The New York herald., 1878-03-05
BOSTON ON SILVER
The Financiers of the Hub View
the Situation Hopefully.
TYPICAL OPINIONS
Lively Demand for the New Coin Anticipated
for Payment Of Duties.
BosroS. March 8. 1878.

Outside of New York no city IN the Union u more
interested in the financial question: and IN The possi-
bio effect on monetary system OF the law making
the silver dollar legal tender for all dues and debts.
,ban BOSTON The ers and merchants OF this city
opposed the Bland bill vigorously. and used every
effort IN their power TO prevent its passage over the
Veto but now that IL is law thcy are willingto look
at the hopefully and only wish 'hat the udVo
Gates OF cheap currency will 80 no further fnere WIZ
be lively demand for silver soon AS It Is put on tue
market, ior The importers will, II they can purchase
the 4l2ls grain dollar a small reduction on the god
dollar try &c, 1t to pay dues as the Custom house.
Some OF our theoretical Gnanciers are inclined TO be-
iieyc hat the new factor in the circulating medium
vii, accelerate specie payments, while others becvo
that the Western inaltonists will keep the battle up
IN the areenbaek snail have been elevated TO the
same dignity with silver aud be rredeemuble and un-
limited in volum- chat with a few leading bankers
and nnanciers developes little divorsity OF opinion
on tho future OF the Bland dollar.
NOT THE ACTION HONEST MEN
Mr. Henry Lee of the firm OF Lee, Higginson Co..
and manager Of the Boston Sae Deposit VAULTS salo
that he had all along anticipated the passage Of the
bt aud was only surprised at the notifications made
in its provisions IL is not, no said, the action oi
honest men who had studied carefully tho question
on whcn thoy were 10 pass, but tho act Of set Of
extreme and radical repudistonista He looked upon
the passage OF the BILL In the indecent haste which
characterized the act but another link In the chain
begun with the Pitsburg riots and which will have
link after added TO until the nations honor s
dragged dust aud is spurnsd by all nations.
He believed that the merchants bankers and moneycd
men of Boston and Now York did not realize that
So cn dsho nest legislation possible 10 be obtained
Mt gton aud were therefore, utterly surprised
M tho result The act proved TO him that the West
and south were bent upon pursuing the suicidal
policy entered upon W tho bitter ena ana that they
mad only to be educated TO know wnat was rignt
hut hQ
do what Is n0nost
He said that II had been contemplated by Boston
bankers and others TO call upon the Legis-
ature tor the passage declaring In favor OF
gold eucy the State OF Massacn usets but iha
project had been abandoned on the ground tnat such
measure would create adverse discussion, and I'M
less II could be carried unanimously It's effect would
be lost Neither would meeting OF bankers called
for the purpose protesting against the introduction
oil silver have any salutary result as II woui only
hnanclers He dld not think that attempt would
DO made to pay the norest ON the bonds IN silver,
as the would not be capable OF turning out more
on the debt is s13o, 100000. He anticipates
that the free coinage clause will De revived
ana adopted by q future Congress- He sharply
criliczsd President Hayes for hts supiieness IN not
bestlrring himself and drawing around him oliow-
measure that he would advocate said Mr.. Lee, ''li
he had put neel on simmons and the otner on
Arthur and filed their places with men who could be
trusted aud wouIu carry out the principles OF
cv service reform aud be ~ their personal charao-
tors the best guarantee the Presidents honesty he
| could have rallied round him the best OF both
parties instead OF being eit with less than one-third
OF 10th houses TO stand ny his policy and support h:
measures No man, the days Of the outbreak of
the rebellion, ever had such an opportunity 70 CON-
manu- following AS did President Hayes alter taxing
| tho office ol Chef Magistrate. thank him Tor mis-
veto the record that he made Tor the nation IN
that brie message, but bat feel that ne has
disgraced his great once oy not ieadng tho nson 70
better things !"
Wendell Phillips Is quLe happy over tho triumph
OF the silver men, IL is 70 mis- mind only halt way
measure, but half LOAF is better than no bread lt
is a step In the right direction" said Mr. Phillips
ss1hls silver bill Is measure important much
| IN It's especial provisions, but as sign o the
Currency iu this lies It's significance ana il il be-
OF this that thc capitalists Of Boston and OF New
York SO bitterly Opposed IT, do not think thai, as
law this silver bill Is likely 10 nave any serious ent ct
upon trade, and am quite confident that the return
o United States bonds from the holders IN Europe 10
light OF equity this act by which the SILVER dollar
is restored to the currency Of the country seems
10 be perfectly just and TO meet all
Inc obligations oi tEo nation. Iu pay ment Tor It's
bonds, whether sold al home or abroad, the Sill
a legal tonder ihe government must pay in coin !;
but may pay In gold coin, or II may choose 10 pay
IN silver coin During Inc war. wnon goaa $1,000 ~
oi money originally invested IN bonds rncn the ma
ton cnose TO pay IN gold. supposing gold to have
been bat ninety, 1t would have an equal right under
those circumstances to pay in gold- Governments
simply agreed pay the holder OF It's bonds in con
diu guarantee TO either gold or silver coin an
given value, and never gave up its right OF cnoice
bew cen these kinds OF IN makin pay inonts
are heartily in iavor Of silver and he knows this from
personal observation. Tne,o are also in favor OF
paper money and they VIII have y, ana So as no no oe.
iieves in paper currency, he is glad that The Bland
THE NATION DIsGsAcEo
Joseph S. Ropes, one Of the most prominent and
most respected merchants IN Boston, Was o opinion
the passage o the Silver oil would tend to lessen
credit abroad and deprcciie the value OF our So
curties. Our country Will Oo dsgraced, he thinks,
before the nations OF Europe The remeoy, however,
is ior all honest men 10 unite general demand i0r
save honor and keep Tho respect oi The civil
Izod world Lot US insist that sven though silver be
lcgalized as money, sLecie payments must DO re-
sumed, ana then II the country VIII but foow lner
lead, dstrust will pass away Then, indeed the oiil
would be merely change from the single gold 70 the
bime iac standard. But II, the other hand. tnis
SILVER Dl is made only stepping stone 10 iurtpsf
most disastrous, and none oil US wiii probably see
the end of II. AS regards its effect on the iauor
marker, will inevitably check and hamper tu4t re-
covery from the present sagnauou wncn Is so much
TO be desired Mr. Ropes thought that, under exist
wrong, because, having agreed TO pay III com, pre-
suinauly gold, IT creates ds,rust to Tender silver ~
We STICK 10 silver and make everything payaois in
that CON ~ Will be only loss oil Ten per ceuL But
the great lear Is that u Will ieao ~ the aooptioh Vi
Buffers princpic OF having no s'anaard oi values.
which must bring ultimate rum 10 ai.
fINALIrYr
Mr. Franklin Haven, President OF the Merchants
Bank, willing to Say, in general way that The
tue uankors lnanciers OF this sec ivn had opposed
tho Silver bI as IL Is calod because they regarded It
as an IN rIngement oi the terms vi the
tered into by government III the issue Of BONUS
! and q violation of the national iaith fairly
pedged; anu, second, that the elect o the passage
The bhl would be ~ postpone to some distant aad
perlod the general resumption OF specie pay
pts. IT. was yet too early u tell wnat the full
81 oil the bill VIII De, but he did not anticipate
Dther aud further III results than those already
psco. IL Is 10 DO conquered, however. he SAID,
the bill is not supposed TO be hnaity. IL Ii IL
" be modified, ana other Legislation looking TO
nerglng oi Tue national bank currency INTO tho
loack currency 10 talked on, auu possibly there
be an aOuitionai issue OF greenbacKs III thero
be suen legislation 1t VIII unset'io all property
ues, asd the prospect or POSSIBILITY o 1t lives rise
ieeing oi uncertainty not favorable TO hsalth-
hl development OF businesa IL Is true that the
tneapcr currency when made legal tender will have
the eject drive out OF circulation that of more in-
trnsic value lhe application VI tuis principle 10 tho
present inquiry u obvious. Furthcriuors II green
ba ks shall be substituted Tor bank notes and the vol
umc Increased, as Is proposed, tnis Will constiiuts a
currency stli cucspsr anL suppiant all specie cur