Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1852-05-22

The CURRENcY.-Mr. Senator Hunters bill
from the Finance Committee of the Senate pro-
posing to reduce the quantity of pure silver in
the fractional coinage, has for its protested object
nothing more than to prevent the expectation of
silver coins. This is to be accomplished by leg
SEEMING the actual value of the coins yet retaining
the nominal value. Hence these coins will be-
worth moro in the United States than they would
be In Europe, and thus they will be kept in the
country.
The actual result of the measure, if It should
become law, will be to change the ratio of value
as now existing between silver and gold For it
must follow as matter of course that the silver
coins now in us will either be converted into the
new coinage, by which the holders would gain the
difference in the intrinsic value of the two or
be exported, since their market value would be
greater than their mint value In either case
they would disappear from circulation, and their
place would be supplied by the new coinage
which would constitute the only silver currency
This Is not a result to be complained Of Per-
haps it would have been better if the Finance
Committee had avowed at once the purpose of es-
tablshlng new ratio of value between silver and
gold and had framed their bill on the plain basis
of such an alteration. There is, we believe no
doubt of the fact that silver has appreciated of
late years in comparison with gold, and that it is
likely to appreciate still more. If the fact be so
we cannot see that any harm would be likely to
come from recognition of it, or from cores
ponding adoption of the two metals-since both
are used in our currency.
We notice some discussions as to the expedien-
cy of establishing only of the precious metals,
gold OF silver, as the legal standard-in which
case 1t would not be of so much importance to fix
precisely the relative value of the two metals
one towards the other The question upon this
point will be practically settled, we presume, by
the increasing abundance of gold, as compared
with silver; although in truth, the actual curren-
cy In large transactions and indeed in the gene
raj operations of trade, will consist of neither
gold nor silver-but of bank paper, notes, drafts
or bills, as now and heretofore. Gold is the
standard OF value in England and the legal tender
for all sums over forty shillings. Silver is the
standard IN France We do not that it
makes any great difference which metal is ia
ken for this purpose, or whether both are used.
The two will have their intrinsic value in any
event, and both will command money's worth
in any market in the world-whether the law de-
signates one Or the other as the standard of cur
rency value. The greater abundance of one me-
tall as of gold at this juncture, may be expected
as matter OF course to bring it more largely into
circulation coin. The increased use of it,
consequent upon the increased supplies from
California, has deem further prevented by the
expectation thus caused. Mr.. Hunter's bill will
check this latter tendency, and will have the eff
tect no doubt to keep enough of silver coin in the
country to answer all the purposes for which coin
is needed
suggestion has been made, whether it would
not be well to have gold coins, with an alloy of
copper to make them of convenient size, to cor
respond in all the denominations for which silver
is now used, from the dollar to the dime and half
dime. If gold should be adopted by law as the
standard OF currency value, this suggestion might
be we'll in place-Balt. American