National Republican., 1878-01-15
The Money Oucsiion.

The San Francisco papers have been the
slowcst to appreciate the monetary condi-
tion Of the country for very simple reasons.
That mart is the hopper into which the hui
lion of mines is thrown before ii is ground
out into coin. Hence it is easy TO control
sufficient money for State circulation there.
They begin to see now that resumption of
specie payments on the gold standard means
that nm extraordinary drain will he made
upon their State for coin as fast as it can be
produced, and that their business will feel
the panic which always succeeds such
draining of vital resources Money is the
blood Of the commercial body corporate,
and drain of money is like bleeding to
death. The San Franciscans are, therefore,
whlc adhering generally to the resumption
| idea on account Of their long g-tihe prejudice
in favor OF metallic currency, beginning to
cease their hostility to the reconciliation
of silver. The Washington correspondent
of the Ala California was the first to warn
them OF the danger of resumption on the
single gold standard. Now the papers in
favor of the silver bill are becoming rapidly
increased, and several are already pro-
nounced against forced resumption. The
San Francisco Examiner, an old time Dem
ocratic Journal, of late date, contains the
following sensible remarks:
There is not q safer or surcr representative
| of the capital and finance of England than
the London Times. Its financial department is
in the charge of an editor who has unequaled
opportunities afforded him from the very
information upon the subject. lIisdaily articles
are accepted as authority throughout the
Kingdom and by moncyed circles ia every
quarter Of the globe And we have now this
high authority to- sustain the position that the
scare which capitalists and bankers in cur
own country and the bOnd.holderS in Europe
cndeavUr To get up In order TO influence the
action of Congress on the silver bill, and to
deter the Senate from passing it, is all mat
ter of interested sensation, to profit only the
agtators, while il harms the great body OF
tho people.
; The Times says IL the bonds of the United
, States were paid in silver instead of gold il
: doubts if the holders would lose much by ,he
change, for the reason that the reconciliation
Of silver will cause II to advance, or to use the
exact language of the great London paper,
ave should probably see II Rt once jump ia
fully five shillingS per ounce at which price
the difference between ii and gold will be
|
at the slight loss which the bOnd-holders might
suffer by the restoration Of silversas a standard
they will be by no means indispOscd to con,
: tinuu TO hold all they have and buy more. Iu
no light, however, would the reconciliation
of silver be regarded as reputation by tn,
United States. and rs this is the undOubtcd
sentiment of those most interested in England
it is false prctcnSc and folly to charactcriz,
the object ofthc silver bill in our own country
COntrastcd with the views expressed by tn,
London Times, the utteranccs of the leading
gold organs and capitalists in the great cites
East arc to be received with little patience
They all agitutc the question solely in the in
tcrcst of the banks and moncyed men, and ut
t"rly regardless of the mass of the people, upOr
! whom, as things are, the loss as between gold
, ..Id silver falls And it is easy to see that
they all work upon an organized and con
c.Ttcd plan. The last movement in that in
larest is that of the Boston Board Of Trade
whose members held special meeting yester
? day and adopted memorial to be laid befor,
Congress earnestly protesting against the pas
sage of the silver bill. Tremendous prcssur,
will he brought to bear upon tine Senate to dc
feat it, and upon Hayes to veto it, If it shal
be passed. II remains to be seen whether tn,
t people or the capitalists are most served by
[ Congress- and which have most influence with
, Mr.. Hayes The important issue will have /,
be settled this session.