The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-29

gold dollar. and on January %. awkwardly enough.
worth sA cents less than the greenback dollar, but
nevertheless to be full legal tender Besides this as
the Dill camo from Tue House, the holders OF silver
bullion were ito have the profits OF coinage
but for tho amendment proposed by the
Committee Finance. would havo iur-
nished power TO cnterprising operators In silver, at
home and abroad. TO initiate the currency without
limit, and even amended imitation will be secured
10 the iu extent Of all the silver which may be issued
Tor there 10 no provision for reckoning or retiring
single paper dollar The BILL If becomes law mast
a. the very threshold arrest the resumption OF specie
payments, Tor the payment OF United States notes
even IN silver is TO be postponed Indefinitely Tue
whole measure looks to me like an assault upon the
public credit II will give death blow The cardinal
policy OF our country, which seeks large reduction
OF the rate OF interest upon our national debt Even
that portion held abroad wall come back N stampede
10 DO exchanged Tor gold at any sacrifice. Tho utl-
mate result would be. whom the supply for customs
shall have been coined and the FIRST eiervescence
passed away. tho emission OF silver lar below
the standard OF gold, and when the people
tire OF 1t fresh camor Tor the remonetzaton OF gold
may be expected, and another clipping OF gold CONS
may follow to bring them again into circulation
basis oil silver cquvalency In TINS slippery descent
there can be no stopping place.
COOPERATION OF OTHER
II Is my hrm belief tba. the co-operaton OF leading
nations is absolutely necessary 10 MAINTAIN SILVER even
nj Its present reduced valuation or 20 give 4! any
tolorablo stability. Beyond supplying subsidiary
coinage 10 limited amount until the cooperation of
other nations can be secured II would appear 10 be
desperate hazard TO do than Issue silver dollars
worth in gold all they purported to DO, opf worth
less only MS legal tenders. This would not put the
future under bonds to forever am
evil III The silver standard should prove TO be an own,
and hereafter wo could further should that be desr
aDe. This would give the country the utmost
amount of silver winch meantime the mints could
possibly com. Unqueslionabiy some part OF the
value OF gold or silver from the moro less
universal use and acceptance each money. There
Is u large and steady demand thus created for tho
MI no'divini,y doth hedge" legal tender law. The
omnipotence sometimes tanatcay ascribed 10 such u
law has no better foundation tnan the legendary vr-
tues oi the philosophers stouc
VALUE or THE PRECIOUS METALS.
Mr. MORRILL, quoted from the speech BY Senator
Jones. OF Nevada. OF April !. ls'4. 10 which Dir.
Jones SAID 1.-THE value Of gold not affected by the
stamp Of tho government. That Is merely the final
ana reliable evidence OF It's weight aud lueness.o
And commenting thereon be alluded at length TO the
Silver Commissioners report anu said It's value is
pretty severely listed by what seems 10 b.. nm excu
sion OF much testimony taken which possibly would
not sustain the theory sought TO DO established by Tho
majority He criticised the report in other respects
ana denied the charges that the silver dollar clan
destnely demonet!zed. He attributed the recent s.
yer depreciation to overproductiop. 10 gave facts
tending ~ show that Europe has almost detcrn ned
u cut loose IRON silver, with the exception SO much
AS may be required Tor subsidiary COINAGE and thought
any large market Tor silver IN Europe must not DO
expected Tor years 10 come. Tao ultimate diminu-
ton or stoppage OF the great stream oil silver TO
India cannot be successfully disputed. Mr. Morrill,
commented on this statement and on the action OF
European countries concerning silver demonstration
at considerable length He said attempt on the
part the United ates alo ne 10 stop this
by taurine demonstration In tho market by be-
coming tho boldest and almost the only largo pur-
chaser OF silver, would be as futile as Mrs. Parting
States sha,l iudate the pockets OF tho people with
silver money iar above It's value until they
have neither tho lnclination nor capacity Tor more,
the price will then 80 down TO lis predesned level
Mr. Morrill, gave statement OF the silver production
Of low OF the leading Pacific State mines, and argued
that the general Yield OF silver likely TO be larger
rather than smaller for many years to come He COM
batted the argument that Great Britain, TO somo
tent our creditor, has selfish interest which favors
the maintenance OF gold currency At homo and It's
retention In The United States, and that our great
com mercial rival our policy should be TO jealousy
anlagOniZe her interests
CAPACITY TO UPHOLD A GOLD STANDARD.
Mr.. Morrill, held that We have now more ability,
with all our known auriierouS wealth, TO uphold a
gold standard than we have ever had heretofore or
than can be claimed by Germany or even Great
With our mnts In active operation for six
years We could hardly produce much
silver coin our country holds in gold
For resumption IN gold We are almost ready. but Tor
resumption in silver VIC nave not the first dollar.
Mr.. Morrill, next considered tAe proposed free coin
age provision, and said II would mako silver bullion
worth just much before after II fabricated
into coin, whatever might be It's demon nation al
value. Most II not ALL other governments retain the
control and profits arising from coinage silver.
The or gam derived from tho purchase OF
silver bullion To tho amount OF $s41lss6 20 or the
recent coinage Of fractional coins was III a.
He next considered the claims concerning u large
consumption OF silver in tho arts, and held tina,
uiacture oil gold and silver plate less than
( fly years ago. He dr. 40 not insist upon
70 oh, have ~ So. s' one f I think that the best
To sustain the silver standard wouio annuay
about one per cent for abrasion, while that OF golt
would not exceed ouetwentietn Of ono per cent Sill
yer Is lar dcarer to plant ana forever desrcr main
tam. double standard pot forth by the terms
now proposed would be only SO In name.
PAYMENT OF TIN DEBT SILVER.
AS 10 paying tho debt In silver Mr.. Morrill, held
that II would cost one and onefourth per cent
coin silver than gold, aud per cent annually Ia
maintan II would be lost He alluded to the disas
irous effect on our credit Of such payment aud said
boon suddenly granted TO foreign industry without
advantageous equivalent 10 use deprecated silver
be shaving them only to give the TO later and
loss deserving foreign creditors to supplant
people BY furnishing larger supplies Of foreign prod
ucts Those who nIst received deprecated currency
not owing debts where II and Will be promptly
applied would bear all the loss The labor this
entitled TO DO paid In the best money the worlt
nnoras Prohip,t the circulation OF all small bills
then silver or gold virtually would oil the vacuum
and specie resumption might not only DO facilitated
but maintained with little apprehension OF Interrupt
ton.
A SUMMARY
MI MORRILL,, In closing, said IL have failed OF
purpose have not shown that thero has been Sc
large increase OF the OF silver As OF itself
effect positive reduction Of It's value; ana that this
result has besn confirmed and made irreversi
bic by tho now and extensive European disust
OF silver coinage. l have indicated the ADVISABLE
Ivy OF obtaining The CO operation OF other leading
nations IN liking upon common ratio Of value be-
tween gold aud silver before embarK ng upon o
OF Independent acton, from which there can DO nc
retreat have also attempted to show that even 10
the lowest pecunary sense of pront tho government
OF tho United states could not DO the gamer by pro-
STATES notes in silver; that such payment would
late public pledges as " the whole. and violates ex
istng statutes as to all that part oil tho debt con
tractcd since 1870, and Tor which COLO has been
ccived; that the RECOMMENDATION OF silver means The
banishment OF god and our degradation among ma
tions TO a second or third rank; that II would DO
sweeping ten pcr cent reduction OF ali duties upon
ports, requiring tho imposition Of new taxes 10 that
EXTENT that II would prevent The further funding Of
the pubic debt At lower rate OF nlerest and give u
the present holders oil per cent bonds grea,
advantage: that. instead OF aiding resumptIop 1,
n ain IN n DIV fnnIf don
ctated, aud consign II 10 still lower deep; tDag, Ia
stead Of being tonic to spur IDLE capital more
INTO activity, would be Its bane, destructive OF all
vitality, anu that as permanent silver standard
IL would not only be void OF all stability
and the dearest and cumsest in Its introduction and
maintenance, but that u w00ld reduce the wages oil
labor 10 the full cxtent OF she difference hero ghi
be between its purchasing power ana that OF gold
Should The bill become the law OF the land without
fundamental amendments, and the evils have anuc
pated not be verified there Is no one VINO would
ioco more than myself; but cannot SHUT my eyes
10 the teachings oil those eminent mon who have
adorned our own history In the conduct OF natona