New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-24
SILVER AND GREENBACKS.
ALrTTER FROM THuRLow WEED.


cent rewards Of financial policy which achieved
Resumption. But for the wisdom and tir1nness Of
the last Congress in passing the bill remonetisng
silver over an i-judged Presidential veto, supple
mented by the courage and fidelity of the Secretary
Of the Treasury, utilizing silver and greenbacks,
there would have been neither resumption nor pres
perity. II the silver dollar is not equivalent In
value to the gold dollar. the fault and the
responsibility belong the banks the press and the
Republican Senators IN Congress from New York aud
NewEngland, by each and all Of whom silver IN any
form was repudiated The banks of our city made
proclamation that they wonld have transaction
with the West not based upon gold. AT National
Bank Convention Mr.. Hayes. a modern financial
Solomon objected 70 silver as money because in an
are distinguished for "riotous living silver was
nothing accounted Of for drinking vessels And
yet, while the bacchsnaians of dark age preferred
gold for drinking vessels Mr.. Hayes viii find silver
recognized as money current with the merchants
in every book and almost every chapter of toe Bible
from Genesis to Revelation. When. however. the
Shylocks Of the present generation deter
mined to increase the purchasing power
of gold silver was demonctized by the
Latin and American Governments. That this was
done by Congress as is now alleged because silver
had largely lost ts intrinsic value is disproved by
letter from the Controller of the Currency written
in 1873 informing Congress that the silver dollar
was worth per cent more than the gold dollar
Silver and guild are our constitutional money
standards The Constitution imposes upon Con-
gress the duty of providing for the coinage OF silver
and gold bullion such proportions viii eauai'ze
their market value. That duty was discharged
from time to time as the relative value OF the metals
required for more than eighty years, and
until 1873, whca the Constitution was
violated by a law demonetlzing sir,
yer. have stated in former letters that but very
few members in support,nga bill to regulate the
Government mints knew that they were, in viola
ton If the Constitution. depriying the country OF
one-half of its money power And President Grant
has said that lie sIgncd that bill without knowing
that its most important effect was TO demon
etsze silver. The Secretary OF the treasury
than a member of the senate and chairman
of its Committee on Finance, did not as far a. can
learn SPEAK to the question As lifetime, however Tor
resumption approached the Peep e discovered that
by somebody's sharp practice in resuming specie
payments their faces were to be held down upon
"A gold crindstSne. Silver, until then unknown to
the people and the press, had been demonetized.
lis F.mouetlzatiOn was promptly aud loudly de-
manGed. The rapidly developing West where IN
dustry and enterprise were most seriously affected,
moved with entire unanimity. In our COM
mercial cities. however. where capitalists
most do congregate,' gold. and only gold.
was demanded Leading journals. irrespective of
party. denounced silver 4" soft money AID s'ig-
.naiized It's advocates not only as 'reDudiators
and "indationists,7 but as anxious 10 pay
honest debts with dishonest money
HAPPILY the anii-slver stampede eliminated
several months since. Reason and common sense
are resnrlin their lost asceadsncy the public
MIND The advocates OF single money standard
L. Inv ,aNr-
Secretary McCu och that there not gold enough
Al the world 20 do the worlds business Germany
and Italy are retracing their steps. England i
nassinO through ordeals from which her capitalists
will emerge wiser If not richer men. Under such
auspices. with so much of encouragement from
abroad il was confidently hoped that our own Gov
eminent would recognize the great and eternal
financial truth that By law higher" than those
enacted On earth, silver and gold were providen-
tally deposited in due proportions as pre-
cIons metals to be utilized as standards
by which the products of labor are to be
valued. In the progress and development
Of time and a. population and business increased,
the earth revealed ITS treasures. Nothing. for ex-
annie more clearly demonstrates this fact than the
t,,nelv accuisitIon of California. II was not
nv accident that all her mineral wealth
came TO US when il was 50 much needed
Providence in providing new Continent
for untold millions also provided thoughiuny Tor
their welfare and happiness. The earth aDonnGed
m all essential elements Nothing left to
chance or accident These PrOvidental laws are
essential alike to individual and National
prosperity / confess to painful disap-
pontment in the Presidents Message. and
:, the report of the Secretary Of the
Treasury. From both Of those distinguished and
na+r,otie friends | not only hoped but expected
a tfa rapc n n blmefailiC
repcv. had hoped that President Hayes and Sec
ro.orv sherman would at least be found
a;sliv in favor of the adjustment of the
silver question by an international confer
ence The question is spoken Of however,
s., ho+h "Vith hated breath and with such faint
roise that unless Secretary Eyarts moves IN 1t with
more heart an enterprise from which so much was
expeeted Will collapse. Meantime. instead Of rec
Amending the passage of a law authorizing the
coinage OF a full silver dollar. Secretary Sherman
nronosos 10 stop their further coinage, thus vIrtu
ally again demonetzIng silver.
Nor is this my only disappointment. The move
rept of Senator Bayard promptly seconded by the
National bankers ard free trade merchants, to de-
,r;ve erecnbacks of their legal-tender character.
hos the approval of the Administration.
The warfare against silver and " gTeenbacks.'
should 1t be waged successfully, would
snddenly close the broad avenues through which
our people are joyously entering upon season of
prosperity. The palmy future so full of promise
would become as dark as T. dreary past. With the
aid of silver and greenbacks resumption and prosper
itv were accomplished. Now both are to be dispensed
with provided the agencies at work prove strong
epouch To accomplish their object. We are COM
far,ed however In the assurance that Republican
members of Congress, so far as grcenbacks are
cerned have wisely determined to resist a scheme
franrht with evil and evil only, TO our country.
The Ieqal-tender financial policy was, at a of
imminent and immediate peril TO our Government
| and Union. necessity. IL was Inaugurated by