The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-02-25

coinage measure OF this kind ought TO be well con-
sdered before il is resolved on and with the view of
calling attention 10 the important points involved the fol
! lowing considerations are offered 10 the public
L. Silver. as is generally agreed BY political economists.
is The best standard OF value IL Is 80 because, among
other reasons. the whole mass OF silver IN the world
greatly exceeds IN value the whole mass OF gold. and
thus is less liable 10 be affected by variations in the an
nual supply According 10 the best authorities the value
OF all ts silver in the world is three times great the
value of all the gold
Q Silver is the best standard Of value. because the sn
nual production OF silver much less liable 10 variation
than the annual production OF gold Occasionally rich
depostes OF gold found, has recently been the
these deposites Tor the most part exhausted Silver
mining is, on the contrary regular business Like all
other businesses. is Liable to be affected by political and
other but the eec, which be produced by the
application Of capital and labor 10 the production OF sill
yer IN gwen localities in the long be calculated
upon with much more certainty than the application OF
capital and labor TO the production OF gold While, ac
cordng 10 the London Economist the production OF gold
Increased four told for the last ten years. or from El
100000, IN $780, 10 E6,s322A in 1880 there was bat
little variation in The production OF silver It being
t6s52.274 in 1910, and f76lo,Ooo in 1850 Examples
OF like kind TO be found in the past history Of the
world According to received authorities the production
averaged about 900 year, aud that of silver about
$2 100000 But about this time the regular working OF
the mines OF Brazil commenced, and IN the next hall
century the production OF gold was on The average
about 100000 year. while no change took place in
the annual production OF silver.
B. Silver is the best standard Of value because the de-
mand Tor IL, both in the arts and commerce, IL more
ensive than the demand for gold Silver is the most
convenient medium in the trade Of consumption, and as
such used in transactions than gold. The trans
actions are Individually small but in the aggregate
amount 10 England is the only country
that makes gold ills standard Of value and even in Eng
land silver is extensively used in all transactions OF less
amount than five pounds sterling, equal to about twenty
four dollars, federal currency In all countries but Eng
land silver is the standard, and gold only subsidiary
currency This very fact-the universal or almost uni-
versa adoption of silver standard throughout Europe
Asia, Africa, and America-gves TO that metal greater
hxidly OF value than II would otherwise possess The
trade of consumption must the long run, regulate the
trade OF speculation and throughout the world silver Is
the medium generally used in the trade OF consump
ton Even the articles that sold in the first instance
for gold for the most part sold again Tor silver, by
the time they reach the consumer Thus the articles the
worth OF which tested by bringing them into compar
in aggregate value the articles the value OF which is
tested by bringing them into comparison with gold.
The larger the on hand OF article the less the
annual production varies and the extensive the de-
mand for II, the more uniform will be It's value All
these combine to make silver better standard
than gold Both may be used as circulating medium
| both may be made legal enders-bu one only can with
propriety be used standard and for the reason
stated, the preference should be given TO silver.
a. Silver is official standard of value in the
United States, and always has been Our doll is not
mere dealny. Iii tang bic ponderabe object, made
OF silver and copper. Ever since the act passed for
the establishment of the mint, ii has contained 81
grains of pure silver, and neither less In the
management OF our monetary affairs, Americans have
many things TO be ashamed Of and but one thing TO be
official standard Of value The quantity of alloy in the
dollar has been altered but not the quantity Of pure silver
AT the time the mint established the market value of
gold to silver about fifteen 10 onethat Is to say
one grain OF pure gold worth fifteen grains of pure
silver. We accommodated gold coinage 10 silver
standard and issued eagles containing each 247A grains
OF pure god-tha being then, nearly could be es-
mated the exact number OF grains OF gold equal in value
10 ten siiverdoars In the OF time gold rose in
It's market value, that grain oil pure gold became
worth sixteen grains OF pure silver Then we issued
eagles containing each 232 is grains OF pure god-,hat
beng, as nearly could be ascertaned, the exact num-
Der oil grains OF gold then equal IN value to ten silver to
lars Thus 1t has been practice from the beginning
10 adapt our gold coinage to our silver standard We
have never vet changed our standard and OF this we
may justly be proud Instead OF saying that silver has
rsen would be correct to say tina, gold has fallen
IN value Whether say that gold has fallen in value,
that silver has risen amounts indeed 10 the same thing
for all value is relative, and metal cannot rise IN
value in comparison with another without the other fall
ing But silver being our Official standard, II would be
more correct TO make II our standard IN our commercial
computations In Eng and where the official standard
gold there proprey saying that silver has risen
but this phraseoiogy in the United States is not perfectly
s. 1t is matter of doubt whether the presen, fall in
the value OF gold, If the reader prefers the term, rise
n The value OF SILVER Will be permanent Instances have
before occurred in the worlds history OF great increase
the production OF gold, without that increase being at
tended by permanent change IN The ratio OF the precious
metals The London Economist tho small authority on
such questions inclnes to the opinion that the tall IN the
value OF gold will be temporary arbuies the present
demand for silver chiefly 10 the action of the
longer be legal tender, and 10 the action OF oil the
German States IN endeavorlng TO substitute silver CONS
tor Trash notes. The action OF the governments OF Ho
land and Belgium has made II expedient for the bankers
IN these countries TO change their reserved stocks OF gold
Tor silver and this, combined with the efforts simuita
neousy made in of the German States TO substitute
coIn Tor small noes, has caused demand for silver,
which 49, indeed, active, but which may not be OF very
long continuance The Economist is further Of opinion
that the production OF silver is the increase and that
the increase will be quite considerable, owing to the
working OF the quicksilver mines IN California
O. IL there IL 10 be permanent change IN the relative
values OF the precious metals must wait time 10
ascertain what that change will be. Till within the las
twelve months there has been, most parts OF the Uni
ted states, relative scarcity OF gold II any coins have
borne premium 1t has been the gold coins. In ls4s49
the treasury Offices found the amount OF silver they had
on hand quite announcement
II our silver coin to be debased must be very
careful not 10 debase II too much Otherwise we shall
give occasion, not 10 counteets, IN the OF
the word but TO correct limitations OF II by private manu-
features. Debase ten per cent has been proposed
by writer in the National Inielhgencer, and we shall
have plentiful supplies from Birmingham, Eng land
There great many steam engines in that city, and
the owners thereof will make great profit by manufac
and passing Them in the United States for dollar
The British government has, indeed, debased silver
coinage Tor small Transactions but II IL careful to
limit the supply thereof and not 10 debsse IL much
10 make the imitation manufacture OF 1t great object
AT the same time watches the Bming ham gentry very
closely, and has actually detected hen the manuac
ture OF coins Tor foreign markets The OF aebase-
is only about per cent Ii takes sixy-two sbllngs
worth OF silver estimated in the bullion Market and
coins II into sky shilling pieces Each shilling piece
consequently contains ii al pence worth Of standard