New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-06-19
rho s4G4CJOrs SENATOR'S

THO SAGdCIOUS SENATOR'S.
The course of Senators Bayard and Herman
in regard to the Warner Silver bill deserves
| frank recognition and credit from those OF
either party who respect intelligence and
fidelity TO convictions. Those Senators have
a clear understanding of the fact that the
pending bill is not q silver bill at all
but il really bill for the unlimited issue of
deprecated paper money. They know tllt
such a measure would greatly harm the public
credit. They have intelligence enough to see
that any bill, either nominaly or actually ex-
tending silver coinage in this country, would
at this time be prejudicial to the cause which
the advocates of silver reconciliation seek TO
promote. They know, too, that the passage
of such a measure by Democratic votes would
be injurious to the Democratic party IN the
Eastern States. Hence they refuse to act
III haste upon so grave a question: But
the Democratic party in the Senate thereup0n
declares its want of confidence in those Sem
atOrs, puts upon them an afront unprece-
denied in the history of that grave and decor
Gus body, and was disposed, IT it had dared,
to force their designations, ana to take the
pending measure ont of committee without
delay and with high hand. The steady res
olution of those two Senators, "A small minor
ity in their own party, has been very credit
able, and it has so impressed the majority
that the attempt to pass the bill will be aban
doned. The majority want it passed. but do
not dare to bring on that conflict within the
party which would follow another vote hostile
to MeSsrs. Bayard and Herman.
a false impression is created, in many minds,
by referring to the product of Mr.. Warmers
genius as "silyer bill.n In truth, it is not a
metallic bill of any sort. 1t would not promote,
but would actually tend to prevent, an increased
coinage Of silver. Ii would not get silver coins
into circulation, but would surely drive them
and all other COINS out of circulation. AS this
fact does not seem to be cOmprehended by the
people who are exciting themselves about the
bin, in the Senate and elsewhere, it is as well
to point out the real nature OF the measure.
FIRST, then, it provides no additional induce
ment whatever for the coinage of silver, nor
any additional channel through which coined
silver can be put into circulation On the con-
trary. il provides, instead of all silver that
may at any time be deposited at United States
minis, currency of paper notes. The value
of the notes is always to he governed by the
can gain anything by taking the Iisk and cost
of guarding, coming, transporting and carrying
the bulky metal instead of the convenient
paper promise TO deliver the metal. Plainly,
then, this measure does not tend to put silver
Into circulation, but only requires the United
States to buy all silver that may be offered,
and to give It's notes for it, so that the notes
alone will pass into use.
Second, this measure would exclude from
circulation all other coin, and all notes not re-
decmabe in silver because it would be un-
limited in quantity, and a legal-tendCr for the
payment of debts. Gold would go abroad.
Legal-tendcr notes which now promise to pay
gold, would become payable in silver only,
and would sink to the value Of the silver.
In short time the Government would be
tererest on its gold bonds in silver notes
only, because it would receive nothing else i'll
payment of taxes. To whatever extent those
notes might depreciatC, the obligations of the
Nation to its creditors would be Tepudiated.
Finally, it is the special aim of this measure
to make the value of the entire paper currency
dcpend upon the operations Of a few bullion
dealers and mine-Owners in this market.
They would control the price of silver day
by day, putting il up whenever large deiv-
cries of the metal were to be made To the
Government. To call it silver bill is a fraud.
1t is a measure of reputation and wholesale
plunder.