, 1879-01-18

our bonds, largely decrease ofaf }ore18n deot,
and atop tho payment Of nbout S50, Goa, 900
pf interest to the foreign bondholderH. With
Tho balanco Of tratlo, resumption, tho ropcni
Of tho Bankrupt bill, and tho increase OF
all on our side, thofo ie evory
reason to bo hopeful, It only ncet!s courage
mud prudence, an avoidance Of rast errors, n
full stop to wild and Eocklcss speculation,
long phil anil n phil all together, to raise tho
business Of tho country from its long do.
pressson, and to bring about new era OF
upon n fo1i bns's.
WALKER ON THE D1sAsrEks CAUSED ny
DEM0NET1Z1NH SILVER.
Tho Inst number of tho Princeton Reeiefe
contains M important paper on tho silver
question by Gen. FnAsc,s a. WALKER. It
will not, wo prosumc, 10 disputed That Zen.
WA1Krn is capable of writing wo1l On this or
my other economical subject. lie haa boen
n Professor in Ynlo College, aushor Of tho
best hook on Money produced in Anorica,
md Superintendent Of tho United States
Censns, In which position l,s gnvo sasisfac-
ton to Tho most cracling statisticians In tho
country. lie haA been peculiarly favossto
Of tho Now York Nation, tho Now York
7'iacs, tho boston 1tdcertiser, and other
leading Eastern newspapers that opposed the
reconciliation Of silver. Wo hippo Ito will
not bo any tho less favorite with them now,
because lla has bcon compelled to difEor with
them widely in tho discussion Of this q,ios-
tion. A proper regard for their own rornta-
ton for candor and veracty should induce
these newspapers to give further publicity to
Gen. WALKER'a Vows, md testify again, as
they havo testified many times already, to
his ability ant1 unt1oubtotl honesty.
Gou. WAtnEn writes the history Of tho
afouotary Conferences Of 1867 and 1873
very plnin1y. lIo shows That tho primary
object Of tho frat Conference was not to
introduce tho Ringlo standard In my conn-
try. but to provide for uuitlcatIon Of oolti-
ngos, or s'pnrt;nl coincideucas Ut monetary
types on wido Bcnlp." It wns thought that
this object could 10 promoted by the adop-
tion OF tho single gold stnnaard III a,l tho
countries CONCERNED. Tho whole plnn, as 1t
was stalol, was chimorical. It was designed
to nt1vauco tho Brotherhood Of nations by
making their coins n,u.tiislea md even parts
Of each otlcr, 50 TINT taoy would pass ensily
tho boundaries Of stntss ant. circulate
throughout tho commercial world. THIS
would DO q convenience. no doubt, but not
such n convenience as 10 10 worth great
sacrifice. The members Of tho Conference
of 1867 ,nat.o thoir mistulso i.,Ht bore, Tho
uniilcation Of tho coinage was thoir solo
aim,-tl,eir hobby,-to attain which tl,ay
woro willing 10 sacrifice something far more
important tlau commercial convenience.
namely, tho pcpco mud snfoty Of commerce
Tho Conforonco Of 1867 voted ununi-
| mously that there was possibility Of atsai1i-
ing "tlle coiucidoncea of monetary types on
| n wide scale, ION tho basis ant1 witt, tho
condition Of tho gull standard exclusively 4
| therefore, they recommended tho adoption
Of this stantlar.l. Though they mot only IN
| an advigory capacity, and Ind only m ad
yisory influence, tho results Of tLoir notion
were more momontous than they could al
| tho time l,avo conceived tu bo posslble.
| In 1871 Germany was suddeuly and--se
far as tho Conference OF 1857 was concerned
-unespectedly transformed into OH Empire
Tho Imperial Government at once took tht
preliminary stops for tllscartling sitrcr, mt
passing over to tho single goll standard, AMI
In 1879 TINT course was odoptefl. I'll,
scandinavian States followed NJ tho natura
auxiliarias Of Germany. Con. WA1xE1
soys tlat tho ca,1ees Of this action On th
rart of Germany wero " probnbly so1nswha
con,plcx," hut ju mart at lcast tho ,uotiy
was economical aul lail "a conscious rot
ereucs to tie recommendations of sh
Conference Of 1907. Nor WINS lA!s tho worn
result Of tho Tasty and ill-a.1yisod action 0
the Conference. Its advice affected Franc
even moro seriously tlau It did GERMANY. /
broke down tho co,,raco of French states
mon mud flnanciors, aud made them stop th
coinage Of silver at tho very moment whe
there was noel Of some outlet for tho i'll
car.iod silver coina Of Germany. During IL,
uold panic in 1857. when gold fnU mora |
| ..,,..-.;o,, .,,., .,f... hi s.,s,, a. L.. .o1