New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-11
THE SILVER DEBATE.

The debate last week on the silver question
was one which ought to have made an I'M
preston upon the dulest advocates OF the
Bland bill. Reasons of the strongest KIND
were given. by friends and by foes OF the
donble standard, for regarding this bill as pc
cularly hostile both to the public credit AMI
the homes of reconciliation elsewhere. 1t has
| boon sbovn that limited States bonds were al
ready coming back from Europe IN very large
amounts. and were virtually drawing from this
country the capital which it needs to sustain
its ministries. 1t has been shown that many
millions can be saved to taxpayers by c0ntinu-
ing the funding of the debt and that the Bland
bill would throw away that opportunity, ana
| all resulting advantages. IL has been SHOWN
| that the Bland bill threatens the monetary
system of the Latin Union, and therefore rem
dcrs very probable an abandonment OF silver
coinage by the nations OF that Union, WIFI
consequent decline in the value of silver, ana
loss to holders of bonds. 1t has been SHOWN
that the loss, by coinage OF silver doIiar
now worth little more than so cents, w0ul1
fail very heavily upon depostorS i'll savings
hanks. mon those who hold policies in insur-
ance companics. upon investors, lenders and
bankers generally, and especially upon those
who hold the legal tenders, or are pad wages
in legal-tendcrs.
Powerful as the argument has been, it does
not seem to have changed votes. There Is a
feeling at Washington that the Bland bill may
possibly pass by a slender majority over veto,
and that little change has been effected by
arguments the most convincing. 10 all rea-
soning, certain Senators reply, Tut our con-
"stituonts are crazy about this thing, and we
"must vote rs they demand Now the thing
which constituents actually desire Is the re-
monetization OF silvcr-not after this form OK
that. but in any form. 1t is probably safe to
say that there is not one honest man IN ten,
of those who cry for reconciliation, who
really cares on what terms silver coinage shall
be resumed, OF has n definite idea whether
coinage at any named ratio would be adVan-
tagcOus or dSadVantaEeOus The voters want
silver coined, believing that they Will be, IN
some mysterious way, better off with silver and
gold both III Use rs money than with gold only
in use. Beyond that, the great majority have
not gone, for they 10 not distinctly demand
the coinage of dcbascd dollar because it is
dchasc,l, or the partial reputation of debts.
Under these circumstances why should not
the Senate vote to authorize the unlimited
coinage OF silver dollars, each dollar so coined
TO be a legal-tcndcr for its market value only
1t has been reasoned that exclusion OF silver
from Use had caused some artificial advance III
the value of gold. II this he true. free com
age and unlimited use of silver would tend To
depre,s the market value of g0id-to bring the
two metals nearer together. Now, IT IT Is the
object 10 drive gold ont OF circulation or use
i'm this country, an excessive value Viii be
given III coinage to silver. But # there j. only
an honest Ge,..e to use the two metals. instead
of one only, and to realize the benefit wl ich
NAV then result from a fall in gold, can there
lac a better mode than 10 allow both 10 circu-
late at their markc; relation of valucY If
silver then rises, or gold falls, the holder of
silver gets all the benefit &C. which he Is en-
titled.
Compromises ar almcst always dishonest
and disappointing But the coinage OF silver
dollars which shall pass at thcir market value
only. would not be strictly a compromise. II
would I've concession of Ill that any honest
advocate of reconciliation can demand. Ii
would not be difficult to determine the man
ner in which the market rate should be ascer-
famed and announced II, for example, Nthe
Government were required TO purchase silver
bullion IN open market each week, announcing
the biddings and awards, and the resulting
value of the dollar. that would be good test.