The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1867-10-02
Uniform Metallic Currency.

NJ. Michel ChevAlier, in 4 letter to the Jour
nal des DsJats, discusses the monetary question
now submitted to an International Commission
at Paris, and he does SO with the superiority OF
talent, Of language, and Of the eminent French |
auality-clearness which distinguishes all he |
writes lie admits that, though there is much
to be said in favor of tho French franc piece
in silver there Is no chance Of silver standard
being adopted, gold having" he says. lob
tanned the preference Of the greatest number OF
States. The English, he continues, ARE very
determined on this point; they will have gold
pieces, nothing but gold. Silver, with them, Is
only employed to make up sums and silver
pieces are Of q nominal value superior to their
real one The Americans appear to be not less
determined in favor Of gold pieces and Portugal
has the same sentiment"
Having said this, he shows briefly the objec.
tons scientific and practical, to maintaining
both silver and gold standards, inasmuch as 1t Is
impossible to keep up a fixed proportion In the
value of the two metals. Then he examined the
proposition which has been made to reduce
slightly the value Of the English sovereign (by
about 2d.) and the United States s. gold piece,
in order to make them equal to 25fr French,
and to coin 25fr. gold pieces in France. But he
doubts that the English would consent to such
measure. They are rigorous" says be, ION
the chapter Of money. They shrink from no
sacrifice to maintain their money perfectly in.
tact; they make 1t point Of honor so to do, and
they are right" Besides, he doubts that the
French gold coin, which 10 now Of 20fr, with
subdivisions of l0fr. and r., possesses
character which imposes II on the adoption Of
other nations
And these are bis reasons: THE metrical sys-
tenn is now in favor everywhere. But unfortu.
nately the French gold piece Is out Of the pale
Of the metrical system. In respect to this sys-
TEN, piece like that Of 2Ofr., which weighs
6,45l grammes and m indefinite fraction, Is as
absurd as the pound sterling the gold dollar, the
eagle, or half-eagle, the doubloon, the German
crown, and any other gold piece which oircu-
lates. Tho English are as much justified in rec
ommendiug for universal unity the pound ster-
ling, or the Americans the dollar or the Span
iards the doubloon, as tho French are In recon-
mending the 5fr. piece, the 20fr. piece, or the
25fr piece In gold. " The great economist there.
fore advises that from respect for the nlstrieal
system, the French should abandon their gold
pieces.
He observes that by so doing they would prove
the reality Of their faith in that system, faith
without works being dead" Nevertheless, he
does not deny that II the International Commits.
sion should resolve on placing the English pound
sterling, the United States half eagle, the impe.
rial Of Russia, and an Austrian gold piece Of ten
forms, on level with French gold coin Of
twenty-five francs, 1t would be progress com.
pared with the existing state Of things. 1--WE,
however" he adds, should feel regret at the
reform not being made more complete and mort
rational-at stopping half way when 1t was pos
sible to 60 the whole distance. Modern ma
tions," he remarks in conclusion, ''like progress
so much that they may confidently bo called OIL
to make an effort whom an important and defni
tive amelioration has to DO effected. "-Pari
Cor. London Economist.
From the above 1t appears that leading politica
economists Of France are earnestly Averso to thu
recommendation Of the international committee
Of the Paris Exposition in favor of the substitu
tiOn Of the weight Of the French fye.frano piec,
Of gold for that Of the United States gold dollar
Their opposition is based on tho unmeirieai char.
aeter Of the proposed monetary unit.
1t will be recollected by our readers that at
the late session Of the American Association
for the Advancement Of Science at Burlington,
VT, 1t was unanimously voted-in view Of the
fact that the existing monetary unit Of the
United States (the gold dollar bears 4 sim,
plor relative to the metrcal unit Of weight 1.-THE
Rram) than does tho gold monetary unit of any
other country-that the toeight aud 6nsnss o.
ths R0A coinage Of tie United States should not b
altered unless after very cautious consideration
The gold three dollar piece Of the United State
weighs almost precisely Eve grams, nearly ideu
ticai with tho weight of an ordinary nickel psc
Of five cents and with that Of the French niUs
franc; and other gold coins Of the United State
are in proportion. The distinguished economis
whose views arc quoted above does not appear Il
be aware Of tho very simple relation which th'
gold currency Of the United States bears to thu