be
greatly influenced by the action Of Sec
Rotary Sher nan, who is violently op.
posed to it. 1t is 10 his power, under the
present law which clothes him with a
large discretion, to render the bill about
to become a law practically inoperatiy.
for two or thrae years at least. He i,
authorized aud directed to purchase
from time to time silver bullion at the
market price thereof, not less than two
millions per month moi more than four
millions per month, and cause the same
to be coined monthly as fast as so pur.
chased into such dollars" OF course
Secretary Sherman will not c)in over
two millions per month. The bill gives
no directions as to the manner 10 which
the new dollars are to be paid out. He
has it in bis power, it so minded, TO
hoard every dollar ofthe new coin in the
treasury, and he is reckless enough to do
anything. He a sell gold for green.
backs at the rate Of two millions per
month, and replaces the reserve of coin
With that much silver. Meantime the
importers would not see any Of the new
CON- and would have to pay iu gold as
usual. In this manner Mr.. Sherman can
for a time defeat the will Of the people
and the practical workings Of the law.
but congress is in no mood to tolerate
any such abuse Of power, and the expert.
msnt would almost certainly cost Mr..
Sherman much of the discretionary
authority with which he is now vested.
Mr.. SHELBY has introduced a bill IN
the house authorizing the issue Of United
States notes and provi ling for the re
demptiou Of certain United States bonds.
directs the secretary Of the terasury 10