The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-03-09
WASHINGTON.
The silver Bill-Keliy and Gar
neId-The wood Tariff Bill
Dissatisfied Republicans = In
yesfigating Committees.
WAsHIsaroN. March 5.


Special CoreIpoad,aes q he Latsaissner.
The talk Of Washington, the joy OF the
silver men and the wonder Of the gold
men ia the effect which the silver bill has
had on gold at home and our bonds
abroad. A gold Senator, who is beyond
the hope Of redemption, said to your
correspondent: ~ confess, | don't un.
derstand this thing, 1t is against the logic
OF the case. We have declared to the
world that we are going 10 pay in cheap
legal tender, and yet the Greenback-s
promise to pay-sleadily appreciates un.
i'll it Is very near the value Of gold; our
bonds-another promise to pay-ars go.
ing up in foreign markets. All this with
the repeal Of the resumption act staring
us in the face, and threats of repudiation
made on the floors Vi Congress, give it
up"
There are more people like this Sena.
tor, but there ought to be few Of them.
The problem Is no. difficult OF solution.
The passage OF the Silver Bill was not a
sudden nor an unexpected measure ot
Legislation. The country was prepared
for Il and prepared for more Of 1t. The
early notes were sounded for free and un.
limited coinage. About the time every
body got ready to be most dresdiully
scared the bill passed, and the very im
portant reassuring discovery was made
tha, there really was nothing to breed a
panic or even mild case Of fright. The
terrible engine Of destruction hsd been
considerably toned down. Four millions
month ia not a very large sum, say
about one silver dollar a year for each
inhabitant. II this is the "repudistion"
we are to see the process will be SLOW to
the degree Of torture. The changers
of the world were quick to see this; they
took no fright themselves and saw that it
would be impossible to get up q
general scare on SO fimsy basis. The
real secret lies in this, that the amount 10
be coined is absolutely TOO insignificant to
produce any startling effect. 1t will in
time, and by au easy, natural and gradu-
al process restore silver to the coinage,
where II long held an honorable place and
from which 1t never should have been
stricken. twill scatter no sudden and
lavish blessings, as 1t will wreak no
dreadful havoc. The Limitation on the
coinage Is a Limitation on whatever ol
veal or woe may inherently nestle like
an angel or lurk like viper in the sill
yer dollar. The great tribunal OF trade
the court Of last resort in oil these
matters, decides such q case purely
on its merits, very carefully throw
ing out all rose colored prophecies "a
well as all direial predictions. Gold was
falling-that is to say, the greenback
was nearing its face y&lue-when the
silver dollar was ordered to i,s old place
10 the coinage. This was an operation
OF trAde-a matter oil commetce-which
was not disturbed by remone.izItion, be-
cAu.e the actual process Of remoneti1s-
tion will be 40 slow aud proportionately
in such small amounts a. 10 form 4 very
uncomfortable factor in the great financial
problem. When Europe discovered that
We had not done such a bad thing after
all she took fresh lease Of confidence il
the securities Of the United States
She had looked for q Whirlwind, and
she was rather pleased, when the cloud
broke, TO End that she had been let Of
with a very gentle zephyr. There wa
and Ia no ine sentiment In this-nc
special love for "Our glorious institu'
tions"-it was mere bu.insss. Europear
capitalists as we'll AZ other capitalist
want safe, paying Investments. The un-
certalntie, Of the situation abroad In