New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-07
CnNGRESS IND TIE CuRRENCY.

Congress exhibits more reason and mOdcra-
ton as to the currency than there was reason
to expect Members seem to have learned
something from the elections. Interference
with the Resumption Act is no longer feared.
Many of the most Jealous opponents of re-
sumption now admit that it would seem TO the
country mere spite If they should now attempt
to defeat the operation of the act. calmer
frame of mind regarding the silver question
is also observed. Some members voted
for silver coinage in the hope that
the International Conference might result
in something favorable to their views.
Others have discovered that the people
really do not want and will not have the sill
yer coin. On the whole, there is some reason
to hope that this very session may result in
rational legislation ON the silver question, for
the more the action of the banks is cOnsid-
cred the more clearly it is seen that they have
done only what the Government itself has
done, and therefore cOmpels others to do.
The Government will not receive silver coin
and pay out gold for it; therefore the banks
cannot. Instead of cursing the banks, Con-
gressmen begin to see they should amend
their own legislation.
Congress made the silver dollar legal-ten-
der, but neglected to provide that the Govern
ment should give gold in exchange for it.
Hence the banks are unable to pay gold for
silver. But the only way to keep in free cir
culatiOn CONS of intrinsically inferior value
is that which France has adopted with such
success. Many Congressman point to the fact
that very large amount OF silver coin Is
kept In circulation in France but they forget
oH, h,, ,,i.y
ing gold for it to any one who wants gold.
Wherever the Government does this, the
banks can. SO they can take the Gov
eminent note at par whenever the Gov
eminent will give gold for it on demand,
but not otherwise If members of Congress
sincerely desire to bring silver into circulation
as the equivalent of gold, let them cease to
growl at the banks for doing exactly what
Congress itself has done; let them provide
that at every Sub-TreasuTy or Government
depository gold dollars shall be paid on de-
mand for silver dollars as well as for paper
dollars. Then, and not till then, the banks
can properly pay out gold dollars for silver or
paper dollars. little reflection must surely
convince members of Congress that they have
legislated very absurdly in this respect, and
that silver dollars can be made to stay in cir
culatOn only when the Government itself
treats them as the equivalent of gold.
One other thing Congress ought to do; it
ought to abolish the silver certificates be-
cause the legal-tenders themselves become
gold and silver certificates after January l.
By creating a separate and special paper rep
resentatve of silver, Congress has condemned
that metal to a lower valuation than that of
gold, for men say with reason, "If the greenback
"isredeemab!e in gold on demand after January
al, what sense Is there in creating another
kind of certificate for precisely the same
"valueP These certificates only serve to
hasten the return of the silver coin TO the
Treasury through the custom houses. Stop
their issue, and people will pay duties IN coin
certificates, namely, in legal-tenders. Then
there will not be q powerful influence con-
tinually sucking up silver FROM circulation