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


value with the gold dollar and could have so regula
ted the whole question of bullion and coin as to unity
and TO strengthenthe two standards. But those Soma
tors sat dorredlv in their seats, not caring. sup
pose, 10 be stiCmatzed as " lntiationists," or "a
subject themselves to ridlcule for favoring the
" dollar of the daddies." or participating In the
"slyer crsZep Senator Blaine opened his ewes 10
the Importance of the question, but as his efforts
were not seconded, he not only subsidized, but Wneil
Congress adjourned. informed friends IN TINS city
that be was on his way to Maine to night" Greel,
hackers. That light cost Mr. Hale an able and
useful Republican member, bis seat in the House
of Representatives. Thar eight" in Maine aud
other States aided by the Presidents civil Ser
vice" and Southern policies, cost the RepuDncah
party its ascendency in the United States senate.
That fight" unless leading Republican Journals
and Republican members of Congress come very
soon to their senses, may cost our ueIgaI d. 1ho
approaching election in Ohio and New York. me
Republican party has lost much ana gained hothIhg
by its warfare on greenbacks. -,
The Democracy by its abOrtive Potter COMMITTEE
investigations and its worse than aborfiYe extra
session of Congress has thrown away us frcsiuen-
tia opportunity 1t is possible that the Republican
party NAV fail to profit by the bunders OF their
opponents 1t is possible that this silver question
may assume aspects fatal to the otherwise almost
certain chance Of electing n Republican President
in 1880 earnestly hope that this great calamity
may be aveTted The danger TO which refer con-
sstS in arraying the Republican party against
silver as one of the two standards of value. ms
has been DONE in tho face of the fact now acknowl
edged by distinguished iinancers IN England anuDY
McCullOch, that there Il not gold enough IN INC
world TO represent its business INTERESTS ana IN te
face of the more instructive fact ayowed oy the
Latin League, that silver was demoneilzed for the
purpose of increasing the purchasing power OIL gCd
In proportion To the increase OF the purchasing
power of gold will the value of our agricultural
products and our manufactured articles diminish.
The question resolves itself therefore, into conIcU
between Capital and Labor This conflict mas Dccii
gong on for more than a wear. The banks refused
to receive silver except as special deposit iu,s'
with the constant denunclatIons OF silver w lno
press keeps il below par, subeCting those III whose
hands II accumulates 10 inconvenience annoy an
and loss. When 1t comes to be understood ihat Tue
labor of the country is thus oppressed to increase
the purchasing power OF gold, storm or pOpuliI
Indignation will be aroused which will not be
appeased until the purchasing power OF silNeI 10
made equal to that OF gold.
THE MISTAKE AND THE DUTY OF THE REPUBLICAN
PARTY.
To the accusation that the present silver dollar Is
worth only 81 cents there Is ready an
swer New-York and New-England, through their
press their banks and their Representatives. were
uncompromsingly opposed TO the silver dollar III
any and every form. Senator Allison, aided by MS
Western colleagues. although amending the Bland
Silver bill in several important respects, could NOT
without the support of New-York andNew-England
Senator'S make it what it ought to have been. II,
therefore, we have clipped instead OF full silver
dollar it is our own fault 1t is still in the power
OF New DIX ana icos'iN Ni' iiiOiiNJ
standards under which our country andpeope were
prosperous and happy for more than three-quartes
of a century. The Republican press and party
have simply TO take the Affirmative side of the sill
yer question. Resumption was reached. and so far
has been maintained by the wisdom and firmness OF
the Secretary of the Treasury in availing himself
Of legal-tenders and silver to meet the demands
upon the Treasury. An attempt TO resume with a
single standard would have sgnally failed. This
pleasant experience from which National prosperity
is being gradually restored ought to conquer preju
dices against silver. The praisewOrthy example Of
ex-Secretary McCulloch, in frankly acknowledging
a change Of views upon this important question,
will IL is hoped, induce others to review their
oppions The Democracy committed a grave error
in forcing an extra session of Congress Instead of
hacking down gracefully when their error was dis
covered they waited to be knocked down twice by
vetoes, and are now coming up to
the scratch very groggy" to be foored third
time Meantime our friends content themselves
with fighting Bands Warmers and other Silver
bills. In former and better days, first Wings and
then Republican statesmen inaugurated financial
and other policies promotve of the general welfare
The financial question when President Hayes went
into the White House was one of paramount i'm
The Administration in consultation with
its friends in Congress should have prepared and
introduced a financial bill or bills concentrating
the money strength of the country, to enable the
Government TO resume specie payme nts.
1t is urged wsth much effect that we cannot main
tain the double standard while other Governments
with which we have business relations reject silver
To this answer that, as the largest silver Droduc-
ing country in the world, we ought not to take the
lead in rejecting it, Silver constitutes large part
of our National wealth 1t IL no less our duty than
our interest TO use II as IT has been used by civil
lzed nations through all time. The refusal to
1..1- s. 10th srtrl 10 ii Frrf trsrrt
Silver is the only important interest which ia
than neglected Both political parties ignore 1t.
The Republican party. or rather lts leaders and
leading Journals, eviuce special hostility To silver.
I marvel that no one OF the prominent men in
Washington who are credited with Presidential
aspirations have rOt discovered that by increasing
the purchasing power of silver and thereby
hastening our return to National prosperity they
would render a service TO the country which would
be gratefully appreciated and abundantly re-
waTded
THE PLACE OF SILVER IN HISTORY.
Secretary Sherman, whom have known and es-
teemed as n rising man from his entrance into Con-
grcss. displayed so much courage wisdom and hdel-
ity in accomplishing and maintaining resumption
that confidently anticipated his powerful aid in
preserving the bi-metalhc standard, And yet in
his recent Ohio speech in which he discussed the
financial question fully, gold and gold only re-
membered He forgot, or did not think proper to
saw that without the aid of silver resumption would
have been a failure. The occasion was one In view
of the concerted efforts to deprecate not only the
intrinsic value of silver but to excite popular
prejudice against it, to remind the people that silver
was the money with which Abraham purchased
burial ground for his wife; that silver tho
money of the Psalmists and Prophets of the Old
Testament and that of the Saviour and his Apostles;
that silver was the money for which Joseph was
sold by his brethren to tho Egyptians that silver
was the money received by Judas for the betrayal
of his Master that silver IS recognized as money by
all ancient and modern writers, including Shake
speare. Burns Johnson, Scott, Macauay and
Dickens
Bnt although disappointed in the speech of the
present Secretary of the Treasury, in which ex-
pected to find vindication of the double standard
4 oo,soIo ,,vse1f with the folIo,ying