New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-09
Mr.. BELM0Yl-S OPPOSITION TO SILVER.

ANOTHER LETTER ~ THE nEND1CKs Controversy
Mr. nENDRIcK,'s ARGUMENTS ASSERTED TO
LOOK ToAgD IMITATION ASD HEPuDfhTIoN.
August Belmont has sent to The TRIBUNE a
long letter the silver question. THIS in reply to the
recent letter of Mr. Hendricks. watch called
ont by Mr. Belmoni's published comments on
bis recent uiierlnces concerning the payment
OF United States bonds in silver As ithe
preyona letters OF this poGdence not sent to
rnE TRIBUNE It unnecessary now to do Ieore
than to present the principal points Of Mr. BemcntS
letter
NJ Belmont In his first communication. referred to
Governor Heidrckss speeches on the duty Of
having the National debt In gold, d'lvercd IN
1860 and 1873. Governor Hcnlrcks answered
that his views then were that ;hc bonds should
be- paid In coin. not referring especially 70 gold Vow
Mr Belmont calls attention to the fact that SIR II n
dr,r langlag, was "in gold" exclusively in gold"
.payment in gold" Governor IIcndncts admits
that the Act of 1873 repealed the Act OF 1872,
winch made the unit Of currency The si'nr
dollar. "wore NOT" Mr. BelmDnf writes. "thc
holders OF that debt then Ju-tid d In reading The
Coinage Act Of 1873. as a declaration by the United
&, ates that the -phrdse in con,' should thcre-
after mean IN gold COIN since there neither was nor
could Ice thereafter under that Law. any other coin hut
gold coin available for the payment Of over five doars
The Ecfurdng Act Of 1870 does inieed mention gem
orally "coin" hut In its nth section II commands the
Secretary the Treasury to only gold coin n the
coin OF deposit and payment. and to that subse
qucnt contract for The sale and redemption OF United
States bonds has concerned.
None Of Mr. lcnhrickss reasons show any diUsr'
cnce In the character 81 the Acs of 1869 ani 1873,
winch make the one more rcpcalable than me oLier
one OF ms statements that It Is not the right ~ the
pubic private creditor either. 80 say "a Congress you
ana not exercise lie constitutional power OF coming
money and regulating the value thereof. because by
changing the standard Won MAY change the value OF m
yestmens. We lave no; recognized such rule Mf.
conld wish no more ailsworpns power over
property of his subjects. than that which This
dlstin Democrat
home rule for thc Federal authorities mt washing
ton. The assumptions of the Paris Commune
were cumsier attacks the right, Of property.
can only say that IL Governor Hen
age Act of 1873 repcalablc by the Silver I; declaring
ALB grains of -ilyer leaaenrr for every debt now
enough prove the LogaTenieF Act const tlticnal 10
Justify nm fiOn I'LL grccnbackS are worthless u. Con
nenal currency French assirnats, and 10 authorize
repuaion o nine-ienths just as well rs onotcnth OF
a recent amendment OF the Constitution, Mr.. Belmont
argues declares that the validity OF the public debt OF
| differing dollars both fun .egalendcr, would In II
means not merely OF defranding the public creditor,
| but also OF dong nnumeraDie acts OF Injustice
weak would prrpeiual'y suIer at the hands
OF the rich and strong Fac Act of 1873
| is not, he admits, more rrepenlablc than
rity Of the public debt Tie Xc OF 1884 was the first OF
a series OF steps towar, single gold standard what is
sacred and irrepeaiable ~ the pghed aith and the
validity OF the public debt OF this great Republic IL the
present unit OF value Is nIi s'cseh az against an ai
dollar he would not give sixprnce for its sacrefncss
AGAINST another act neXt year declaring one cent equal 10
| 100 cents
The condolences The public faith OF the United States
enabled IL to reduce interest Ia extent by which
$500, 100000 VIII he saved ITS total burden
hap the greatest profit from payment III silver could be-
lie UNIFORM value o. the debt Aas been oi nestimablc
importance IN preventing tie spread of financial dis
tgess Oh the $l,720,0000O0 OF United States bonds
81 300 OOO, 900 held ia this country, nearly all by
Institutions representing the savings OF the or the
support Of tue widow aud orphan. "T0 the advocates
OF reputation IL IL enough 10 that that prpc
pice there place 10 halt Before II Is too laobe
Tors rst fatal stop akenshal NOT the honor aud
conscience al the American people bid their Congress
pause 7"
Mr. Belmont then she that the probable result az re-
would hs the characterization OF silver
the Latin Union, and that return by tis country tn
GOLD standard would be necessity, but work ~ great
diiiclliy lie says IN conclusion: 1.-The Bland bill
would only rcmOnetiZC silver by demonstrating gold We
need silver for the Of small payments, g0ld
for large payments, aud for foreign payments II
cOngsss VIII only do noshn2, We snail obtain both iu
due linp."
REPUBLICAN ASSOCIATIONS DIRECTING.
At the meeting of the XVIII Assembly Dis
trct Republican Association last evening, a large num-
Der OF names for membership received. Several
members expressed themselves much opposed TO
monetizng silver any basis Eat would make silver
dollar worth less than IA gold Senator Blaines
speech Of Thursday commented upon favorably.
The XyIIIkh Assembly District Republican Associa-
fion last received "A large numbar of proposs