The republic. [volume] (Washington [D.C.]) 1849-1853, 1852-05-10
The Currency Question.
From Tie Philadelphia Ledger.

From The Philadelphia Ledger.
We have another article on the question Of Sena-
tor HuNTER's Currency bill, and as it is evidently
from source in possession of much practical in.
formation on the subject, the reader cannot fail 10
be instructed from careful consideration Of its
facts and arguments.
To the Hiitors of the Public Ledger:
GEsTLEnENi The bill Of Hon. Mr.. Hunter,
reducing the weight of the half and quarterdollar,
dime and half. dime, with view to restore to the
currency the coins indispensable in retail transac
tions, has been powerfully assailed in the Ledger,
first by Mr.. Gouge, in his letter published 18th
ult., and again by a correspondent r. s. G.. c.
With your permission, / propose to exhibit some
Of the Of these articles, and to defend the
measure upon which they animadvert.
The fundamental error which they both exhibit
Lies in the assumption that the silver dollar and its
parts do noc constitute a money ndard OF yalua
ton. The fact is, that the gold coins prac
ticaly the standard; and this truth II is indie
pensable to bear in mind.
| Inlap, both gold and silver constitute standards
The money of account the dollar, finds its repre-
sentative in both gold and silver. These metas are
coined gratotously, at a fixed relation to each
othcr-sixtccn ounces OF silver In coin being de-
clsred worth one ounce in gold coin; and both is
| sues arc legal tenders for all Gums whatever
4 But such a double standard, while coinage 10
gratutous, has always, and will cver prove nuga-
Tory when the relative cost Of gold 10 silver in
bullion varcs from the relative cost of the metal i
coin According TO the painest laws OF trade, such
variations will take place; and il follows, as n di
rect consequence, that the metal which lie ovcrval
ued in coin-which, in other words. can most pro-
titably be used in payment of debts-bccomes the
standard. We have, in fact, not two standards,
| but one; but. unfortunately, instead of being at
| tached TO metal, il is osciHating Standard
| at one time gold. Mt another silver. The laws Of
trade, in this matter. oanno; be controlled by false
| legislation.
The assertion Of Mr.. Gouge, that "svcr Is now
and always has been our legal standard" is there
1
silver being overratcd by law, relatively 20 gold,
was the practical standard till 1884; at that time
gold was very slightly overrated, but not snfii-
GENTLY TO exclude silver, and consequently both
metais circulated concurrently till the introdu ton
Of California gold; since that time the oyervnlua
ton Of gold is so marked that we have seen al
most entire suppression Of the silver currency. and
gold has become the standard, or practical repre-
| sentative Of the money Of account.
That this is true, 10 sufficiently proved by the
fact that silver is nj premium. lfsilver sis now"
the standard 10 which prices are referred IL is at
premium with i,self. worth than it is
worth-nn absurdity which cannot be explained
away. X makes the silver dollar worth, at the
Same moment, both 100 cents and l0l cenis;. which
is n IL a foot could be both " and - inches, and
yet be q standard moasurc.
Why, then, should Mr.. Gouge invcigh against
Mr. Hunters bill can effort TO change" the
standard "bccause IL substitutes the gold dollar for
the silver dolar;'' your correspondent, because
it "tampers with the soundness OF our currency,
alters our standard OF valuation" IL is not HE bill
which proposes will effect any such result; but
the change is already madc--the alteration dcpre
| Gated is an eIisting fact Gold coin has become
the only standard money, and silver coin remains
only as curiosity, or 10 the shape Of punched and
clipped coin, deprecated foreign Issues In
such circumstances, tho appeal OF MIR. Couge and
your correspondent TO protect the silver standard
| from change dehasemen mt, becomes almost lud-
croos What they wish 10 save has no existence
save in the memory Of the past, or the dead letter
| Of the law.
| But such state Of things is immensely inconve.
nient, from, the almost total suppression Of the
most useful part OF the currency. that necessary
for conducting the retail transactions of commerce.
II hecomes, therefore, the duty Of the statesman to
iutcrposc a remedy.
| Now, perfectly agree with Mr.. Gouge and
your correspondent. that the best metal 10 repre-
sent the unit Of account-the dollar-is silver.
And, inasmuch as but ono money standard is, in
4 the nature Of things, possible, IL would, in my
judgment, be a highly beneficial and wise legsla-
ton To Withdraw from gold its present privilege OF
legal tender and coniinc that privilege 20 silver
| exclusively--a measure which would, Of itself,
| remedy all present difficulties. And whatever
might be the inconvenicnccs or odium OF such
change, yet so important is IL to secure steady
representative OF the money Of account and 80 GER
tain IL u that silver is in that respect preferable TO
gold, tbst sincerely hore the Legislation to this
end may be effected. But, while such is my hope,
am free TO add that have not the slightest faith
that the law will ever be so changed. When con
slider that TO withdraw the legal tender from gold
would array In opposition, first, the party Of debt
ofs, whose lnterest ts 10 pa neir ueDts IN fneap
currency; second, the producers OF god the profits
OF whose labor II would be thought likely 10 esscn;
third, the banks and other holders Of gold coin,
which would Instantly depreciate ON their hands;
fourth, those who, from blind feeling OF national
ty. would persist in retaining the legal tender Of
gold because II is n native product When con-
slider these elements Of opposition IL appears to me
forlorn hope to think that Congress can be per-
suadcd to any such OF Legislation. however
founded in justice and reason.
hut IL is signal merit Of the measure proposed
by Mr.. Hunter, that while il remedies all the i'm
mediate Inconvenience OF the present crisis, IL
leaves entirely open 20 adjustment, by future leg.
islanon, whether gold or silver shall be the ic-
gal representative of the money Of account. u,
indeed, accepts IA existing fact, that gold is
the real standard; but il does not declare il the
sole standard, nor, that can sec, does IL give Il
any undue preference which will create an oh.
saclc hereafter 20 tho adoption Of silver The omit
Of account, both in the silver dollar and gold dol
lar, remains. unsltcred.
WHAT'S the measure proposed' Simply 70