The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-02-17
passage OF the silver Bill In tho
senate.


and the affirmative vote cast in its favor at
five o'clock yesterday morning after weari-
some all night session is no larger than had
been for several preceding days anticipated.
Taking the figures as they stand the
bill secured more than q two-thirds
vote, and so little influence has the
administration in Congress or over
its party that it is not considered
probable that any of the supporters OF the
measure in the event of veto would be
likely to reverse their position simply for
the sake of standing by the President. 1t
is possible that in the Senate or the House
some members may b. found who will
be willing to avail themselves Of the argu-
ments or reasons of the President to clear
their consciences by voting to sustain veto,
and the certainty that some Senator'S and
Congressman have supported the bill from
political expediency, with o full knowledge
of its ubiquitous character, even serves to
render such action on their part probable.
But it seems likely that the measure has
not yet seen it's last struggles in the halls of
legislation, and that an attempt will yet be
made to restore it to the shape in which it
left the House, by striking out all /. the
amendments and changes effected in the
Senate.
The bill has certainly been shorn OF some
Of its enormities in it's journey through the
Senate. The coinage of silver dollars is
not to be less than two million dollars per
month nor more than four million dollars
the profit arising from the coinage is to go
to the government instead of to the owners
of the bullion conference of nations to
adopt current ratio between gold and
silver for the purpose OF establishing
internationally the use of bi-metallic
money and securing fxity of relative value
between those metals is provided Tor, and
the issue Of silver certificates in exchange
tor silver coin in sums of not less than ten
dollars is authorized. These new foatures
Of the bill are not at all acceptable to the
silver spectators. Their real object is to
secure for themselves the profit Of exchang-
ing ninety-two cents worth Of bullion
for a stamped dollar made legal tender
for that amount by law. TO allow the
difference to be retained by the government
is not the stake for which they have been
playing their desperate game. The pro-
vision for an international conference would
not meet with much objection from them,
because they know that it could never ac-
complish anything if it should ever be
called together, which is not probable. To
such thin sugar-coating Of their silver
pill they would make no serious OPP
position. But the limitation clause,
which would enable the government to re-
strict the coinage to two millions month
does not please the Western lunatics who
are crazy for the broadcast imitation, and the
provision which calls for the issue of silver
certificates on the deposit Of coin does not
meet their views. 1t appears probable
that when the bill again comes before
the House an attempt will be made
to restore the free coinage clause to remove
the limitation and to change the provision
in relation to silver certificates by requir-
ing the issue of such certificates on the de-
post of bullion as well as of coin. The
litter change would in fact, nullify the
effect of the clause restricting the amount
Of coinage as in addition to the silver dol
lars issued from the Mint the country could
be flooded with silver certificates to any
amount
1t may possibly prove fortunate for the
country should the more extreme or greedy
of the spectators insist on restoring the bill
to its original shape in the House. 1t is
evident from the tone of the debate and
fff be vnfa (, al
ments in the Senate that few OF the Sena-
tors are uneasy in the position they occu-
ply and anxious to make the blow they
are willing to inhict on the honor and
credit of the nation as light as possible. While
ready to do dishonorable net they are
evidently not lost to all sense of shame.
Should the features of the bill that were too
repulsive for the Senate be restored by the
House, even if the Senate should give way,
it would render almost certain the sustaining
of the veto and the ultimate defeat of the
measure. But if the House should, in it's
anxiety to secure the bill, be induced
to accept all the amendments inserted
by the Senate, or finally give way in
n conference committee, the bill will really
be as fatal to the interests and as disgrace
full to the nation as if it had passed in all
it's original deformity It is ridiculous to
claim credit for honesty and moderation in
having prevented the silver spectators
from pocketing the entire profit of coming
ninety-two cents worth OF metal into
a legal dollar, while committing tho
enormity of defrauding the public cred
itor out of eight or ten per cent Of the
money that we honestly owe him. 1t
is absurd to invite other nations to unite
with us in adjusting the ratio of values of
gold and silver when we make it legal to
pay them silver coin worth ninety-two