The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-09-29
Tho Silver Law,

deemed 10 DC fclssucu. Stcihs Ihht Wv
sunrcme Court has already decided that
the law making greenbacks legal tender
Is constitutional, there would not seem 10
DO much In the new case. The only new
no,pt Il as to whether Congress can with
out violating the Constitution make paper
money legal tender in time OF peace.
That court long ago decided that Congress
could do so in time OF war. Inc
Cons.i,ution is the same instrument in a
time OF war that II is In time OF peace.
We are unable TO find in il any provision
which would Justify The supreme Court in
sustaining the point mentioned. That
high tribunal, as at present constituted,
NAV reverse the decision last made upon
the subject, and decide that Congress can
no, constitutionaly make grccnbacks a
legal tender either in state OF peace or o
state Of war; but we have no idea that 1t
viii decide that Congress can make green
backs legal tender .fdgrdnte JeiIo, but
cannot make them legal tender at other
times.
ST.. we started out TO say few words on
the silver question. The New York Times,
in referring TO the case above alluded TO,
which is expected soon 10 come up for de-
cislon. SAYS OF the law authorizing green
backs 10 be reisSued:
This change exposed the Treasury 10
crest danger, since il would have been
possible under the law Tor the pOsscssors
OF few millions Of grcenhacks 10 have
demanded their exchange for gold, with
the gold to have purchased like amount
O. notes TO he again redeemed, and 50 on
until the reserve fund Of the Treasury was
exhausted. Had not the failure OF crops
in Europe and the enormous production
IN the United States drawn heavy influx
OF gold to this country the Treasury might
have been much embarrassed by the opera
tion OF this provision"
The Times exposes the fsct that its party
10y It's legislation came very near running
the country. What prevented that ruin
Nothing bat the silver law. But for this
law. the spectators would, rs the Times
says, have drawn all the gold out OF the
Treasury, and in less than two months the
policy Of the resumption OF specie pay
ment> would have been proved dead fail
uro. This silver law was passed by the
Democrats, aided By number OF Republic
cans. and was passed over the veto OF
President HAYES. This law prevented as
gr5a. a panic from occurring in 1879 as oc-
cured i'm 1873; and il that law were now
repealed, and the Government and the
banks required to redeem their paper is
sues in gold, panic would result in less
than SIX months.
We again call attention 10 facts which
were mentioned by us few weeks ago,
but which have received no attention from
the metropolitan press. Document No.
463 OF the Bureau OF Statistics shows that
for the first seven months OF the present
year there was exported from this country
nearly three times 81 much silver as gold.
The figures are, OF gold, 24,947,335; OF
silver, S13.2l1,S79. The imports show 4
fact Of the same hature-namely, that we
imported during the same seven months
more gold than silver. What do these
facts indicate? They prove, ii nothing
else. NJ least that silver is not driving gold
out Of the country.
we have claimed the silver law as a
Democratic measure. II was such to all
intcnts and purposes, though many OF the
Repub,icau members OF Congress were
afraid 10 vote against it. The Republicans
would never have originated the bill; but
after II had been originated many OF them
supuor;od it. The vote in passing the bill
over the veto was in the House OF Repre-
sentativeS, ayes 1856, noes 10; and in the
Senate, ayes 46, noes 10. Senators WITH
ERs and JOHNSTON and Representatives
Ran. TUCKER, Governor WALKER, JOHN
GooDE, JOIN T. HARRIS, and PRIDEMoRE,
were among the Virginian congressman
who voted TO pass the silver bill over the
Presidents veto.
Strange TO say, the passage OF this bill by
the Democrats caused the election Of GAR
FIELD in 1880. But for the silver law, the
resumption act would have failed of its
purpose, rs tl.e Democratic platform Of
1876 said 1t would, and tie Republicans
must inevitably have been defeated In 1880
because Of the panic which would have
followed in 1879. The Democrats in Con-
gress in 1873 thus passed a law which made
GARFIELD President in 1881. MAN pro-
poses, but God disposeS.'
The country owes its present prosperity
10 the silver law. In the absence OF such
n law resumption of specie payments would
have been nm impossibility under the cir.
cumstances which existed in 1879. Tn,
silver law was. we repeat, Democratic
measure. II made resumption possible
Successful resumption elected GARFIELD
President OF the United States. Thus, W,
say again, the Democrats gave to the Re
pubicans the stick with which thcI
head was broken in 1850. But il
1883 the Republican journals of New Yorl
ridicule the silver law, and use 1t to defes
the Democrats In State elections. And S
far as New York State Is concerned tn
Democrats deserve TO be defeated on tn
issue, because the Democratic papers thei
repeat all the nonsense which the Republ
can papers utter on the silver question.
is only the Democrats OF the South an
West that deserve credit for saving u
country from a panic in 1879 whose evil r
suits would even now have been visible
the want OF prosperity OF the who'll coul
try.
TREvLIAN's DEP0T,
CHESAPEAKE AND ONO RAILWAY,
LOUISA COUNTY, Va.
10 The Editor Of The Dispatch:
Allow me 10 renoYf tnrouOh vour nan,