New-York tribune., 1886-07-18
A QUESTION or HOAES1r AND SAFETY.

4 QUESTION or HONESTY AND SAFETY.
The cheaper the silver dollar the moIe anX-
ious many Congressman are to pay the pubic
DEBT with it. That is just what honest men
would not prefer in their private dealings Nj.
Morrison would not thnl, of swindllng IN lndl-
vdral with whom he had dealings. If he were
bound by a contract, which he had the power 50
to conStruc as to take 100000 from neigh
Dor who had in good faith understood the con-
tlact the other way, and on that understanding
had invested his money, Mr.. Morrlson would
certainly refuse to take advantage OF the power
to strip the neiglibor of his money. That Is
to say Mr.. Morrison in private dealings is an
honest man. But he votes, and over 2OO men,
bers of the House vote, and IT Is said that
majorty OF the Senators may vote, TO strip pun
lie creditors of $36,0OO,OOO which they have
invested, i'll good faith understanding that Gov
erlment was bound by the law and III honor
10 pay them in gold 1t cannot be that these
members are ignorant that, when the Sl44,-
600 900 of 9 per cent bonds now payable at
the option of the Government we've extended by
consent of holders at 3 per cent instead OF
per cent the whole country expected to be paid
in gold. The Treasury and its agents had dis
bonds were so payable, and the extension was
by every creditor in this county and abroad
agreed to only because he supposed the new
bonds would be payable in gold. Does MI.
Morrison deny it ? Ills speech III favor OF his
resolution has been carefully examined, but not
a word of denial appeals If that was the ui:-
dcrstanding of AL creditors who consented To
extcrd their bonds, and of public officers at
tlmt time also. Mr.. Morrison Is voting To have
the Government do exactly what he would thllk
it mean, di>honoIable, and positively ia>c"ly
for him To do i'll dealing with any individual
Because his resolution involves with scarce
ly any delay the payment of bonds IN silver dol
lars Mr. Morrison thinks otherwise, but he
/, honestly mistaken, and great many other
men with him, who fail TO see that the lmme-
date demands against the TIelsuiy are liable
to exhaust all its gold and leave nothing but
silver for bondhollcrs. The passage oi the
Morrison resolution would virtually say 10
bankers Get gold us soon as YOU cam ior
any commercial customers or investors yon mean
to protect for it is going to be ut premium
auickly.' The National banks hold, according
to their statements OF June 3. 9l,ool, ,'3o
in legal tenders and legal tender certificates
Shewd bankers would at once pass along the
legal tenders and the legal tender certificates
to the Treasury, and get out gold III older TO
have lis much of it rs possible when premium
should come. Holders OF gold would pay any
other kind of money to the Government ior
customs duties and other taxes. Is 1t not evi-
dent that the Treasury receipts of gold would
rapidly sink TO virtually nothing But the
Secretary would Try to maintain the public
credit by continuing to pay ont gold ioi Dohds'
for interest on the public debt, and IN iedemp-
ton of legal tenders presented. with gold
receipts substantially stopped, and $lOooo,ooo
payable monthly for bonds, and about
25,OOO.OOO during the next six months pay able