Year: 1878

WASHINGTON, Feb. o. 1873
THE SILVER BILL TO BE VETOED BIZ THE


PREsIDENr--EYFEcr OF THE MEASURE AS


PASSED BY CONGRESS.


The Silver bill will certainly be vetoed, all reports
and rumors to the contrary Notwithstanding. The
bill cannot reach the President before Monday after
There reason to believe that he will not de-
tain it for the full or days which the law al
message during tho coming week.


Meantime the bill has been closely scanned to-day
TO ascertain rs exact effect II Il should become law
is generally acknowledged by those silver men
Who are capable OF oomprehendng Its financial bear.
ings that


Fsrst-It permits the national banks and citizcus
generally to make contracts In gold or paper money
70 the exclusion oi silver end, rs General Butler
pointed out TO the Silver Union caucus united action
on the part Of tho banks might easiy prevail keep
silver almost entirely out OF circulation.


Second-It is seen that as the Treasury Is to buy
bullion and coin It into dollars the Secretary need
pay out silver the revenue being sufficient to meet
the expenditures Inoeed he could only issue silver
by retaining in the Treasury equal amount Of
greeDbscks, and the belief here In we'll informed
quarters Is that be means 10 put out silver rapidly
and In as great amounts as It can be coined Hc has
now about ninety millions Of gold II he can, with
The help Of silver dollars get forty or fifty millions
OF greenbacEs no will be in very fair condition. It Is
thought by some people, for resumption when the day
comes with the coinage Of silver dollars going all
the time to help him.


1aird-Iti is further that the coin certificates
NJ
purposes, the clause about their reissue boing per-
missivo only.


Fourth-Finaiy, It is said by the friends OF sound
money that the International com mission authorized
by the bill Will be able ascertain before the next
session OF Congress whether silver can really aud
effectively be remonetized, which can only be DONE
OF course by general agreement with several Eu
ropean nations. and that thus, before moro than
twenty or thirty millions OF silver dollars can be
coined, the question whether silver can be used
equally with gold, whether its must necessarily
be restricted to the purposes OF subsidiary coin will
bc decided beyond controversy for all except those
who, as Mr.. Ewing said yesterday of himself want to
use deprecated dollar to pay OF their old debts


In all these calculations, however, further movo-
mcnts OF the silver in1ationists lett out OF the
question These do not, Of course, mean to be con.
tent with the present bill II the President should
sign It that would encourage and strengthen them
without doubt for further and more decisive opera
tons against the public credit and as they do not be-
leve that the kind OF measure they want could pass
In tho Senate they areaoy talk OF tacking on as an
amendmentt to the ApproprIation BILL But this is so
far merely throat. Il is not at all sure that the
House would countenance such an expedient and the
Speaker would undoubtedly rule 1t out OF order. H.
on the other hand, the President should veto the
present BILL this would probably encourage effort
By the friends Of the governments credit to present
hs an alternative bill authorizing tho issue of
forty or fifty millions OF SILVER dollars as subsidiary
coin with limited legal tender, further operations
await the report Of tho International Commission,
and with. mas been suggested distinct understand
Ing that the American members OF that ommission
shall be instructed to labor for the reconciliation of
silver at a common ratio by several European ma
lions In common with ourselvea A measure Of this
kind judiciously framed, while It would, OF course,
get the utmost opposition from the extreme silver
men, would. thero Is good reason to believe have the
support OF q considerable number OF moderate silver
men-the class who want TO silver made part OF
the circulation, but who neither want TO destroy the
credit Of the government nor begin new imitation.