New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-28
THE PRESIDENTS VETO.
LETTER FROM THJRLOW WEED.

LETTER FROM THURLOW WEED.
REPEAL OF THE RESUMPTION ACT a SURE RE-
sULT-sECRETARY sIiFRMAN's POSITION WISELY
THB SILVER BILL BECOME LAW GREATER
DISASTERS WILL BE AvERTED.
T o the Editor Of The Tribune.
SIR: The information furnished by your CORE
spondent this morning that the Silver Bill will en-
counter veto is much relieved By the assurance
that the Secretary of the Treasury in a Cabinet
meeting declined to advise Such action. HIS rea-
sons for such declension were alike practical and
patriotic. He has the wisdom to foresee and the
craftsmanship to desire to avert impending evils.
In every letter written upon this subject l have
admonished the Government. tho bankers and the
press of the inevitably dangerous consequences OF
refusing TO restore money current with the
merchants" from the landing Of the Pilgrims upon
Plymouth Rock until 1873. These consequences
will prove disastrous as they are imminent
Secretary Sherman desires TO avert them Should
the Silver Bill become n law, there is strong nope
that il will "trammel up the consequences 10
which | am compelled to refer. II is assuring,
therefore, to know that Secretary Sherman, as tho
fiscal officer of the Government, has taken position
40 wise and conservative. 1t is gratifying also to
learn that Secretaries McCrary and Thompson III
advising the President to sign the bill, make record
worthy of the high position they occupy. But my
main object in so asking again brief space In
yuur columns il TO submit to the readers of TIE
TRIBUNE an extract from an able article upon the
silver question in the last number of The London
Saturday Rsricc In an article entitled "The Latin
Union" on February 0, it refers to NJ. Leon says
remarks on silver aud concludes the article with
the following paragraph
III the last week the Minister Of Finance denied
that The snspension Of silver conag1 h step toward the
adoption of the single gold standard AMI hn went on 10
intimate that probably the fall In silver would be olih
10 b. anuctuatlOn not depreciation. II So he seemed
mp that the exiting system would bo maintained
The reasons assigned ty NJ Leon Say are certainly d'-
pr""nhiiy - IN favor Of his opinion; yer won hNcr
should recover is old vau' tn double standard Is eco
nomcay indelensbr. AT the samc time. IL II nndu"s
-t.udnr,i nations winch s retain silver a an
unlimited legal tcn'er Should c"n,nu" to do So ino
sumption of gold should exceed the proiucton that III
consequence, ii should rise IN Yanc-in other words tha
prices should All, ana cunlhcfcIh prosperity "t III p"n
sequence checked The NOR" countries retain tne silver
STANDARD gle IN conjunction with gold, the more
this danger Is lcssened.
The London banker whose cable dispatch char
actcrizcs the Silver Bill now in the hands of the
President as the first step taken in repudaton,"
is as blind as an eight-day puppy Reputation Will
come. If il comes at all from an entirely different
quarter The London and American bankers,
efficiently aided by ths press. have, in their own
laugua c more than discounted the effects of the re-
monctizatIon of silver upon Government bonds.
have frequently hut reluctantly alluded 10 tnc real
source OF danger. The mcnal oblquity represented
10y this London banker compels me TO speak more
plainly. The public faith and the National honor,
not less than the general welfare, will be protected
and promoted alike by restoring the lcgal-tendcr
character of silver. The worst possible sery-
ice the President can render 20 bOndh0dcrs.
io the faith and credit of the Nation TO the welfare
Of the country and the prosperity OF the people, l. to
prevent the enactment Of a law making silver, Ike
gold % full lcgal-tonder. The moment that such n
law il defeated, the danger Of liquidation y
comes in There is an Incorporating, inticxible
and indomtable majority of the members of both
houses Of Congress III favor OF the reconciliation
Of silver. That majority represents full tlr 'e-
fourths of its entire constituency. Neither the Rep
resentativcs nor these constituents can bo shaken
or moved, intimdatcd or bcRucd. The danger
is that Congress will not wait for The results of an
election which would oyerw helm and crush out the
men who disregard the popular will. In word.
though most reluctantly utter it, if the Silver Eli
is beaten, the Resumption law Will he repealed,
while there are nine chances ont Of ten that the Sec
retary of the Treasury will be left without means to
pay interest on the pnbc debt. This appalling APP
preheusion doubt not. constrains Secretary Sher-
man to withhold his approval Of veto. Tw.
Nor York, Feb II, 1873.