, 1879-05-21


as the WARNER bill, relating to silver coin.
ago, undertakes to do too much, and Is thoro-
foro likely to fail. II It pass tho 1Ionso at
all, 1t will obtain but small! minority,
mud 1t is questionable whether 1t can pass
tho Senate under any circumstances. Tho
certainty Of Presidential voto excludes all
possibility Of any change in the existing law
ut tho present time. tia perhaps rs well TINT
further legislation on this question shall be
delayed for como time, as thoro aro sorious
and important changes going On in othor
countries on tho subject Of silver. Tho act
Of 1878 has boon vindtcatcd by tho rosu!ta.
It has saved tho country from contracts for
tho fnturo which might hereafter provo most
ca'amitons. Hind not tho Silver bill
passed, it Ia not 1i1toly that tho country could
haVo resumed spocie payments on an exclu-
sively gold basis. BY tho net OF 1873 tho
United statoa reserved the right to pay MI
ita aobtH In silver or gold at its option. All
tho new { per conts and all ths per conts
arc by special contract payable in silver or
gold at tho option Of the Government. The
principle Of bi-metalltsm, Or tho groat benefit
Of bi-1netallisn,, waa tbns retained MS It had
a1fatod from 1792 to 1873. It Is not nocos-
sary TINT gold aua silver shall 10 In general
circulation; In countries whero all trausac-
tions aro based upon metallic money, anil
whoro specie payments aro In operation, pa-
por money constitutes the bu!k OF
tho general currency, tho coin remaiu.
Ing on deposit. Specie payments do not
mean the actual tranafor Of coin In
business transactions; It does mem, how
ever, that tho coin con bo Ind on domaud
whonovor it is nee.lod, in exchange for tho
paper. Tho silror dollars, therefore, on de-
posit IN the Treasury nnswer all tho pnrposcB
OF maintaining spooio payments TINT nre
served by tho deposit Of Gu equal sum In
gold coin.
When tho bill Of 1873 waa passed. the ont
cry against silver was general, not only In
this country but in Europe. Tho flnan-
cfors and the money-lcndera aaw i'll tho do.
monotization Of silver nh opportunity for
the rise in vatuo Of tho gold so soon rs it
was mndo tho exclusive money OF tho world,
and q consequent addition to tho yaluo Of ali
their inyestmentsin tho form OF tho outatanJ-
Ing indebtedness of nations md individuals.
The demand, then, wa for MI universal
domonetizat,on OF nlvur, md foremost aud
conspicuous In thiH effort wure tho flnauoiors
Of England. London WAS expected to b.
come tho great market for goltl. The debtor
nations Of tho world wore expected to soud
their gold to London III payment Of dabta
and interest. Tho net Of 1873 was n protest
agRinst and n refusa! OH tho part Of Tho
United States against this decentralization
OF ono-llalf tho motallio money Of tho world,
aud In tlat aonso, 1t no other. 1t WIS timoly
and wiso. III TINT not tho United Stataa pro-
vidod for MI International conference on the
subject, With view Of taking such notion
NJ would preserve silver as ono OF tho monoys
Of tho world. Tho result Of Tint conference
ia known. England refused to participate
except In MI advisory why. md her full I,,-
tlucnco was Kiyon against silyor.
Within loss than yoRr snco Tint coafor
enco in raris great change has takcn plaoo
IN Europe, mud especially In England, on tl.ia
subject. Tho attempted general dG.nonutiza.
ton Of silver hns wrought ruin; tho silyor.
using peoples, who woro Eagau,l's best CHE.
tomors, layo not forwarslnd tho ooyoted guild
In payment ct dobts. They l,avc practically
failed. III India the british lossos have
proved enormous, and untior thoso !osaca tho
british capitalists hnyo suffered groatly.
Trade has been diminished, manufactures
suspended, labor boon discharged, mud In
tho wreck Of silvor Drltiah tralo aud l,rot1uc.
tion llave boeu subjoo.el 10 tho sovoreat
calalnities. Various Institutions, anil nota.
hly tho Glasgow Dank, weso brought to ruin
by tho ahrinkago aa.l destruction OF
Indian Investments. 1udia forma largo
part of tho british Empiru, and its
monoy ia md always hos been silver, Thu
loss in silver causal by tho ac.,al an.t threat.
onca decentralization Ut that metal Inn tallet,
upon both couAtrIss. aud inalo tho subject
of bi.,netalliatn living anil tllrsot ouo in
England.
Popular opinion III tin,es of distress IL not
alw"ys safo guide, but public opinion In all
tho large commercial an.! industrial com.
'nnnitios In England has boeu 30 general in
favor Of speedy restoration anil interna.
ttoaal regulation Of tho value OF sllves that
tho Government has beeu induced 10 make
most liberal promises Of oo-operation with
other dofornmonsa OF tho subject. Ths
commercial iuterssts Of England, which
ars particularly anxious for tho rcs.o.
ration Of silver values, hayo recontly
sent Mr, wItr1Ansos, Of the Liverpool
Chamber Of Commerce, to thia country
to agitato tho propriety Of having a renewal