Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-02-27

feet. The limitation upon the amount
of silver that shall be coined is not far
from the limitation practically imposed
by the capacity of the mints, but this
does not kill the efficacy Of the bill.
But the overlapping value Of the bill
appears in the fact that it calls halt
upon the money power in this country.
The people have triumphed. It was not
merely the victory of a party, for the
peoples cause gathered two-thirds of
republican senate.
WILL WORK NO PARTICULAR EVIL.
Milwaukee Sentinel
The bill will have no appreciable eff:
feet on business. 1t will not add ma
terially to the wealth of the country by
increasing the value of our mine prod
ucts, as it would have done had the
coinage been unlimited. 1t offers an
inducement to Europe to send us sill
yer, but limits the coinage of our own
silver production. The passage of this
bill, which can work no particular evil
from any of its provisions, simply dem
onstrates that congress considers it a
duty to respond to popular clamor for
financial legislation. While we do not
regret the reconciliation of silver, in
itself, the gain is so little that it does
not compensate for the precedent it re-
af1irms. The principle inaugurated
with the issue of greenbacks-that Of
making an entire revolution in our f.
nancial system-was excused as q war
necessity, as done mt a time when I'M
usual and dangerous powers were as
sumed by the government. 1t was a
distinct promise that the damage should
be repaired as far as possible by the re-
demption of the greenbacks. A second
dangerous act was the decentralization
Of silver, which established the prece-
dent of n change in the financial sys-
tenn without color ofnecessity. Another
was the passage of the measure which
was fortunately vetoed by President
Grant.
AN IRRETRIEvABLE STEP.
Cincinnati Commercial
The bill that passed the senate by II
vote of more than two-thrds, is not the
bill rendering equal and exact justice,
but it is an irretrievable bill in the right
direction. The limitation of the coin
age is a fault that will interfere with the
restoration Of the equilibrium between
the two precious metals. Under this
law, that within the limit is money, and
that beyond the limit is merchandise.
The bill should simply have equalized
under the old ratio of 1873 to l silver
V-,th cold X X Oh, l., Il
the sagacity to put the senate bill right
through, without waiting to become be-
logged in the conceits of members who
desire to be conspicuous or are foolish
enough to believe they have missions,
and the president put in a veto, his
m essage would be mere form, and of
course the bill would be passed over
the veto. as the band played "Yankee
Doodle" at the Grant dinner in Paris
Then there would be pass
ed good basis for good summers
business. The greatest mischief in the
country for years has been the doubtful
value of the dollar" With the silver
bill law, the country will gain repose
on the main financial question-an i'm
mense and excellent gain-and we shall
march under the old standard Of better
days.
THE PRESIDENT TO THE RESCUE.
New York Herald.
The hope Of the country now rests on
the president. The bill is certain to
reach him in some form or another
Either the house will greedily snatch at
it as it comes from the senate, and at
once secure its passage by concurring in
all the latter body's amendments, or will
with view to Il committee
Of conference, and with the object of
restoring it to its original shape. 1t is
not conceivable that the president will
do otherwise than veto it. The position
he has already voluntarily taken in re-
gard to- the principles involved in its
passage would render it impossible for
him either to approve the bill or suffer
it to become law by inaction without
himself of the grossest in
consistency and rendering his conduct
liable to the gravest suspicion. We do
not anticipate that he has the DISPOSE
ton to place himself in any such equiv
ocal position. In politics he may in his
innocence make grave mistakes. But
when principle is at stake; when the
honor and credit of the nation are
involved; when business interests APP
peal to him, he is not likely to err.
His veto will no doubt be based upon
sound and convincing arguments; and
there is no reason why it should not be
sustained, not because the administra-
ton is strong and influential in congress,
but because many of the supporters OF
the Ubiquitous measure would be glad
of any excuse for satisfying their con-
sciences if they could do so without
sacrificing their political interests.
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