The daily gazette., 1879-12-06

ground.
THE New York World pretends to be
dreadfully alarmed at the amount Of
money we have, and breads = gold or sill
YER imitation as much a. it did . paper |
imitation, II one could believe all it says.
But we merely give . short extract from
its edito ial columns as follows
"The Comptroller Of the Currency de- |
clares there we're $4OS, 100000 of gold |
and silver In the country last November,
which makes over 81, 165 900, 900 Of
money and currency. These are the ac-
cepted days for sound money legislation,
which shall leave the laws of trade and
not the politicians to settle the quantity
of our paper currency. II the Govern
ment will give up the business Of issuing
currency, then merchants and business
men in banks, will under adequate laws,
be compelled to keep watch and ward
over the ebb and dow of gold and silver.
The President informs Congress- that
the law Of May 81, 1878, which MIR.
Sherman advocated and which the Presi-
dent approved, Is, In the more matured
opinion Of the President, "without war
rant in the Constitution and in violation
of sound financial principles" The Sec
retary OF the Treasury takes a plump
and square issue with his chief. And
Mr.. Bayard, as Chairman of the Senate
| Finance Committee, stands by the Presi-
dent.
Let the issue now be well and faith
fully fought out till 1t Is decided tor this
generation at least. This is q crlsis
which ought to rouse the business men
of New York as did the imitation crisis
OF 1874, when public meeting was call
ed at the Cooper Institute, the resolu-
tions of which Grant upheld by his
vetow
Now, we do not understand Senator
Bayard's resolution TO warrant the World
In saying that he "stands by the Presi-
dent" We understand the resolution
to mean just what it says and to do just
what it purports TO do, if it is passed,
repeal the legal tender clause and leave
the outstanding greenbacks to circu-
late IS y. S. Treasury notes until re-
turned to the Treasury and reissued with
the language in the resolution printed
upon them and redeemed Of course al
some future time. The President on the
I; contrary desires these notes redeemed
r with the coin in the treasury and can
celled.
II our money is all good money, ant
} we believe it now is, the people are il
no danger Of being hurt by the amount
9 Of it, as the World would have them be
D lieve. But we do not credit the state
l., ment of the comptroller Of the currenc.
g as to the amount Of specie in the coun
:, try. We fear he has exceeded the trutl
.s by at least one hundred millions of dol
II lars, and do not think there Is more tha
e about 100000, 900 of gold and silye
# coin In the country.
Il We fear the policy Of the Presiden
l. would bring about stringency in tn
n money market, and might lead to de
! struction of confidence again should a
is the specie in the treasury be absorbed i
d redeeming the greenbacks and cancellin
=. them.
ri A1C dioo Purposes " uiotohbiuuC III
ne coinage of the silver l. gal tender doll
nj at the same time. He thus proposes
a, deprive the government Of the safe
" means for meeting its liabilities wi
IL ease. Treasury notes will continue
,lf buy bullion to coin into money, and
"a gold was coined on the same terms IL
.ee silver is coined the Treasury would
tes come stronger than ever. The &c
nd miners have heretofore selected the hIe
be est market for the sale of their bullio
,es and never kept dollar at home if tn
m could get higher price for it in Z
wv land. Just now it is as much as I
as mints can do to coin the gold coming FRI
,es Europe, and hence we could be as in,
lad pendent Of the gold miners as we are
N, the silver miners from whom we p
;sh chase almost every week great amour,