New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-05-17
THE NEW SILVER SPINDLE.

The Warner Silver bill contains the WORST
features of the Bland bill of 1873, which the
Senate struck out, and several new ones equally
bad. In fact it is much the most reckless ana
dishonest measure on the subject or the
metallic currency that has been seriously
considered since the silver craze struck
Congress. And yet it rolls along through
the House with pretty much the whole
Democratic party shouting and dancing
around it like so many heathens OF Inn
buctoo worshIpping fetch. bill that Is
thoroughly vile and capable of doing vast
amount of mischief to the credit and business
of the country is actually hailed and APP
plauded as though it were some maglcal
agency of universal benclicence.
The bill does not stop with turning the
Government mints into free money-milis, to
coin everybody's bullion without charge, pay
ing out in exchange for 81 cents worth OF
metal a com which people must take
for a dollar. 1t requires the United
States to go into the business OF maintain
inc free warehouses for the silver Of the
whole world. Anybody, whether he be
American or foreigner, is TO have the right to
bring his bullion to the United States
be taken care of without charge as
long rs he chooses TO leave it on deIOsit. But
this is not all The Treasury is compelled to
give the deposition IA certificate for a dollar
in return for an amount of bullion now worth
only 81 cents in the markets of the world,
and TO take these certificates at par in pay
ment of taxes and customs dues. In other
words, the bill enables every man who
holds a certain species of merchandise
to force the United States to-stOre it for moth
ing or to buy it of him at a price about Is
per cent above what it is worth. The benefits
of the bill are indiscriminate-they tall
alike on the just and the unjust, on the
foreigner and the native, on the Mexican
and Peruvian mine-OwneIs as well as
the bonanza men of Nevada on the German
Government, with its $4,000 600 of silver
which it wants to get rid of, as well as the
Wall Street broker. Whoever has silver to
sell can step up to Uncle Sans counter and
receive r. due-bill for 81 in return for every
81 cents worth of the metal he puts down.
The vices of this outrageous bill and the
iniurlOus consequences which will flow from
its passage have been so clearly pointed out
in our Washington correspondence and in the
admirable UNc-nlHuIts SpCtCH Hl"uO III t"'
House on Thursday by Representative
Morton, that ii is unnecessary to dwell upon
them here. They are clear to every man of
common sense and common honesty. We do
not object to the proper use of silver as
money. On the contrary, we think it should
be treated as an important part OF the metal
lie basis for a sound paper currency. But we
do object to having the Treasury made the
dumping-gromd for all the cheap. discarded
silver of the civilized world, or to going into
partnership with China and India for carrying
the load.
1t is surprising that ten Republicans are
found supporting the Warner bill. They
ought TO be ashamed of themselves. 1t is not
surprising that nearly the whole body of the
Democrats are pushing it along. The Demo
cratic party in Congress is possessed of an
evil spirit. Its self-destructiye folly has had
no parallel since the herd of swine rushed over
the precipice into the deep sea.