Year: 1877




Tho passage Of this measure through the
Hosue seems to have caused great uneasiness
in Wall street and among the devotecs of
speculation thereabouts. This is not at all
surprising. When the silver bill shall have
become law it will relax the grasp Of the
speculating power from the hoard of gold,
and there will be n speedy following of re-
lief to the business interests of the country.
The fear of this result now agtates the
money centres, as is evident from the tone
of its organs The New York Herald, which
responds to Wall street rs the pulse in the
wrist does to the chb and flow of the
life current in the heart, is greatly excited,
and says, with an air almost of despair:
1--WE rely with unfaltcring confidence on
the President TO intcrpose his constitutional
negative if this silver bill should pass the
Senate. II Is inconceiyablc that Mr. HAYES
the national credit and make it impossible
for the Government ever to sell another
bond in Europe"


The fear of having another and power
f\ll factor in our circulating medium at par
with and equal to gold has a very depress-
ing effect upon those who have been able
heretofore to keep a speculative distance
between gold and paper money, and thereby
secure individual benefits and profits at
the expense of the general business inter
ests of the country. The bugbear that to
furnish this country with fifty or one hun
dred millions Of silver dollars, equal in value
with the gold dollar, will PROSTATE the
national credit, and make it impossible for
the Government to sell another bond in
Europe is too silly proposition to frighten
sensible people. The organs of the money
power demand that the President shall de-
feat the wishes of the people, as expressed
through their representatives in Congress
by applying the veto power to measure
that the general welfare requires, and with
ont which the people-not the money spec
ulators-will not be content.


We have grave doubts whether the Presi-
dent is to he wheedled or frightened from
his propriety in this instance by the cry
that our national credit is to suffer from the
recognition of the silver dollar MS u par fac
tor in our currency. Neither will the man
of straw in the shape OF a scare-crow, re-
lating to the possibility or impossibility ol
selling another bond in Europe answer the
purposes of Wall street Give lis the silver
dollar at par with gold, and let the money
of the country loose upon its business in
tcrests, and then the people can take our
bonds as they did during the war to crush
the rebellion, and we shall have no need OF
pcddling our national credit in Europe II
the executive can be induced to apply the
veto power to this measure of public cIpc.
dicncy and necessity, in defiance of an
omnipOtent popular sentiment, then tn,
country must submit but we think he will
hesitate before he assumes such fearful
responsibility.


In the paroXysm OF its fear lest the spec,
ulativc power of the money oligarchy may
he circumscribcd, the Herdid has coniured
another frightml image in the assumption
that a silver dollar, made and issued by the
Government, under statute which declares
ii of par value with gold, IL only worth
ninety-ivc cents. And, further, that thi,
measure will be equally disastrous to ricl
and poor, 1t says " the latter have some
thing like fifteen hundred million dollars il
savings banks of the country, and this swim
ding silver bill would cost these deposition
more than hundred Millions Such
proposition is simply absurd as its premise
are hollow and its conclusions sensclcss
There is not poor man in the nation wh'
his deposits more or less, from saving
bank in the silver dollar and take the haz
ard of the five per cent, loss that is thrus
forward by the speculative money power.