New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-10

srray Themselves in favor of policy which deprives
us Of money that rewarded the industry OF our
fathers with wealth and happiness the Leglsiative
seats which know them now VIII Know them no
more forever
bankers even under the stimulus OF the New York
press are so infatuated to carry their threats con-
corning Western loans into effect. we nave been
compelled for long time to pay for silks, cham
cigars etc. IN Eod ht s Is oaa bsre Tbere
are causes enough already at work to deprive
New-YOrk of the business of the West;
%'n Sy tn. d refuse Wesn e
unless payment in gold Is nominated in the bont"
New-Orleans, Charleston, Baltimore and Philadel-
favor, are actively competing =, for the bust;
ness so long monopolized by New-YOrk. And
to-day THE TRIBUNE announces the establish,
ment of line Of steamers between Portland
and Glasgow, connecting with the Canadian
Grand Trunk Railway. Confronted with such
eventualities is this "a time to threaten the West
with exactions which may disrupt our business re-
latons with those to whom we must look, and upon
whom must rely for orr future growth and pros,
pery If our capital Is refused the Wsst w snd b mna
outlets and OutlOoks withdraw western business
from New-York, where and how shall we indemnify
ourselves for alternating region broader III extent,
more rapid IN growth, and richer in resources, than
any other portion of our continent
BONDHOLDERs VS.. LABORERs.
While Directing TO double standard which
makes gold and silver of equal value, the gold men
offer compromise which makes gold the standard
for capital and silver a standard for labor In other
words, while demanding a gold standard for the
payments of the bondholders. they offer to make Sill
yer legal-tender for the payment of all debts
under 500. The value of this concession can only
be estimated in remembering that by the demoneti-
cation of silver it has fallen . per cent be-
low par. In practice, therefore, we have
two standards one above and the other
I Oh, tho tnilu nl
receives and enjoys his interest in gold while the
laborer is PAID in currency, per cent less in value
than that which the capitalist receives. There are
privileged classes in other countries and underother
forms Of government. IL has been our boast hereto
fore that 10 such distinction exists among us-that
the high and the low, the rich and the poor were
recognized and protected under and by our const-
tuition aud laws. Is it believed that a law OF Con-
gress which provides high standard of value for
the ricn and lower one for the poor Will be en-
dared! II such a belief exists il is a dcu;ion
which will soon be dispelled. Hundreds OF
Of thousands of laborers while suffering from what
were supposed to be unavoidable causes. have
dured all with commendable fOrbearance. But
patience and submission can be overtasbed. Labor
efs Will fail to either justice equity in laws
which dCprecatc the silver in which they are paid
and appreciate the gold in which the b0ndhOlderS
are paid. The middng and aboring classes will
demand that silver instead of being made legal
tender for 50 500, shall be recognized and
declared full and equal standard and, fortunately
for Themselves they have the power to enforce their
demand Silver has been money current with the
merchants" ever since men have had dealings with
each other. Silver was coined in England and sent
over to the American Colonies, where it became and
remained legal-tcnder until the adoption Of our
Constitution, BY which gold and silver were made
legal-tenders. Silver maintained It's standard value
until 1874, when it WAS wrong gully demonetzed
This wrong must be righted. The effort to re-
press enterprise aud Cypress industry by attempting
to resume slxcie payments upon narrow basis, VIII
prove utterly abortiyc Resumption car only b.
maintained b. the monetization OF silver. Any
attempt 20 strike astar or Obllteratc stripe from the
nag or the Union would be- md gnantiy resented
bV the American people All schemes aud laws
having for their object the reputation OF silver
money w'ii encounter resistance equally malignant
and iuu,Xible. I'm view of the circumstance that
those who ask for the reconciliation OF silver are
revilcd rs wanting 10 pay their honest debts IN
dishonest money may be pard0ned for aging that
nay interest and associations, pecEnlary and per-
sonal. are identical with those who maintain
the other side of the question:. | differ with
them only in the means best eaicnatea'
in my Judgment, not only to protect their interest
hut 10 promote the general welfare In Sri2u way
am bondhoidfr. Il i Snite conyeHi , r atteI
rcr interest ia gold, to Nall-st. and receive
from Colgate y Go. the premium III greenDackS.
But never pocket these premiums without rcmem-
herring that my gain Is anoihcI's loss. The rciiec
Hoa that gold premiums are squeezed drop by
drop from The sweat of Labor is anything but pleas
ant The sooner. therefore We get back 10 IMAM
cial condition which affords general relief the better
It will De for all concerned.
Among other objections to silver as standard |
1t, ii.ctuatiou IN value is urged. This objection
might he URGED with equal force against gold the
,iiuc of WIN n has llu,tuated equally with silver
throughout thp money markets ot the world. Ar
the Cold Exchange in this city during the last SIN
teen wears gold has risen from par Ia 21O and then
rcc,lrd "a within , per cent above par Can any
such record OF silver fluctuations he foundI in /
the progress of early civilization. when /
trade. manufacture and commerce were IN 7
their infancy, and standards OF value a, !
mediums o. exchange were needed two metals /
suited 10 the occasion were found hidden IN thc /
earth. reserved. douhtieS until the tImc arrived
wncn they could De- utilized. These precious metals
tinr they were Immediately recognized as precious
have bfru revealed throughout the world IN DIS /
crimuuting proportions and IN quantities CORES /
p0nding with the increasing pOpulatlol the deiel /
oping resource, and the business requirements oi /
thr universe. Silver and gold therefore, seem 70 /
have been among ihc b0unles provided for the /.
human race by Il Ruler the wisdom and benehcence !
of N hose enactiuehts should not be lightly cues
toned. Nor until very recently has that " Higher
Law" TO winch we owe rich discoveries or SILVER
br,n impuAgurl W.
NHr- iOrk, January j. 1873.