The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-23
THE SILVER BILL.

tors Robertson's resolutions on the silver ques-
tlon now pending In the Legislature. So fat
as tho Legislature Is concerned, there does
not seem to be much of Controversy over
these resolutions The almost unanimous
vote by which they were adopted In the Sen
ate sufficiently attests the strength Of the
movement in favor Of the demonstration OF
silver and the repeal Of the resumption act
When by vote Of 25 to or 3, a measure Of
such vital import, affecting the material In
terests of the whole community, Is adopted in
one or both branches of u State Legislature,
we have the right to assume that such meas
ure embodies the wishes of the people with
out distinction of party or class.
IL Is no answer to this assumption to raise
the stale and WORKOUT cry that legislators do
not represent the best elements Of society.
Under our form of government every voter, to
whatsoever class he may belong, has an equal
voice in the selection of the political agents of
govern, If the letter and spirit Of our Federal
and State constitutions are to be observed
What the majority decree, without infringing
upon the constitutional rights Of the minori-
ty, must prevail over all special and class in
terests. The only practical test of the ques-
ton who constitute the majority in any
given locality is the result Of an election. The
party OF class which suffers defeat must either
in reality constitute minority of the people or
have forfeited all claim to the contrary by fall
ing to perform it's duty to itself and to society.
We may, therefore, safely assert that, in
contemplation of law, the men composing our
Legislature really represent the majority OF
the people of the various legislative districts
Of the State, and that, holding the closest pos
sible political relations to their constituents
they know what these constituents desire and
have every motive, both political and selfish,
to carry their wishes into effect. SO far as
the people have had an opportunity to make
their views on Senator Robertson's resolutions
known, they have emphatically indorsed
them by the non-partisan and almost unani-
nous vote of the Senate on Monday.
No sophistry of reasoning, no petulant
abuse of politicians" can overcome that fact.
Our contemporaries appeal to the CONNER
cal and monetary interests" to array them
selves against the people; they appear to as
sumo that the interests of the commercial
and moneyed classes are naturally antagoniS-
tic to those of the masses. We do not hold
this view of the relations of classes to one an
other. There is, in q republic like ours,
solidarity of interests between all classes OF
community which none but short-sighted and
ignorant men can fail to perceive. 1t Is true
that in some cases avarice and greed may i'm
pei some members Of given class to seek
temporary advantage over others, but in
A. nrpfit nv 1T
During period of great shrinkage In values,
for instance, movable capital acquires an
enormously disproportionate value in COM
parison with other kinds of property, but this
advantage cannot be long maintained. Nov
able capital constitutes but small fraction OF
the wealth of nation. Rapid increase in its
relative value implies a corresponding de-
crease In all other values and shrinkage
which clogs the wheels Of every kind OF indus
try. Carried beyond a very narrow limit such
a state of affairs soon eliminates in general
stagnation of business and consequent bank
ruptcy, and it is absurd to suppose that amid
general ruin and desolation any one interest,
however great an advantage it may tempo
rarily enjoy, can prosper long Capital Is de-
pendent for its remunerative employment
upon the varied industries of the nation and
cannot stand alone.
We hope, therefore, that no effort will be
made by the commercial and monetary classes
of this community to thwart the fixed resolve
Of the people to obtain the reconciliation Of
silver and the repeal Of the resumption act
That silver will be remonetized by Congress
we have not the slightest doubt. A vast and
overwhelming majority of the people of the
United States demand it. 1t is the one alb
sorbng question of the day, and the history of
our country shows that when the free citizens
OF this Republican land concentrate their
minds and efforts upon one question, to the
almost entire exclusion of others, it Is certain
to prevail, in spite of Presidents, Governors
and special interests
AS for the repeal of the resumption act, that
may or may not be effected. Many advocates
of the reconciliation Of silver base their adj
vocacy of the measure upon the belief that it
will facilitate and ensure the resumption of
specie payments. There is no doubt that 1t
will facilitate 1t, but we are thoroughly con-
WINGED that it cannot and will not ensure specie
payments at the time fixed by the act of1S75-
the first of January, 1879. 1t Is perfectly idle
to suppose that, with our present available
supply of gold and silver, the government
can even attempt to resume within year
from this date There are now in circulation
between 5000, 10000 and S7oo,O0o,o0o of green
backs and National bank notes. To redeem
these issues, or even to attempt their redemp-
ton, the government would need a supply of at
least $500, 100000 in specie. Bnt how and
whence can it procure this vast amount OF gold
and silver coin? The maximum estimate OF
the supply Of gold in coin and bars In Europe
and America (not in the United States only,
as we carelessly stated yesterday will not
exceed $500, 100000, and OF this amount
the United States do not possess as much as
$780, O0O, 900. AS for silver, if Congress DEGREES
it's RECOMMENDATION during the present session
the minis Of the country will not be able to
coin more than sso,ooO,oOO or $40,OO0,oo0 of ii
by the LIST Of January, 1879. How then, we
| repeat, is the government to be placed in a
position to resume specie payments at that