Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1867-07-03

bankers and brokers, who change the money
of one country into that of another. Al
international committee on this subject of 9
uniform currency has been in session in
Paris. Mr.. Samuel B. Ruggles of New York
being the delegate from the United States
We print below an interesting correspon-
dence between Mr.. Ruggles and Senator
Sherman of Ohio, who was at the date Of this
letter in Paris, ON this subject:
Mr.. RrGGLEs TO Mr.. SHERMAN.
PARIS, May IL. 1867.
Nv Dear Sir You are of course aware that
there is special International 80 Commit
tee, now in session at Paris, organized by
the Imperial Commission of France, to sit
simultaneously with the :. Universal Expo
sition, and composed of delegates from most
of the nations therein represented. Its OBJ
Ject. among others, is to agree, if possible,
on common unit of money for the civilized
world.
1t is not improper to mention that the
opinions of the committee appear TO be run
ming strongly in favor Of adopting as the unit
the existing French five franc piece of gold.
May | ask what, in your opinion, is the
States Of America would agree at an early
period to reduce the weight and value of our
american dollar, to correspond with the
present weight and value of the gold five
franc piece in France, and how far such a
change would commend itself to your own
judgement.
also ask the privilege of submitting your
answer TO the consideration Of the commit
tee.
With high respect, your obedent SER
want, SAMUEL B. RUGGLEs.
HOTEL JARDIN DIES TCILERIEs,
May Is, 1867.
My Dear Sir Your note of Yesterday. in
curing whether Congress would probably, III
future coinage, make our gold dollar conform
N value t. the gold ive-franc piece has been
received.
There has been 20 little discussion in Con-
Zress upon the subject, that cannot base NV
opinion upon anything said or done there.
The subject has. however excited the at
tentiOn of several important commercial
bodies in the United States. and the time is
now SO favorable that feel quite sure that
Congress will adopt any practical measure
chat Will secure to the commercial world a
Uniform standard of value and exchange
The only question will be, how this can be
accomplished?
The treaty of December %. lsGj. between
France, Italy, Belgium and Switzerland, and
the probable acquiescence in that treaty bv
Prussia, has laid the foundation for such
,tandard. If Great Britain will reduce the
value Of her sovereign two pence, and the
Lnited States will reduce the value of her
iollar something over three cents we then
nave a coinage in the frame. dollar and SOW
reign easily computed. and which Will read
lily pass III all countries the dollar as FIVE
rancs, and tie sovereign as twenty-five
francs.
This will put an end 70 the loss and intrica-
lies of exchange and discount
Our gold dollar is certainly AS good a unit
# value the franc and so the English
think Of their pound sterling. The coins are
now exchangeable only at a considerable loss.
md this exchange is profit only to brokers
and bankers Surel each commercial nation
should be willing to yield little, TO secure Il
gold coin of equal value, weight and diane
ter, from, whatever Mint it NAV have been
issued
As the gold five frame piece is now in use
~ over sixty millions Of people of several
different natiOnalites, and is of convenient
Orm and size, 1T may well be adopted by
)ther nations the common standard OF
value; leaving to each nation to regulate the
divisions of this unit in silver coins or TO-
kens.
If this is done France will surely abandon
the impossible effort of making two standards
II value Gold coins will answer all the
purposes of European commerce 4 com.
non gold standard will regulate silver coin
,ge, of which the United States will furnish
the greater part. especially for the Chinese
trade.
have thought good deal of how the OBJ
lect you propose may be most readily accom-
plIshed. 1t is clear that the United States
cannot become party to the treaty referred
TO- They could not agree upon the silver
standard nor could We limit the amount Of
iur coinage, az proposed by the treaty. The
nited States il 50 large in extent-is 50
parselv pOpulat the price of labor is
% much higher than in Europe, that we re-
Iulrc more currency per capita. We now
liver of the world, and cannot limit our
coinage, except by the wants of our people
and the demands of commerce
Congress alone can change the value of our
coin. | see no object in negotiating with
1ther powers on the subject As coin is not
now III general circulation with us We can
readily fix by law the size, weight and meas
ure of future issues. 1t is not worth while
TO negotiate about that which we can do
without negotiation, and we do not wish to
limit ourselves by treaty restrictions
In England, many persons of influence and
different Chambers of Commerce are earnest
ly IN favor of the proposed change in their
coinage. The change is So slight with them.
that an enlightened self-interest will soon in
luce them to make it, especially if we make
the greater change in our coinage. We will
have some difficulty in adjusting existing
contracts with the new dollar but as CON
tracts are now based upon the fuctuating
value OF paper money, even the reduced dol
lar in coin will be of more purchasable value
than our currency.
We can easily adjust the reduction with
tile public creditors in the payment or CON
version of their securities while private
creditors might be authorized 10 recover upon
the old standard. All these are matters of
ietail to which hope the commission will
lirect their attention.
And now, my dear sir, allow Inc to say in
conclusion, that / heartily sympathize with
YOU and others in your efforts to secure the
adoption of the metrical system of weights
and measures.
The tendency Of the age is t. break down
I'LL needless restrictions upon social and COM
nercial intercourse. Nations are now as
much akin to each other, as provinces were
If old Prejudices disappear by contact.
People of different nations learn to respect
Zach other rs they find that their differences
ire the effect of social and local custom not
Ounded upon good reasons. | trust that the
Commission will enable the world
70 commute the value of Ill productions bx- T.