New-York tribune., 1879-01-01
UNITED STATES.

UNITED STATES.
When the year opened, the public welfare ga
menaced Dy the silver movement. II hat he, 'ine
all imitation frenzy. The President did not nav ais
party much less the people, behind him. he VS.
dom of his Southern policy was not generally ac-
knowledgcd. aud some of his experiments ~ no
Civil Service had excited suspcloa. lle colld g.
even if he had tried, have rallied the harl-m cy
elements III defence Of the public faith. The tr-
chants and bankers Of the Atlantic cities did 80
they could to break the force of the silver .ci -.
On the day when Congress reasScmhlcd ian ~
10 the representatives of fifty banks 81 thp ~
declared that the passage OF Che Silver hil IA
cause general prostration Of business. IT, .r,-
ilucnce of the moncyed classes m Lh
seaboard cities as far South a. CD ..
ton and Ncw-Orleans was brought -
against reconciliation. The Board of Trad. 81.
New-York even went so far to advise the lar b..
in tn event of the pass1ce of the Bland bill. o.
sid gold a. "a the standard aud 2, .Iuf. ID
others al Il discount. Meanwhile lie SILVER men
were carrying everything before them At the Capt
tOl. The Matthews resolution, affirming that al
bonds issued for the purpose of undIng the National
debt were payable legally aud cquitably in silver
dollars, was adopted by the Senate and forced
| through the House. The Senate passed the Bland
bill by vote of As to 81. This provided for the
coinage of 412l2-gran silver dollars, but the free
coinage clause by which silver could have been LEI
in from all parts of the world was stricken
out. The House cOnculrcd in the amend.
ments and February 2S) the bill was passed
over the Presidents veto. Having thus provided the
means whereby from S2 100000 to Sl,00o,O00 Of
deprecated silver could be dumped into the eur.
rcncy every month, Congress put an end to tho
withdrawal of greenbacks. Late IN May bill was
passed by both Houses 10 prevent the contraction
OF the legal-tonder notes. measure, which failed
in the House at the close of the session after passing
the Senate would have authorized The sale of per
cents for greenbacks, and made the latter recely-
able for import duties after October /. This act
w0uld have cnt off the coin revenues and put stop
to the sale of bonds for resumption purposes
EFFECTS OF THE SILVER DILI.
The immediate effects of the passage of the Bland
bill surprised both it's advocates and its opponents
The former assumed that the price OF silver would
advance to 59d per ounce, whereas 1t fell in few
weeks from sod. to 51l4d; and the latter anticl-
patcd that the price of gold would advance whereas
it fell from 102 to 1Ol. Tho ultimate effects were
these the bonds came back and the silver dollars
could not be kept IN circulation. American securi-
ties sent back from Europe at the rate of So
600, 900 week. and the importation continued for
a long time. The silver dollars were returned to
the Treasury about soon they were paid out
for the purchase OF bullion. The coinage under the
act amounted at the end Of November to about
S20000,00O, and OF this sum only F5,300000 was
then in circulation. The gold value of the silver
dollar was S92i cents in January, @2 cents late in
February 80 cents late in May, 81 cents on Sep
tcmbcr L, and 81 cents on December 30.
The International Silver Congress was held in
Paris during August. Leon Say President and
Great Britain well as the States of the Latin
Union sent delegates 10 confer with the represent.
ativcs of the United States MeSsTs. Fcnton, Gr0es.
beck and Walker. Nothing was accomplished The
Latil Union cOuld not go on coming at the 15l2
ratio when the United States with its ratio of 10,
could export silver TO France and there seemed 10
be disposition to join the United States IN fixing
an international al ratio. The tendency of CONNER.
cial nations toward single standard has been pro-
NOTED during tho year by the fluctuations in tho
price of silver. The Latin Union has suspended
coinage tor five years, and in India a movement in
the direction of a gold standard has been fore.
shadOwed
FINANCIAL PROSPERITY.
While the effects Of silver legislation have been
reduced to a minimum, the financial and conf
mercial records of tho year have been ex.
ccedngly favorable. The surplus revenue during
the fiscal year was 500 799 Dol 90 and the contri-
button to the sinking fund was nearly $37. 900 600.
During the year ending November /, the reduction
in the public debt was SOB 150,G17 80. Trade ex-
change has continued in favor of the United States
the excess of exports over imports of merchandise
during the fiscal year bslng $2j7,s1t ,234. The
refunding Of the public debt has been
effected on grand scale. The 4 per cent
loan was opened for popular subscription
III January, but it was not until April that funding
operations began IN earnest. The Treasury made
a contract with the old Syndicate for the sale OF
Zig per cents. and thus secured $50, 600 900 in
gold for resumption purposes. This stimulated tho
demand for 1 per cents, which were sold at the
rate of a million day. The amount negotiated
under the Refunding act PRIOR to November 90 was
800 270, 900 II is estimated that not fmore
than 5000 00O, 900 of United States bonds are now
held abroad. The Bankrupt law was repealed ia
April after having been in force for eleven years.
TTE POTTER COMMITTEE.
While tho very stars in their courses were fight
ing for the financial policy of the Republican party,
trlmmers aud dcmagogues were striving TO reopen
the electoral controversy, TO cloud the Presidents
title and to organize arepudation party East, West
aud South The attack upon the Presidents titlo
began with Clarkson n. rotter's resolution, which
was admitted May l3) as question of privilege by
the Speaker Of the House. The resolution provided