New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-09


who would advocate the payment of honest debts.
public or private, with dishonest money. Mr. Taylor
has made an euviable legislatvea judicial record
and now, in the evening OF a long and -wcii-speht
life is endeavOrng to turn current OF popular SCH
tilnent which threatens destruction TO the Fest
interests of our State ask careful attention 10 an
extract from Mr. Taylors letter.
urTRRANCEs OF NEWSPAPERS.
Light dawns upon Central New-York. The TiicG
Mornipq Herald and The Uicd Daily Obscre, organs
respectively of the Republican and Democratic par
ties devoted leaders, the 3Oth OF last month TO
the silver question: Utica, let it be remembered is
the residence of Senators COnkng and Herman.
Tie Herald has discovered that the silver move
ment has captured the country" a veto may
check the Bland bill for time but it is one of the
pecuarities of the vement that it grows steadily
and rapidly stronger and il il idle TO expect, IN tile
present outlook that it will be defeated IN the Leg
yslation it demands" Neither can we say that
Congress, however much it wrongs the people, mis-
represents them in this matter TIE Hedd goes on 10
say that "Thc silver movement has bee1 phcnom-
email in all its aspects" Eighteen months ago. IL
was a cloud no larger than mans band and not a
statesman foresaw the storm that has come sOon.
While it may he true. The Herald says, that no
Statesman fOresaw the Storm, etc, etc. retired
journalist, even at earlier day, foresaw AMI fore
fer of the Goth of October, 1873 published III The
TRIBUNE. urging Congress 10 facilitate resumption
of specie payments said: The future of our
country is nv no means unclouded There are specks
in its horizon bigger than d mans hand" In
subsequent bart of the same letter said i'll dcpre-
cation of the usurious premiums on gold: he
sumption Is hndcred by the artificial rather than
the intrinsic value of gold IL, ~ in Apostolic days,
the tables of the moncy-changcrs couil he upset
cur eyes and hearts would soon be Frightened ana
gladdened by the temperance OF silver ana goid'
In letter dated August ). 1876, urgng tae re-
uonetiza;ion of silver. said " IL Is nowhere de-
MED that until the Act of 1873 silver, equally win
gold, was legal-tender, and that the laws author
izIng the Treasury Department to borrow T3,ooo'-
600 600 pledged the faith of the Government for
the repayment of the interest ana principal Oh It's
bonds in gold or silver COIN But for the ill-ad-
vsed action of Congress in 1873, no collision OF
opinion would or could have arisen. All that re-
mains. therefore, for consideration, is how the Act
of 1878 affect, the interests of people and the
welfare of our country. The effect If not the Oh
irc of that act was depTeciate silver and apprc-
ciate gold The us,nce gold, consequently, has been
obstnately maintained, and as u coroiary, do
m0netIzed silver suffers corresponding urn'ecH'.
ton in value. What, then, wonl h. the effect oi
the REPEAL of the law of 1873 Would not the price
of gold 90 dOwnand that o! silver come up nIii iS
formerly, heir relative values approXiinatcd
ment has not been met III Congress with the same
courage and determination that "lnflttioh Ell
cOuntered, insisting that the former might nav
been crashed out as easily as the latter was; me
HcTdFs error is III forgetting, or not being able 10
perceive that initiation fqiled because At was wrong
and silver wins because il is right. Inc Ucrdd also
COMPLAINS that leading Republican Senators hang
fire. The Senators thus referred to VIII nor them
selves nave occgson TO regret their INDIGESTION. Ii
is to be hoped the debate progresses that they
VIII be compelled, after II has been properly
amended, to vote in favor OF the Bland silver BliL
Senator Blaine has already moved IN the
right direction. But The Obserrei'S article takes
a far wider and a much more satisfactory view OF
what is best known 10 the readers OF our most iIiu-
entail journals ~ the silver swlndlo me Obs0fer,
he il remembered is the best known and the most
influential Democratic journal III the central and
western part of our State. Ii is the local organ Of
United States Senator Herman. have struck ou Of
The ObaerrTS article every sentence thai tOud be
spared if the editor of that paper Is To be judged by
the clear fOrciDle and conclusive character ot ile
following arglmeut, be viii be denounced rs chci
among the swindiers who want 60 pay honest debts
with dishonest money. Here follows The editorial
article referred 10 by Mr. Weed, Tor when III Is Hi
possible to find rOOm.-Ed.
SECRETARY sHERMAS's DECLARATIONS.
In letter written last week by The Secretary OF
the Treasury silver dollars coiaed before 1873 are
declared to he a lcgil-tcnder. Silver therefore,
coined and in circulation FIVE years ago. ~ Secretary
Sherman now admits, was honest money | ask
any Intelligent unprcjudiced person to compare tine
legal tender silver dollar, coined before 1873, With
tie silver dollar coined since that date and tel! me
why the latter IS worth eight cents less than tie
former. 1 have made this comparison IL there be-
any difference in weight hneness, that difference
is in favor of the denonetizcd dollar. OF course
there is but one answer 10 this question.
The trade dollar lacks the Government "sUpcf-
scripton" The law of Congress dcpryes II Of
it's legal-ender character The reason gwen for It's
demonstration by the Controller Of the Currency
was that il was worth 3 per cent more than the
gold dollar. 1t is the plain duty Of Congress, there
FORE under the Constitution, 70 Tx and adjust She
relative weight and value OF silver and gold, giving
the country the benefit Of both standards specie
basis broad enough to sustain paper cur ecy abe
quate to tine requirements Of business. Ia 'hs way,
and in this way only, can we resume and maintain
specie payments.
In another letter, dated January D. Secretary
Sherman SAYS: That the fatal mistake of the Gov
eminent was committed in 1853, by repeating the
section OF the legaltender law which wis designed
to aid in bringing about resumption. mat repeal,
he adds, was the cause OF all thc hhaholai
evil we have suffered and from which we cannot re-
cover until restore that night or redeem Oh de-
niand our notes in coin Until then our notes arr
deprecated by our wrongful act. and We nave no
right to take advantage OF our own wrong by lore
ing upon the bondhoders the notes we refuse 10 re-
ceIve." O. O.,
man confirms the views | expressed through
The TRBUNE two years ago. The financial
policy of lS60-Ol had tWD-iolh purpose. Inc
legal-tender paper, or as ID bccame better known,
The gfcenback currency, was intended, first to pre-
serve the Government and Union, and then to AID III
an carly resumption of specie payments.
SILVER AND THE BoyDHOLDERs.
The first object was accomplished while its second
purpose was thwarted i'll the manner described by
Secretary Sherman. What now deeply regret is,
that Secretary Sherman has fallen into another
equally vital error 1t is in the power of the Adj
ministration, by making the Bland Silver Bill just
what it ought to be- not only to avert the dangers
which threaten our country but 10 restore pros.