New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-30

|
II this bill should pass to-day instantly, without cost
turn all silver It is possible to dollar
| within the limit OF the United states and with powss
also the private holder of it to add at once to the vo
Of the currency Of the country oil that amour. a
silver or any part OF It, to hold 1t that VOLUME
in an uncertain hand, dependent solely upon his ows
this power over the volume currency The
limit to the power to gather in silver from the four quar-
minis coin bullion would seem to form practical
limit for certificates OF ,he deposits form OF bullion are
circulating medium equal In value to the number Of dol
such power over the volume OF currency was neye,
before BY statute pat in private hands The public eI
| OF 80 extraordinary and hitherto unheard of powe,
must BIO great and not otherwise 20 DC met We there
financial condition Of the country. ''"'
What, then, is the condition Of the currency
tandsr was naona bank notes. fractional currency saS
fractional silver. $727,O00OOoI1ust about double ths
when The war broke out There was free banking IN
most OF the stat them that IL more currency had
free banking IN ali the States now and the wants Of
trade require than We now have, banking instr
| bill is exceedingly profitable, would push it ahoat.
But instead, currency IL at this moment seeking re-
tirenent because il has nothing To do Taere have actu
ally gone into retirement under laws of trade and
whose place any one under the free banking act could
$50 ,5954l7 OF currency since January Ia 1873 And
In NewYork alone, over and above their required re.
serve SS000000 OF currency for which there was
call And that too at the season OF moving crops.
when there is the greatest call Tor CURRENCY There
have been times when there has been s3O000.o00 Of
currency idle. Therefore, whatever OF stagnaton
| there Is in business, whatever want OF employment
labor Is encountering or OF suffering the poor
periencng scarcity OF currency IL not the There
Is plethora Of currency today, and IKE the laborer
it stands idle in the marketpaee waiting for employ
ment Figures cannot MAKE I'm pTnSo eears,
| TO this already swollen and inflated volume
many millions more, and not the least CT the
vices that urk under Its provisions Is the fact that
no mortal can tell how many millions The very uncer
tany that this bill viii nfuse itself into all bust
all trades and as poison passes through
blood and sens and stills lie selr just 80 far
adds dollar to the aggregate volume Of TIE currency
| and expectations
cannot stop t. hrgs the er eGs o. 6 @ any
The double purpose OF the fathers Of the bil
If not Of all who support IT, however, Is to initiate the
| currency and defeat resumption
| FLUCTUATING CURRENCY PROPOSED.
There are other objections to this bill equally conelu
slye against its passage When it reported silver
| enough to make the dollar 1t provides for could be
bought FOR 90 cents believe il be bought for
90 cents. The Government is to turn it into dollar for
the holder without charge, that the bill proposes n'
stantly and by force Of an enactment to put 10
| CENTS as the case may be, with every 90
cents. worth of silver any man has IN ny
| pocket. and that without the slightest equivalent
a All. In cSnfeTrins it upon the man who
has the silver the bill takes just the amount out Of
The ROCKET OF the next man, for he who parts with hs
property his labor foT the silver after is thus turned
into dollars by tins bill must part Win OF 10 cent.
OF his property or work for the same 30 cents
worth of silver than he will be obliged to the bill does
But the evils this bill will inct are greatly aggravated
bv The uncertain and tickle character Of the value Itself
The piece OF silver which this bill enacts into dollar
does not stand fixed at 90 or 81 cents as
| il IS to-day by every other standard but this bin
! n it were fixed. every one compelled
TO take it as dollar would know just how much his coin
had been clipped or delascd by the standard Of the
commercial world outside Of this law and govern hun
self accordingly IN all bis transactions with IT, But the
| same piece of silver may he worth tomorrow 9+
cents, or IL may not be worth more than >,
and no human foresight make certain which. Every
business undertaking IN this country therefore, which
10 be completed tomorrow or at any time in the future
is by this bill, launched at once upon the uncertainty
thai the value OF the money to be paid received in Ito
fnament is like the barometer. rising and falling with
| every pun OF the atmosphere around Il.
IN face OF such uncertainty will fold ITS wings and Wait
that cautious capital VIII take itself II shelter ana
secnrityl or that dended labor viii bear sun greater
burdens deness and want forced upon 1t by dsiIst
aud doubt enacted into law Conidfbce aiOne j. tAe
atmosphere in which all human effort bfeatbes and
lives dlstrust, the mephitic gas IN which II dies
No other civilized nation that know OF, except this,
is at this time cnlagng the money function OF silver
England has taken II away entirely Germany DONG
the same as ast a., she can hnu market iuto Hnvn ~
her useless silver NJ nation OF e Lath Union IS
either coming silver inviting ii into it, trade France
has put absolute stop TO the coinage OF s,'er ana
waiting 10 exchange her vast stock Tor our gO G soon
tins bill will enable her 10 take 81 III our sy or
time the min OF Nevada aud elsewhere are inefeas-
Ing IN Proa1GSh o anu maoey il ay being SUPER
seeded 10y other metals, and other methods IN arr anu SCI
DletlDrlC h. the ulfkcl az lh- Erufuts lad-
recent attempt by Germany 10 sel III Lohteh' .sn
hundred thos md OF her surplus silver, caused 10 10 ian
nearly two pence in the ounce.
Now without any previous preparation or consiha
ton with those nations SIN using silver win gOd aad
at a ration between them fixed by treaty among them
selves, we propose IN tails condition Ol me n'.et ~,
stanty to 5euOnetZe silver here, HnG at d rem galO
from any other III ihe chl'zeI word ye
To return to silver, II should b- after pfe.
paratlon in concert with oiEer great commercial nations
who will fix with IA u common ratio, AMI win Us hola
the two metals a. hiiny IA commerce 10 tat 49,,
possible II should De WITH limitation upon the abouat
10 issued and upon the eCtender power OF the cola
itself neither OF which exist IN THIS Bill.
THE BLOT UPON CREDIT.
The passage OF ibls bill Will be ri terrible cost to the
public credit. IL makes the entire public debt payable
in silver to-day eight ten cents below par in the mar
kets OF the world, and huctuatag and unstable tat
no one can tell what viii be It's value tomorrow, much
less what il will be In the future when the bonds shall ma
ture. The public faith has been pledged before tle
world to the payment OF the debt OF inc Marion
IN coin. When that PleuSe was mac, we lac
thirty years. Gold then onr only coin ars, part
of our Indebtedness the recent d. the 42 and ger
cent bonds have beoa issued silver coin has len
made unlawful. For all these bonds we have "Aacisl
their face In gold of those who took them OF US and now
by this bill propose 10 authorize ourselves to pay our
own bonds IN deprecated SILVER.
nations faith Is as sensitive the apple Of the eye,
and as sacred ~ Il womau's honor. suspicion that -
VIII rot kept in spirit well letter VIII damn "
If IS not IN Il bower Is usrped make debts
payable IN silver that complaint viii be made Tor Of
he tten,pt OF the deDtor himself debt
PAYABLE In a deprecated coin that di1 not oNst Nlen
the debt was contracted which before the ~o.l wiz y,
STAMPED as bad faith, and cannot bo persisted m keep
by terrible sacrifice which no nation can aIosd 70
make. The blot upon our honor gets us darSS sL5aes
from The plltry profit Of eight cents on the oVag WHICH
the debtor seems t. make ~ the attempt
'Tbn Staue of 1873 pledged the fath Of the Na.!0n
that even the non-inercsi bearing promises OF the 1D
erument shoald be redeemed IN com by me Isl o. JaI
ary 1879 These statutes have all Oeen destinations 70
fine world that this Nation not IA search o. some ne"
and castor way 10 discharge It's Obligations, bnt hcli "
srf M t the most rigid and stringent malnt nance u
n. faith according the spirit winch Inspired me oof
titan whatever may have been is letter 10 mas bce
,ry for his bill ID have discovered IN the citcf Oh
t1e law an opportunity % discharge our htt Dte1hess
win cheaper coin not in exist nee wien tha Ieonteu
ress VA, incurred The discovery WILL IN TIE emu FtO'o
= tcrrolc sacrifice OF treasure wei as honor
A DRAWBACK TO COMMERCE.