Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-02-27

feet on business. It will not add ma
terially to the wealth of the country by
increasing the value of our mine prod
ucts, as it would have done had the
coinage been unlimited. 1t offers an
lnducement to Europe to send us sill
yer, but limits the coinage of our own
silver production. The passage of this
bill, which can work no particular evil
from any of its provisions, simply dem.
onstrates that congress considers it a
duty to respond to popular clamor for
financial legislation. While we do not
regret the RECOMMENDATION of silver, in
itself, the gain is 50 little that it does
not compensate for the precedent it re-
affirms. The principle inaugurated
making an entire revolution in our f.
nancial system--was excused as a war
necessity, as done at time when I'M
usual and dangerous powers were as
sumed by the government. 1t was
distinct promise that the damage should
be repaired as far as possible by the re-
demption Of the greenbacks. A second
dangerous act was the demonstration
of silver, which established the prece-
dent of q change in the financial sys-
tenn without color of necessity. Another
was the passage Of the measure which
was fortunately vetoed by President
Grant.
-..U AN IRRETRIEvABLE STEP
"a. vs. Cincinnati Commercial
The bill that passed the senate, by q
vote of more than two-thirds, is not the
bill rendering equal and exact justice,
but it is an irretrievable bill in the right
direction. The limitation Of the coin
age is fault that will interfere with the
restoration of the equilibrium between
the two precious metals. Under this
law, that within the limit is money, and
that beyond the limit is merchandise.
The bill should simply have equalized
under the old ratio of 1878 to l silver
with gold If the house had
the sagacity to put the senate bill right
through, without waiting to become be-
logged in the conceits of members who
desire to be conspicuous or are foolish
enough to believe they have missions,
and the president put in a veto, his
message would be a mere form, and of
course the bill would be passed over
the veto. as the band played yankee
Doodle" at the Grant dinner in Paris
slam-bang Then there would be pass
ed a good basis for good summers
business. The greatest mischief in the
country for years has been the doubtful
value of the dollar" With the silver
bill a law, the country will gain repose
on the main financial question-an i'm
mense and excellent gain-and we shall
march under the old standard of better
days. ......r ..
THE PRESIDENT TO THE RESCUE.
New York Herald
The hope of the country now rests on
the president. The bill is certain to
reach him in some form or another.
Either the house will greedily snatch at
1t as it comes from the senate, and at
once secure its passage by concurring in
all the latter body's amendments, or will
non-concur. with view to committee
of conference, and with the object of
restoring it to its original shape. 1t is
not conceivable that the president will
do otherwise than veto it. The position
he has already voluntarily taken in re-
gard to the principles involved in it's
passage would render it impossible for
him either to approve the bill Or suffer
1t to become a law by inaction without
convicting himself of the grossest in
consistency and rendering his conduct
liable to the gravest suspicion. We do
not anticipate that he has the DISPOSE
ton to place himself in any such equiv
ocal position. In politics he may in his
innocence make grave mistakes. But
when principle is at stake; when the
honor and credit of the nation are
involved; when business interests ap-
peal to him, he is not likely to err.
His veto will no doubt be based upon
sound and convincing arguments: and
there is no reason why it should not be
sustained, not because the adnlinistra-
ton is strong and influential in congress,
but because many of the supporters of
the iniquitous measure would be glad
Of any excuse for satisfying their con-
sciences if they could do 50 without
sacrificing their political interests.
AN INEFFACEABLE DISGRACE.
New York Evening Post.
This disgrace can never be wiped out.
The practical results which may follow
cannot affect the purpose of the leaders
Of the silver movement or change the
nature Of the measure. Even if silver
should become equal to gold in value,
even if it should become more valuable
than gold, and be worth one hundred
and three cents to the dollar, as it was
when silver was demonetized-a con-
clusion which would cover the advo-
Gates Of the paternal coin with ridicule
and confusion-even then the fact of
an intention to repudiate would remain.
You do not think any better Of the
man who tries to cheat you because the
swindling purpose miscarries. = *I*
The most important amendment is that
which strikes out the free coinage
and gives the profit of the difference
between ninety cents worth of bullion
and a stamped dollar to the government
instead of the mining spectators.
This. defeat Of the spectators IS a good
thing, but it may be doubted whether