The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-02-21
The Silver Bill.

We publish elsewhere the Silver bill as it
passed the Senate, amended. The amend
ments will doubtless be promptly accepted
By the House, ard the bill will go to the
President for his action. We have no APP
prehension that it will receive negative in.
terposition. The legislation which it formu-
lates has bees neither hasty nor unconsti-
tutional, and as the measure has received
the approval Of at least two-thirls of the
representatives Of the people, we do not
question that it will become law.
The second section, which is an amend
meat introduced by Senator Allison, pro-
rides for conference Of delegates appoint
ed By the governments composing the
Latin Union, and the great powers Of
Europe, for the purpose Of fixing a nnif-
ERIN value. or adopting common ratio
as between gold and silver, with a view
70 establishing, internationally, bi-metallic
money and securing a fixlty of value between
tile I've metals. !
The third section is a very important one,
aud will operate to destroy, in great decree,
thespecslative use Of gold. trrovides for
the holder OF coin to the amount of ten
aollars to deposit it with the Treasurer or
any Assistant Treasurer Of the United
Suites, and receive therefor certificate or
certificates for the amount so deposited,
which shall be receivable for customs, taxes,
States, and when SO received may be re-
Issued. The coin deposited shall be retained
in the Treasury for the payment OF the GER
tiicates on demand. These certificates will
constitute currency, and obyiate the antic-
ipsted Inconvenience of the coin by reason
Of its bulk.
There is said to be 5000, 0e0, 900 gold in
New York, which has been used for specu-
lative purposes alone-not entering into the
ordinary business industries Of the country.
The operation Of the Silver bill, and more
particularly the third section, will compel a
change in this policy. and force it into the
channels OF trade. The money-changers of
New York have controlled the financial pol.
icy of the government for years past, the
tendency Of which has been to concentrate
capita. and power 10 the hands Of the few at
the expense Of the many. We look for
gradual change in this policy. and that in
ti,scourse Of q very short time silver and
gold will be OF equal Commercial! value, and
the one pass as readily as the other, and that
there will be nothing gained by boarding
either.
While the original draft of the bill was the
Bland bill, which passed the House, and
against which such venonous denunciation |
his been directed, in its present shape it has
very little of the substance OF that bill ex-
cept the intrinsic value OF the silver dollar
4l2l srsins-and the legal tender feature.
The free coinage provision was stricken out
and the government Is to receive the adyan-
age Of the difference between the silver
bullion and the silver coin. The certificate
eature was added in the Senate, and the
provision for the international conference to
egulate the ratio Of value between gold and
liver. This amendment does not affect the
Immediate operation OF the law. tt is sim.
ly to arrange for uniform international
ecognition OF silver and gold.