The New York herald., 1878-02-08

expect 10 add much 10 its value but promise not
add much TO its length. shall endeavor 10 consider
rather than theories to state conclusions rather
than arguments
First believe gold aud silver coin be the money
OF the nsttution-indced the money OF the Ameri-
people anterior to the constitution, which that
great organic Law recognized quits independent OF
It's existence No power conferred Congress
to declare that etber metal should not be money.
Congress has therefore, In my judgment, power 10
demonetize silver any more than TO demoneze gold
power 10 demonetize either any more than TO
demonetize boh.. In this statement am but repeat
ing the weghty dictum Of the nrst OF constitutional
lawyera 81 am certainly Of opinion, SAID Mr.. Web
ster that gold and silver at rates fixed by Congress,
constitute legal standard u value this country,
and that neither Congress nor any State has authority
TO establish any other standard 10 displace this
standard" Few persons be found, l apprehend,
VINO Will maintain that Congress possesses the power
10 demonetize both gold and silver, Or that Con-
gress could be justified IN prohibiting the coinage
Of both, and yet in logic and legal construction It
would be difficult to show where and why The power
Of Congress over silver 10 greater than over gold
greater either than over the two H. therefore,
silver has been demonetlzed, am IN favor OF remone-
tiziug It, Ii It's coinage has been prohibited am
favor Of ordering II TO be resumed II II has 0oen
stricted l am in favor OF having II enlarged.
DECLINE IN VALUE OF SILVER.
Second-What power, then, mas Congress over gold
and sver2 IL has the exclusive power TO coin them
the exclusive power TO regulate their value; very
very Wl9o,
Exercise Of which critical occasion bas now arisen.
However mon may differ about and processes,
all will admit that within lev years a great DIS.
turbance has taken place the relative values OF gold
and silver, and that silver IL worth less or gold ~
worth more 10 the money markets oil the world 10
1878 than 1873 when the further coinage OF silver
dollars prohibited In this country. TO rem0netze
II now as though the facts and circumstances vi
,na' aay 70 w aoa
the only cause for Tho decline In The value
OF silver. then remonetzation would DO It's proper
.H~, ol lut nj hAp mana m n hAun md
our control have been far more potentially operative
than the simple fact OF Congress prohibiting It's
further coin ago, and legislators VIZ bound TO
take cognizance OF these causes The decentralization
OF silver in the great German Empire and The consc-
quent partial or well >nith complete suspension OF
coinage In the governments oil tho Latin Union have
been tho leading dominant causes tor the rapid de-
cline In the value OF silver. do not think the over
supply Of silver has had, in comparison with these
other causes AN appreciabe influence in tho doclino
its value because It's oversupply with respect TO
gold IN these later years has not been nearly SO
respect to silver Tor many years alter the
mines OF California and Australia we're opened,
sources did not affect the relative positions and
uses OF the Two metals in any European country.
the Kingdoms and States Of the Latin Union 10
reopen their mnts silver would AZ once resume Its
former relation with gold The European countries
when driven to full romOnetizat0n, believe they
win be, must OF necessity adopt their old ratio OF III
teen and hall OF silver 10 one OF gold, ana shall
then bo compelled " adopt tho instead Of
our former sixteen TO For II we fail to do this
we SHALL as before, lose our silver, which like all
things else, seeks the highest market, and IL fifteen
ana nalf POUNDS oil silver will buy as much gold
In Europe as sixteen pounds will BUY IN America,
the silver Of course, will 20 TO Europe But our limo
OF policy in Joint movement with other nations TO
romoneiize Is very simple and very direct
The difficult problem Is what we shall do
whom We aim to re-estabiish silver with.
really as advance movement to coerce them thero
into the policy. Evidently the nrst dictate OF
prudence Is TO coin such dollar as will not only
Justice among cillzens At homo but Will prove
protection, an absolute barricade, against tte gold
mono-met.llsts oI Europe VINO, whenever the oppor.
$780, COO, 600 Of gold coin still In our midst And II wc
coin silver dollar Of iu legal tender obviously bc-
Ing wide doors and inviting Europe TO take our
gold. Ana with our gold flowing out from US we are
forced to the single silver standard and our relations
with the leading commercial countries OF the world
are at once embarrassed and crippled.
DOLLAR OF THE BLAND BILL.
Third-The question before Congress, then-sharpy
defined IN the pending House bills whether II II
now sale and cxpedient 10 oner Tree coinage to the
silver dollar Of 4l2 grains, with tho mints OF the
10 be money Az current rates OF silver the
free coinage OF dollar containing 4l21s grains, worth
profit TO the owner Of tho bullion enabling him TO
lake ninety cents worth OF TO the mint and gel
stamped coin and iorce his neignbor 70 take u or
iull dollar. This Is undue and Unfair advantage
winch the govern nent has no right TO give 70 the
owner Of silver bullion ana which dstrauds the man
who is to take the dollar And II ass uredly io
lows that II we give Tree coinage to this dol
lar Of inferior value and put II In circulation
we do 70 at the expense of our better
coinage in gold; and unless expect the
uniform and invariabe experience oil other nations TO
be In some mysterious way suspended ior our pc
culiar benefit we inevitably lose our gold CON- II
will flow with the certainty and resstleSs
force OF the tides Gold has indeed remained with
In considerable amount during the circulation OF tue
inferior currency OF the legal tender; but that was
there two great uses reserved by law cr
gold-the collection OF customs and the pay ment OF
tho pubic debt. But II the Inferior silver
coin Is also DO used Tor these Two reserved pur
poses then gold has no tic 70 bind II 10 us. Wnat
gam, therefore, would we mako ior the circulating
open still wider gate Tor gold 10 How outr III l
were venture upon dctum on the SILVER question l
would declare that until Europe renonezes we cannot
afford to coin q dollar low as 4l2H grains Alter
Europe rcmonetizes on the old STANDARD wo cannot
afford 10 coin dollar aoove 4oO grams. we coin loo
low dollar before general gold Will
1ow out from II we coin too hign dollar alter
general reconciliation our silver viii leave u.s. IL is
only equated value both before aud after general
will preserve both gold and silver
INJUSTICE TO THE CREDITOR.
F0urth-ConsIder iurther what injustice would be
done every holder OF legal tender or national bank
note. Tnat vast volume OF paper money-ovcr
800 OOO OOO-is now worth between nncty-eight and
nipety-uine cents on the dollar IN gold CON. The
holders OF 1t, VINO are indeed our entire population
from the poorest 10 the weathest, have been prom
lsed IRON the of Its issue that tho
paper money would one day be as good
as gold. To pay silver Tor the Rreenback
IL full compliance with this promise ana this
has been hitherto, good as gold To make our silver
three per cent less valuable than gold IN
nicts ut once a loss OF more than $40. 600 600 The
holders of papor money. 10 make silver dollar
worth but ninetytwo cents prccptatcs ON the same
class a loss OF well nigh $50, ,00O, 900. For whatever
the the silver dollar the whole paper issue
Of the country will sink to It's standard when is
age 10 authorized ana Its circulation becomes general
in the channels Of trade. Some IN conversation
with Commodore Vanderbilt during one OF the many
freight competitions VI the trunk lines, said "Why,
the Canadian road has not sufficient carrying ca
pacity 10 compete with our great ineYn ''That
Is true," replied tho Commodore, but they
hx rate and force Us down TO H."
Were Congress to pass law to-day declaring that
every legal tender noto and every national bank note
shall hereafter pass Tor only nnely-sx or Liucty-
seven the dollar there Is not constituency
IN the United States that would rcciect man that
should support IT, and In many districts tho Repre-
sentative would be lucky II he escaped with merely
minority vote.
Aud yet 1t Is almost mathematcaly dcmonstrabic
that the same effect Will inevitably follow from the
coinage OF inferior silver dollar. Assurances from
empires and scientists in finance that remonetlza-
ton OF the former dollar will at and per-
mnnently advance It's value TO par with gold. 30
for they worth In the lace oi opposing aud
controlling facts. he first and instant effect Of
siiv n ollar hat wi az