Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-02-01

popular loan, and to pro7ld; Tor tundlog the
national debt 10 homs bonds convertible into
currency, was introduced. The House adjourned
ill Monday.
The United States Senate has adjourned IN.
ill Monday, when the discussion on the Bland
silver bill will be resumed. In all probability
vote upon it will not be reached until the
latter part of next week, as several Senators
have to speak upon it get. We trust that IN
the mean time enough of those who are now
supposed to favor it may come to their secood.
sober thought, so that the Presidents veto,
should he determine to exercise that power,
may be sustained, and lasting injury to the
couolry be thereby happily avoided. The foam
cial policy of the Government size, the war has
been faulty 10 the most eminent degree-eVcn
to III, extent Of depreciating its owo currency
by refusing to receive it for customs-but all
it's previous faults would be as nothing compared
With the grievous one of enacting the silver
bill, by which, though the credit Of the country
would be seriously damaged. and its financial
stfars crippled for years to come, its individual
most sensitive point-tbe pocket nerve and
those upon whom the injury would fall most
heavily would not be the rich, for they have
the means Of avsiog themselves of oppo'tuni-
tics that arc always occurring for protecting their
interests, tut upon the poor-the retail dealers,
and those who receive small salaries, and who
work fer wa9es-whose money will come to them
in clipped coin-s!lycr dollars worth ten cents
less thao those made Of gold.
Legislation, bad as it has been. and Injurious
as its effects have been upon the interests of
the country, is not the sole cause Of the present
prevailing distress. That distress is due to
natural causes. and is the legitimate effect of
the war in which all the personal properly Of
one half Of the Union was swept out Of exis
tencc, apd by which thousands Of enterprises
started before ard during the war to supply the
wants Of the then existing conditions, and which
gave employment to hundreds Of thousands of
people, bave ceased operation. The distress is
general, but of course falls more heavily upon
those least able to bear 1.-THE poor and the
degree Of rcc)very must not be measured by
the difference between the present and the flush
times OF the war. for those times were unnatural,
and their like will not be seen aeso.
The passage IF the sver bill would stamp
population, which, though as old as the
bills aud cherished idea Of those who don't
want to pay their dcbls is DOW onlY boldly
talked about 10 few Of the States, as the
natioDal characteristic, With all The odium that
legtlmately belongs to it, and make widows
and orphans, aud bard working poor people, who
have Invested their little all 10 securities,
or 10 savings banks whose assets would be de-
precaed TO The silver standard. curse their
country. What is wanted is not mosey but
credit This was demonstrated by the result
Of the law passed by Congress, in response to
calls for more money, authorizing the establish
ment Of National Banks wherever DESIRED
Few, if any, additional charters were granted,
because the capitalists 10 different parts Of the
couotry knew that The security that would be
offered for their money would be Insufficient
The banks here instead Of having thousands
might have millions of dollars 10 their vaults,
and the people or business of the city would
not be improved thereby, or poor man have
cent moro money or days more work than
10 has DOW, and little legislation by Congress
would better his condition. e,pt such as would
authorize the construction Of great public works,
90 which he might obtain employment. but the
Congress that will probably pass the silver
bill! for the benefit OF the owners of the silver
mines, who for every ton of bullion they send
to the mint will receive ton and tenth in
silver dollars, and Of employers, who will send
abroad and buy at discount tf Ten per cent
silver with which to pay off their hands, has
lust voted against all subsidies to works of
iuteroaI improvement. No, it is not the want
of money, but the want of credit, that is the
great drawback to the country. and the pro.
posed silver bill will not supply that want
Money is cheaper now than it ever vas before. |
Those with sufficient security can get all they |
want for as long time and at lower rates of
interest than have ruled in this country since
1860. But even if more money were wanted
the silver bill 80 far from supplying that want
would, at least fer year, for the minis can not
make but four millions amonth, operate against
it. for as soon as greenbacks reached the value
of gold, and they had came so close to it before
The silver craze alarm that some of the EN-.
plcyers 10 New York bad commenced to pay
their hands in gold, the two hundred millions
# gold dollars now boarded 10 the country
would have at oncs swelled the value of cur.
'ency to that extent. We have only had time
0 mention these few Of the many reasons that
night be adduced to prove that the Bland bill
will be Injurious to the whole country, but es.
,ecially so to the poor. Fortunately, owing to
he limited capacity of tho miuts and the wants
If the importing merchants, its evil effects will
not be Immediately apparent.
Gen. B. f. Butler and majority of Con-