New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-06-14
LETTER From THURLOW WEED.

yER-THE INEVITABLE FAILURE OF REsCMP-
TON WITHOUT IT-sILVER DEMoNETiZRD TO
INCREASE THE PURCHASING POWER OF GOLD
EX-sECRETARY MCULLOCHs PRANK ADMISSIONS
DUTY OF THE REPUBLICAN PARTY
To the Editor or The tribune.
SIR; break long silence TO express the hope
that the opponents of silver standard have prof
tied bv experience and reflection. All the arGu-
ments and prophecies of evil urged against silver
by the press, by capitalists and in Presidential
veto have proved unfounded and fallacious, and
something should have been learned from such sug-
gestiye lessons. If now venture to speak with
some confidence on this subject, 1t is because all
have previously written has been vindicated by re-
suits 1t was vehemently urged by the metropoIl-
tan press, by the London correspondent OF me
VorId and by bankers, that the reconciliation oil
silver would precipitate the return of avaanches OF
Government bonds from Europe, occasoning great
loss to our moneyed institutions. My reply to this
was that in view of the fact that large amounts Of
unemployed American capital were seeking invest
ments the return of six per cent Government secu-
rites would prove beneficial rather than injurious
Iadded that we could afford to take at reduced
rates all the Government bonds that foreigners
would send home. This sentiment, obnoxious as 1t
then was, subsequently found general approval
Not only the press but the President recently re-
ferred TO the fact that the bonds formerly held III
Europe were now owned by own citizens as an
occasion for general cOngratuation.
1t was also vehemently asserted and reiterated
that the reconciliation of silver would stop the sale
of Government four per cent bonds. high Govern
mept official assuming that such would be the effect
proceeded to calculate the millions which the Gov
eminent would lose by arrcsting the exchange of
Government skies for Government four per cent
bonds. And yet, Notwithstanding the dreaded
reconciliation of silver the four per cent refundng
has been steadily aud Increasingly progressing until
the Government has saved four times rs many mill
lions as the opponents of silver claimed would be
lost by its reconciliation.
SILVER ESSENTIAL TO RESUMPTION.
insisted that by remOnetzing silver and utiliz-
ing legal-tenders. resumption without contraction
or suffering would be accomplished. What was
then prediction is now history. Had not the Silver
bill become law By overriding the Presidential
veto there would have been no resumption, nor
should we now be cheeTed by the promises and pros
poets of returning prosperity An attempt to re-
sumo on a gold basis would have failed disastrously
On the other hand the Secretary Of the Treasury by
accepting the aid of silver and legal-tenders, has
worked out resumption under auspices nsuring
the prosperity and welfare of the country. All this
has been accomplished in spite of the press. the
banks and q Presidential veto. Silver and green
backs have been persistently stigmatized and rdl-
culed. few weeks before the last election. at a
Republican meeting i'm Cooper Institute its chair
man exhibiteda worthless Continental paper dollar,
authorized by Continental Congress to subsist the
Army of the Revolution, as an argument and adj
monition against greeHbacks. That demonstration
against Z" soft money" supplemented by the
orator of the evening who exhibited worthless
Confederate bank note to prove that legSl'tender
Jotes not only inflated the currency but would
Isoftpt In ne hos 81 m
ply reflected the sentiments ofour leading journals
Happily for the Republican party, that hard money
expositiOn was followed by another Cooper lnsti-
ute gathering whore Secretary Evarts repaired the
blunders by an enlightened financial speech IN
which the character and value of the greenback
currency 10 the country and the people were ably
vIndlcated.
In view of the historical fact that silver has been
"money current" with the merchants throughout
the world from the dawn of civilization until it was
stealthily demonetized by Congress In 1873, the
course pursued by the Republican press and party
is incomprehensble. While the Constitution recog-
nizes with equal emphasis silver and gold as metals
precious, and imposes upon Congress the duty OF
coming silver and gold dollars of equal value the
Republican press and the leaders of the Republican
party persistently and ObStinately oppose and de-
nounce silver in any and every form.
Heretofore when questions affecting the public
welfare were brought to the consideration of Con-
gress Wings and subsequently Republicans were
found in sympathy with the people. Every great
interest during the last fifty years had Jealous ana
efficient supporters in Clay, Webster, Seward and
their enlightened colleagues. Ours has ever until
now, been the party Of protection. That policy has
made u.s. as a Nation, prosperous and wealthy. The
protection given by Congressional laws to our pro-
ducts and industries enables us to supply foreign
markets with manufactures for which we were
formerly indebted to Europe. securing large bal
ance of trade in our favor. But now, when PIovi-
dence has supplied an inexhaustible element of
wealth. We repudIate IT, and In dong so vioate the
Constitution of the United States.
SILVER vISDICATED ABROAD.
Dark however, has been the deusion in regard
10 silver. light is beginning 10 dawn. The Latin
Ieague against silver is broken. Italy has or is
about to romonetize silver. England too, IS find
ing that there arc two sides TO the question. The
eilyer problem has arrested the attention of the
merchants OF Liverpool the largest commercial
city Of the world. The injurious effect Of the loss
of silver upon that metropolis led 10 the appoint
ment of highly intelligent committee OF mer-
chants whose exhaustive researches led to tho
adoption Of the following, among other resoIu-
tions:
Thai the recent shrinkage in value OF the worlds sill
yer money measured in gold, is very large aha there
every reason 10 fear that with the prospect before US
the DE- preci alton will continue 10 Increase.
That the serious dtmuniHon Of tho worlds money
caused by the silver In tho future, Iosd
fo freauent panies through inadequate supply Of
gold for tho worlds wants
The committee subsequently appointed by the
LIVERPOOL Chamber of Commerce consisted of
merchants, bankers and scientists. Though its
Iabors are not yet concluded. partial report has
been submitted, from which the following i'm
portant facts are taken:
Whereas tho supply OF silver from the mines OF the
xveyId early this century relation 10 gold As 10
tbe relative production wa reversed years
70 when the yield Of gold amounted " xJaoOoooo
per alnum At the present. Tine The preducuou 10 To-