Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-02-21
The DnIIar of The Daddies


On Saturday morning after an all
ight's session the Senate passed q
compromise silver measure. Neither
of the radical elements on the silver
question can claim victory, for in
some sense both parties were defeated.
The Blandites got the 4124 grain,
dollar bat lost nearly every other
feature of their pet bill. Free coinage
for the benefit of holders and producers
of bullion, was rejected and the effort.to
prevent Limitation of the amount OF
silver to be coined, was unavailing.
As finally passed, the bill does not
suit extreme men like Ewing, and
they will make adetermined opposition
TO it in the House. Even though ii
should pass the lower House in its
present shape it is considered highly
probable that the President will veto
it on the grounds that it is an injury
to the public credit,-a breach of pub
lie faith and that it interferes with
vested rights. The bill Us it passed
may be stated as follows:
1. 1t makes 4124 grains of silver,
coined into dollar, a legal tender for
ali debts public and private, including
customs dues and interest and principal
of the National debt, except where
otherwise expressly stipulated in the
contract.
2. The Secretary of the Treasury is to
purchase silver bullion at the lowest
market price and cause to be coined
not less than S2,000,000 and not more
than 81 900, 900 per month. This kills
two Of the worst features of the Bland
scheme-unlimited coinage and free
coinage. Secretary Sherman will un-
do1ptedly adopt the minimum amount
named. The public will know just
how much of the new legal tender
money will be put out, and business and
exchanges will adjust themselves &C.
cordingly. The new dollars will go
into circulation beside the trade
dollars, and will impart legal tender
quality to the latter, because when the
banks are forced to receive the 4l24
grain coins they will no longer reject
the 420 grain pieces.
8. Immediately after the passage of
the bill the President is to invite the
Governments of the countries forming
the so called Latin Union-France,
Belgium, Switzerland, Italy, and
Greece-and of such other European
nations as he may deem advisable, to
join the United States in conference
TO adopt common ratio between gold
and silver for the purpose of establish.
ing internationally the use of bi-me-
tallic money, and securing fixity of re-
lative value between those metals.
Provisions are made for Com
missionerS to such conference
to be held within six
months. The real effect of this section
of the bill is TO declare the 4l21 grain
dollar temporary eXpedient to allay
the silver mania until d careful plan
can be devised, in accord with other
nations using silver, for a uniform
system of coinage as to weight,
fineness, and amount to be kept In
circulation.
4. Holders of silver coin to the
amount of $40 and over may exchange
it at the Treasury or any of the sub
treasures for not less than $40, and
these certificates are made receivable
for customs, taxes, and all public dues.
The silver deposited for them is to be
held for their redemption. The GER
tificates will not be legal tender for
private debts, but they will be prac-
TALLY new kind of paper money.
To sum up the whole matter in a
single sentence the extent
and intensity of the silver delusion,
and the reputation impulse under
laying it, we think there is reason for
cODgratnlation that the country is to
escape with no worse a measure than
this Senate Compromise Bill,