Camden journal. [volume] (Camden, South-Carolina) 1852-1852, 1852-06-01
The Silver Currency Again.

4
The Silver Currency Again.
The Northern Journals or their correspond
ents, are still engaged in earnest discussion on
the merits and defects OF Mr.. Hunters coinage
bill. We have never known subject so suscep-
tible of precise and simple treatment so entan-
gled by contradictory and confused reasoning.
Now the advocates for taking from our silver
coins certain quantity of the silver they con-
tain, and not adding to the quantity of gold in
our gold coins, contend that this is the only
mode of restoring the true relative value of the
metals they also contend thai to put more gold
into our gold coins would be unjust to the debtor
who has made engagements to pay given sum
in either gold or silver. The only injustice is
that he is prevented from paying a stipulated
amount in one of the metals which has suffered,
or which may undergo depreciation. But the
inconsistency is not perceived that to take from
the silver coins is unjust to the creditor, as it
forces him to receive, the option being with the
debtor to pay either in gold or silver
In this stage Of the question the Banks have
taken the alarm, Mr.. Hunters bill being at pre-
sent hung up between the two Houses, and there
being apprehensions that it will pass the House
of Representatives. Those connected with the
management of those institutions insist that if
the bill pass it will drive the remainder of our
silver currency abroad, for all that fund of silver
coins now retained by the banks, at some sacri-
flee, they will be compelled to part with, to avoid
much greater sacrifice. They may be willing
to lose or per cent on their stock of silver
coin; but not per cent, as they would, if Mr..
Hunters bill passes, for this is the loss which
will be incurred by that bill to all those banks
which retain stock of silver coins. This will
be the difference between the new and the old
silver coinage.
Now when all this discomfort and apprehen-
ded evil may be avoided by the simple expedi-
ent of making silver the sole standard ard local
tender we are surpprIsed at the pcrtins
those who adhere to gold as that stapda
legal tender, and seek to adjust the relas
ue of the two metals, matter incapable
justment. 1t is replied to this mode of hso
ing the evil that loss would fall on Government.
On whom can that loss fall more fttingly
Who should pay the penalty of the bunders Of
Government but the Government itself! 1t is
computed that if Government receives its dues
in gold and ceases to pay in gold, it will lose
S5,ooo,ooO, supposing gold has fallen per cent,
100000 millions being the amount supposed to
be in circulation. If there is only one legal ten
der established, and that tender silver this first
loss would be the only loss. If both metals con-
tinue to be legal tenders, the loss, of course,
would be continually renewed to individuals
the class of creditors.
If our gold coins are received for Government
Dues at their nominal value, and not re-ssued,
the proper corrective would at once come into
action. There would be an increased domestic
demand for silver, for coinage. This would ele'
vate its valte in the United States, counteractive
of the foreign demand and higher foreign value.
Connected with this should be the calling in of
all the debased Spanish coins now in circulation,
so as to produce uniformity of denomination and
valne iu the whole mass of our silver coinage !;
making no change in our silver coins in any re-
gard As an adjunct to the scheme of an.excu-
sive standard and legal tender in silver, gold
could be assayed in the U. S. Mint in bars or ing
OTIS, of determinate weight and purity. They
would assist to keep our silver coins in circula-
ton, for they would be employed in information
al commerce to adjust balances, provided we did
not displace our silver coins by deprecated pa
pcI IL VIC lSSueu uO uOLcS UtlOW ufc
dollars, we would retain the whole of our silver
coins. If no notes are emitted below the value
Of one dollar, we shall still retain our subsidiary
silver currency. Gold would then find its true
commercial value as commodity. Its fluctua-
tions would affect the class neither of the debt
ors nor creditors. Remittances woull be made
in gold for the adjustment of a commercial bal
ance more especially as to the country to which
we become most frequently and largely indebted,
we are bound to make good our engagements in
gold.
We hope, then, that Congress will get rid of
that anomaly and embarrassment of a double
standard and double legal tender, and invest
that metal with these functions that preserves
its value most uniformly. Silver is rapidly be-
coming the universal standard and legal tender.
This must be tho consequence of general con-
vietion that it is fttest for these offices.
Charleston Evening News.
The PREss.-The men of the Press, are among