Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1878-03-08
Silver MoneY.

United States, Tor the Silver Bill was
passed easily over the PrssIden's veto.
The demonstration and the remoneli.
ton Of silver are events In the financial
history OF the country that will not
soon be forgotten. The demOneizE-
ton of silver was a Cunningly devised
and shrewdly executed scheme to en-
rich the few at the expense Of the
many. 1t was an Act in The interest Of
those who had boarded money and
money.bCaring securities. The object
was TO lessen the volume Of money and
thus increase The value of the pOsseS.
sions Of the class referred to above.
Fearing that o scheme Of this kind
would be defeated Il the people were
warned OF It's tffscs, 'he tools Of ~"
Money Power sue KID II through Con
gress among long and uuinteres ill.,
coinage measures. The fleet Of the AtI
was not at once lelt, but it was nonr
the less sure aud terrible, II WAS - grea,
victory OF the contraci!onists, aid many
Of them made III Hons By il. They
had uUlhing TO do but to ,it down quiet
~ on their bonds and gold, aud wal
for them 10 increase IN value. ltis no
cTaggerarion TO say that a dollar IN
god or bonds will purchase twice as
much now AZ II would when silver
was demone.'zed in 1873. Il will tske
two bales Of cotton now 10 pay the
same amount of debt that one would
have paid when the Money Power de.
creed through the Congress Of the Uni
ted States that silver should no Logger
be received IN The payment of debts for
amounts larger than i've dollars a, any
N pay ment, This act of oppressive
fraud was undOne when Congress pass
ed the Silver Bill over the Presidents
veto. But Il comes too late to save
maLy lrms, corporations and strug.
gig individuals, for thousands have IL
ready succumbed 10 tue terrible prc..
sure.
The effect of the passage Of the bill
over the veto Of Mr.. Hayes, who IS ex.
cruciatingly conscientious considering
the manner in which he was made
President, will, in u opinion be tx.
cellent.
1t will loosen tn grip Of the Money
Power from the throat OF the people.
II will tend to restore confidence, aud
confidence Is as necessary in the tx
changes between man and man as mon
ey. 1t Is a victory Of those who 10.
lieve in a wiser, broader and more
liberal system oil finance. 1t will give
the people the use Of all the means il
the Union 10 provide for the vast load
Of public debt. In a very few moIlht
1t will cause legal tender notes 10 pass
at par with gold sud silver, and we
believe It will cause the silver notes ia
pass at a small premium.
Already the opponents of the meas.
ure are being COMPOUNDED by the ef'
iects Of a law they fought long and
persistenlly. They told the people il
would injure our credit, whereas II
has strengthened It. The Presidents
argument, for vetoing the bill are, to
our mind, conclusive that he should
have signed 1t. lie says be is anxious
to increase The silver coinage Of the
coSntry, but that he cannot approve
this bill, because 1t will not accom-.
plish that object. We have no doubt
he is entirely wrong. The gen.
eral impression prevails that more oil.
yer will be coined than aver before in
fact It was thought necessary to limit
the amount that should be coined in
the bill ITSELF The President also says
the standard of value should not be
changed without the consent Of both
parties to the contract. That is exact
ly what over twO.thirds of Congress
thought when they passed the Silver
Bill. When silver was demonetized
the standard of value was raised ant
the volume Of money leSSened, and thu
reconciliation of silver merely re
stores the standard that existed In thiI
country for eighty years.
Hon. g. E. HOOKER deserves tb'
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