The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-10
THE SILVER BILL In NEW ORLEANS.

the New Orleans Clearing house
Association, passed series Of resolutions
against the passage OF the silver
bill, favoring the single. gold standard end
The payment Of oil obligations Of the govern
mept In gold. Common honesty and public
morality" concludes the resolutions, "alilse.
demand the prompt payment in full Of e.. OBJ
legations, and our government should be the
last to set the example Of afiiKiRg fictitious
value TO anything We are hot surprised
that the bankers have taken this position.
We showed, tho other day, that under the
present financial system Of the government
they enjoy the profits and power Of the vast
imitation Of credit which the contraction Of
tho currency has encouraged and upheld.
That they should hook with disfavor upon the
repeal bin and the silver movement. therefore.
Ia entirely NATURAL They were sagaeious
also, In dealing In their resolutions with
"glitterlng and unmeanjug generalities." The
arguments Of the American confederation Of
bankers, Tor opposing two Of the great measures
Of thespeople, are such that they cannot be
CARRIED before the people. because they are ar
guments In favor of the money olgarchy
under whose remorseless sway the trade and
industries of the country have fallen.
We confess to some surprise, however, at
the action uf the Chamber Of Commerce last
Wednesday evening not especial surprise that
that body declared against the remonetiza-
ton of silver. but that II almost literally
adopted the meaningless OF erroneous gener-
alities of the bankers. II the contraction Of
the currency. and the taxation of the people
to pay, in gold alone, bonds which were con
tfacted TO cpaid In treasury notes silver and
gold, will benefit our commerce. and revive
our industrial prosperity: or, If the remon-
citation Of silver. aifording full and free
measure Of currency for the people will prove
detrimental to these. the arguments must be
good ones to go before tho people with, and
could excite no prejudiee and arouse no ami
mosities.
In this respect the bankers and merchants
occupy radically different positions. The
arguments In support Of the money olgarehy
would repel the people, and therefore the
fraternity Of bankers cover their position
with generalties. The arguments, on the
other hand, which advance proposition cal
eulated 10 revive the general prosperity of
the country, will always find an eager and
appreoiative hearing from the masses. The
Exchange, therefore. unless it simply de-
sired to give the bondholders and gold men
in Congress the moral weight Of It's indorse-
ment, should have adopted, It seems to us,
different line Of resolutions and given to the
people some substantial and inteligible rea-
son for their position.
We have read with great care the postulates
t,,,pt, fbc m lrrfe nd On rnpnI,,
lowed by the Exchange, and there is not one
Of them that Ia sound; indeed, there IL not one
Of them which has not time and again been OK
ploded. Their resolutions open with state
ment which. scarcely a week ago, we showed
10 be utterly groundless. Their resolutions
affirm that the purpose of the reconciliation
of silver Ia to make legal tender at It's face |
value Of what Ia now worth ninety-one cents"
There Ia not single fact to bear out this |
bold, oft-repeated and oft-refuted assertion.
The scandalous fraud by which silver was
in 1873 deprecated It's value
and enhanced tho value of gold The
silver dollar MT that time was worth
03 cents. The demonstration act destroyed
To usefulness as a circulating medium: out |
awed IL as money and rendered 1t valuable !
,nly for purposes Of merchandise and manu-
acture. Had the same policy been pursued |
oward gold, the gold dollar, rendered valu-
bile only as commodity OF trade and manu-
acture. would also have deprecated in value.
restore the legal tender character offs silver, and
he difference between the silver and the gold
ollar will Immediately disappear. The Lon
lon Times noticed few weeks ago the rise in
liver, even on tho strength of the PROPOSE
ion to remonetize it in this country, and took
he true ground, that the payment OF the
United States bonds in silver would not ma
erially affect the bondholders. 1t Is strange
hat gentlemen as intelligent as the bankers
II New Orleans should repeat. as an argu-
nent on question 30 deeply involving the
he public interest, this absurd statement.
Passing over several Of the resolutions.
which we shall make the subject of subse-
luent article, we find the following, pre-
'iously quoted. Common honesty and public
morality alike demand the prompt payment
n full Of all obligations. and our govern
nent should be the last to set the example Of
fixing fictitious value to anything" The
meaning Of this Is, that, common honesty,
to-, require that the United States bonds
hall be paid, principal and interest, In gold.
n accord with this resolution Ia the follow
ng, passed by the Merchants Exchange
Resolred. That honesty ia the best policy
mong nations US between individuals. and
hat any act tending to impair the M IONS
redit will prove expensive to the whole coun
nv, and cannot relieve the temporary embar-
assment under which our commercial interests
est
We believe with the bankers that the rules
1 common honesty should be observed In the
ayment of all public us well as private obli-
.ations, and we believe with the Merchants
that honesty is the best policy
mong nations as between individuals. These
propositions are indsputabIe from any stand
ont. There s, however, n very radical diff
BrenCe between us as to what IL common
onesty In this matter. We do not believe
hat common honesty consists In expressing
he people and despoling the taxpayers and
niiiatrial pingEpa tn m y mora than tho erred.