The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-30

November l, in New YORK alone. over and above
their required reserve. about 5000 900 OF currency
LOT which there was no call And that, 100, at tue
season OF moving crops when there rs the greatest
CAL Tor currency. We have seen times when there
nave been $50 600 900 OF currency idle Therefore,
whatever OF stagnation there Is in business, what
ever want OF employment labor Is encounterng, or OF
suffering the poor experiencing, scarcity OF cur
rency rs not the cause There plethora OF cur
rency To-day, end ike the aborer II stands IDLE IN
the market place waiting Tor employment Figures
cannot make demonstration clearer than this AID
yet THIS OIL proposes 10 ada 10 This already swollen
and inflated volume many millions more; and rot tue
least OIL the vices that lurk under lis PROVISIONS Is the
TACT that no mortal can teii how many millions.
EFFECT rroS COMMERCE.
In reference 10 The effect OF bal upon the
mcrce oil the country Mr.. Dawes sad the United
states are upon The threshold Ola new industrial era
The deyeiopmSnt oil our vast national resources has
SO lar advanced, ana man ufaciurers have attained
such stability anu perfection production, aud labor
and capital, waiting 10 convert raw material into
iaorcs, arc so aoundant that all eyes arc TO
Icregu markets Tor reicf. AS III no previous period
Is American erprsc seeking with its products 10
compete with other nations In TIER own
markets. II new outlets Tor oyerproducton can
thus De found capital and iaoor viii wake TO new
activity anu national prosperity VIII receive new
impetus. Every effort should Ue made 10 remove all
hndrauces and impeaiments 10 tho ireest possible
intercourse the closest CONNIE REAL intimacy With
all nations which consume what We produce. How
unwise thcn, 10 measure our values BY standard not
known TO them or uncurrent in their trade How
much, On the other hand, common standard or COM
mon unit oil value umoug great commercial uations
would facilitate asd stimulate Intercourse carrying
industries AT home
But This dill created ratio OF value between silver
and gold now IN use nowhere else, confusing. perpex
ing, discouraging Commerce Ii drives out also The
more stable aud better metal sought alter by all other
civilized nations and leaves Commerce struggle on
anu mako It's way rs best II may, with cheap aud
Huctuatiug medium OF exchange and measure OF value
deprecated IN every market OF 'he world below It's
statute value AZ homo These Mr President, are some
OF the reasons which constrain me TO Withhold my
support from the oil as II came IRON the House.
AMENDMENTS CONSIDERED.
NOR does the amendment proposed Uy the Commit
tee OF Finance, though improving tho bill. remove
these objections. The improvements are slight, ana
fear deusve rather than roa IL Is proposed by this
amendment mat the government shall purchase the
silver ~ the market value aud coin IL on
It's own account anu Tor profit, istead of coin
ing II Tree vi charge Tor the and Tor gam
provided IN The House bill. rnat is, the government
pays ninety.two cons tor piece OF SILVER, stamps II
u dollar and passes II oil Tor a dollar, thinking
~ has made eight cents by the operation That might
DO SO II this ninety-two ccnts did come back again
and lorce itself back the government the place Of
god doar When that happens then all ina, has
been made IN the nrst operation been the
second. Now, tns very bill compels the government
to lake for all tho customs duties, now payable ia
GOLD some Sl6O, 900 yeart silver dollars made
out OF ninetytwocen worth vi silver, and Tor whch
II can get back only nineytwo cents IN no other way
In The world but by forcing It's own citzeps to take 1t
again for dollar, they in turn forcing II back The
government through The Custom House. But II either
steps beyond our jurisdiction with II the delusion
vanishes, and It stands out ninety-two cents only
And thus what IL made with hand Is lost with The
other.
Another provision OF the amendment Is what ap-
pears to DO limitation upon tho amount OF coinage
IN any Que year. IL provides that the amount Of
SILVER bullion thus to be purchased Tor coinage ny tho
government shall not DO less tnau 81 700 600
than 81, 0OO 900 worth each month. But the entirs
capacity Of all the mints oil the United States lies
practical effect upon the amount Of coin to DO pro-
duced under this bill except 10 remove the temptation
OF turning cheap silver into dollars Although shall
vote for the amendment cannot vote Tor the bill
utter It shalt have boon adopted.
THE LAWS or CURRENCY.
Mr. President, the laws oil currency Ond political
economy ON which this oil and kindred measures are
making war older tnan tins debate aud popu-
lar excitement which II leeds and Is in ted by IT,
anu will control business and trade long alter both
shall have passed away and buen forgotten. They arc
not hcedod now, but the tune Is TO come when
they will assert their dominion and exact the penalty
inseparabie from their iniraclion. Ears deaf
the voice OF ali history will then be unsealed Eyes
that will not now sec the unmistakablo signs OF
the coming OF mat day VIII then be opeusd
delusions OF tho hour must come, but
woe unto them by whom they come. Every sep thus
lar taken in tho great financial struggle OF THIS
with Itself 10 recover the ground lost by It's first
parturo from those laws has It's counterpart written
in English history before resumption 1921 and in
that deplorable record oil the and fall OF
tho French assignatA Statesmen then
frightened OIL Their eet by the hoarse cry Of "More,
more m0rel" which gamblersrAp the rise aud TALL OF
values had lifted up domayoguesfe utter IN the Of
dtsressed and hungry creduiit ere was the spocu
jobbor was uorn OF the French dealer in sss,c ants
and the English in1atonist t5lH 1919 1920 his
descendants ON this sdc the wsssr making corners tn
OF destruction by Resumption. And the ain and
uproar heard above tue oil ralsou th0
OF history and tue warnings OF experience the
compliant OF sober. earnest. business, intelligent
euterprising INDUSTRY, nor of honorable, thrifty
LABOR, but that oil those alone who profit for the
meut by playing with loaded uice at the game OF
tossing vaiuoA
But be assured, sir the day OF these men is short
Tho end Will surely como The chapter ia their lives
aud their work YET To be written here is already re-
corded Ia the ruin their prototypes In France aud
England brought upon tner deluued followers II we
Will not heeu the warnings OF history wo will surely
DO iaug ht the lessons oil experience The laws when
govern currency and trade, old civilization and
commerce am ong0ations aud individuals, cannot DO
set NJ naught with impunity. Over the popular de-
fusion aud political frenzy OF the hour there rcgns
ihsxorable nguer law, waiting on the footsteps Of all
law Dreakers:"fhc way OF the transgressor Is hard.
Mr. CAMERON, (rep.) OF Wis, submitted un amend.
ment TO the silver D so as TO provide that the dollar
snail CONSIST Of 420 grams OF standard silver instead VI
4l2H grams Ordered TO be- printed.
Mr. BURNSIDE, (rep.) OF Il. l., submitted an amond-
ment 10 the clause declaring That said dollar shall DO
legal tender tor all debts, public ana private,
10 provide that snail be legal tondor Tor all debts
pubic and private, amounting to sums over $500
Order printed.
Mr. Christancy, trep) Of Mich, then took the floor
to speak upon the SILVER bi but yielded To Mr.. HAM
LIN, on whose motion the senate went INTO
session, anu wncn the reopened az quar-
tor 10 SIX O'Clock +. N. adjourned.