The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-01-04
The Depreciation OF the Gold Currency In
kuIore. The Disturbances q. the silver

E"0re. Thc DlsturDances In the bhver
Market.
(from the London Times, Dec. 9l
1--WE are niofmed'' Gays evening contem-
pornry, "that IL has been determined by the French
ministry, apparently in view Of the appre hended
depreciation OF the value of gold in relation TO sill
Yer, To propose 10 the Assembly an immediate
abolition OF the law making gold, equally with
silver, a legal tender" Ia the present state of
things il is mstter of absolute necessity 10 have
only one legal tender II twelvemonth ago
standard napoleon was worth twenty standard
francs, II will now be worth more IN ~ francs
and 10 centlmrs, that being the actual deprecia-
tioD OF gold compared with silver, or, as some
would rather put IL the appreciation Of silver COM
pared with gold. Even II the present comparative
value should continue, French ive-iranc pieces
will probably be exported to Germany, ana even
10 America; but should the demand Tor silver in
crease, IL will be found Impossible TO sustain the
omnal value of the gold twenty franc piece ia
the French currency 10 fact, the public will
make the hsnge ny universally tcndenng the
defreciaied me tai IA payment OF taxes aud other
Or BITS, IL becomes, then, question which metal
she'll give way 10 the other. Ia France that Is
hardly question. The franc is part Of the natioa,
aId the goli currency has never been considerable.
Perhaps, too, It Is the interest ofthe government TO
keepup the currency, ts revenue beiag three times
the interest Of it, debt Were silver TO be mace
the only sgal tender, with the preseLt amount of
the revenue and OF The debt, rise OF per cent in
the value oi silver would be virtual gAia OF near
~ 1l,COc,OOO year 10 the government. Were
gold 10 ht made the legal tender. supPosing il poe
ralse the nominal rates oi taxes. Ii is impossible,
however, TO retain the double tender, and there
can be no doubt that the silver will remain.
Whether there viii suil contiI ue gold COIN
age, and wnat place Il will occupy In the clrcu-
laiicn IL ~ not tssy to say la this couatry u is
usual 10 cay that the suyertlgn - the only true
cCin, and that shiiliugs and pence are oalg tokens.
Oufs. however, will soon be the only nation in the
world IN which gold Is the legal tender ant,
perhaps, the only nation with gold currency. IL
emains to b. seen whether the UnItel States will
succeed IN relieving IT. siraitened silver currency
with the substitution Of gold II the intrinsic value
of The gold eagle Is threatened with depreciation
81 or per cent every year, It's superior couyc.
nrnce, IN other respects, will constitute but
poor equivalent, ami few will take money which
They will not be able to change into dollars except
at considerable discount That the recent change
in the comparative value OF the Two metals will
proceed m the came direction, there can be no
doubt II is true that there Is gre II and extra.
ordinary demand for silver; that II lis wanted 70
pay the continental armies now 10 mo iOn, and
that II is boarded by persons epprchensiye
ot tUmult wsf; hut II Is equally true that
there are great demands which are likely TO
continue here " \ great demand tor silver
IN the Unite states. There must always be
great demand for SILVER, for the Of large indus
iIial operations should commerce and eniergrise
resume their former activity throughout the con-
tp,n Il the settlement oi the present unfortunate
differences, there viii forthwith be an increased
demand Tor the coinagr of class suited for the
payment ot LABOR. But, with the supplies Of gold
now pouring IN from California, whatever Ia ereases
the demand tor siiver must aggravate the difficulty
OF combining gold and silver coinage ca any con
dlnons whatever, except that of making the silver
coin mere token. Even ia this country, the
mint can no longer afford to issue shilugs at their
former weight of metal As the objections to gold
coinage increase, and as IL becomes excluded from
other counires, the metal must become cheaper
end cheaper, and " is difficult 70 see how IL should
not be eventually drpreciated, not snly as com
pared with silver, but alsc as Interchangeable
with the ntctssaties end chiei comforts OF life.
Thus far, The istter depreciation has not taken
place. A sovereign viii uOv purchase more Of
corn, mesi aud many ouirr things, thaa u would
tive ytars ago, before the diggings we're heard of
IL viii b. observed that the above remarks are