Mexico weekly ledger., 1878-11-21
THE NEW YORK NATIONAL
BANK.

been debating the gold-basis to Mr..
Sherman. They have done this un-
der the thin disguise of profered as
sistance. Intlmatlng that resump-
ton cannot be maintained without
their help, they ask permission to
treat silver dollars as bullion. They
assert that the new dollar is a fraudu-
lent issue, six of which cost govern
ment only five dallars. They claim
to be custodians of a vast capital
which they are not justified in depre-
ciating by exchanging gold dollars
worth 100 cents, for silver dollars
worth only S3 14-1O0 cents.
The gentlemen that control these
banks have certainly taken a very
presumptuous step and the best thing
that Congress can do is to wind then
up and make them pay out the green
backs and gold they profess to retain
from circulation IN their vaults.
These gentlemen probably think
that late elections settled the finance
question and placed it upon a gold
basis, but they will yet find out that
Democrats and those opposed to re-
sumption constitute an imposing ma
jority of the nation.
Their statement that the silver dol
lar is a fraudulent dollar is false. 1t
was made the standard 100 cents, by
the first Congress that assembled. Ii
there has been any mistake in the
coinage of this country it was the
weight of the miserable little gold
dollar that never found favor with the
masses. 1t is possible the trade or
Chinese dollar ought TO be classed in
the same category.
1t is true the constitution did not
design to make Congress a dealer or
speculator in precious metals, or an
! exchanger of coins, but under its
broad shield and the power to coin
money conferred upon the general
government, every citizen of this
country that owns gold and silver,
has an equitable right to have it con-
verted into coin upon paying a rea-
sonable signorage. The theory of
our mint is to receive metal ard re-
turn an equal weight in ooin, charg-
ing the deposition the expense of the
assay and coinage. But the Remone-
tization Act made Mr.. Sherman the
largest dealer and Spectator IN silver
in the world, and he did not hesitate
to use his position and power to re-
duce the value of the products of
American silver mines, to the stand
arl of the London market. depressed
by being over-burdened by dcmone-
TIED German silver. By such mis-
sues of authority and by restricting
coinage of silver to the lowest amount
contemplated by the statue Mr..
Sherman has converted O measure
designed for relief into one of disap-
pointment and oppression and has
exacted in doing so from his country
man owning silver, the pound of
blood rs well as of flesh, but in that
there Las been no wrong done to the
banks or any other public or private
creditor.
Mr.. Sherman is reported to have
answered that his course must be con-
troled by law, but the banks seep to
be satisfied that they have carried
their point and that both silver dol
lars and the greenbacks that may be
redeemed will be retained in the
treasury.
Should such policy prevail further,
contraction and distress are ineyita-
BILE, but there is not the least oeca-
sion to submit to dictation, 1t is the
plaiL duty of Mr.. Hayes to refer this
matter to congress and abide by its
decision. Resumption can be post
poned until our gold can be ex-
changed for silver to be coined into
dollars. IL resumption goes on, asst
must unless the law is repealed, as
the greenback, silver and gold dollar
are legal equivalents, there is no bet
ter reason for refusing to receive one
more than another as money. Paper
silver and gold francs circulate to-
gether in France, without affecting
their par relation, and the same thing
can be done here.
The New York bankers have mede
a foolish move. They altogether
mistake this nation if after what has
TRANSFERRED they expect it to give up
its right to pay its debts, public and
private in silver dollars of 412 I-2
grains. They equally mistake public
feeling if they think such a msre as
they have undertaken can be made
wls9esut decided manifestation of re-
sentiment. They will hare enough to
do In retaining their charters and
paying their debts after their franchise
is taken away from them.
1t is Doubtful if they receive the
countenance of their fellow bankers
in other cities, but il they should it
will make the necessity of dealing
with them more speedy and impera-
tive.
Every day it becomes more GER
tain that the issue of the next presi-
dental campaign will be of a financial