The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-06-21
UYIFoRM1rY OF CURRENCY
-..,.r. From samuel n. Ruggles and
Senator sherman


r....rs from samuel n. RuRgles and
Senator sherman
Bowles. Drevet & Co., ..of Paris, send us the
RSYowing interesting letters from Samuel b.
RuReles and Senator Sherman on the quesuoh
~ q uniform currency. Both these gentlemen
are now in Paris, Mr.. Ruggles being delegate
fTom the United States TO the "lnternauOnai
Committee on Currency"
MR.. RUeeLEs TO MR.. SHERMAN.
PARIS. May H. Is67-My Dear slr;-You are
81 course aware that there Is speclai 1hEeIna- e
tiona now TDor1ai IN Commission OF
france to sit simultaneously with the Uni
yersal Exposition ana ootbpDiH1 pTein tepTeseSted
It's object among others, Is to agree II possloie,
on common unit OF money Ior Jne u use ,y,i y, Sne
that the opinions OF the commfWee appear 10 pe
running strongly In lavor OF adoptihg So as tne ne
Kold. May 1 ask what, in your opinion, is the
Probability that the Congress OF the United
period TO reduce the weight and value of our
American dollar, TO correspond with the present
Eranee. and how far such a change would COM
mend itself to your own judgment7 also ask
8he privilege of submitting your answer TO the
consideration of the committee
With high respect, your o6edient servant, servant,
REPLY.
HOTEL JARDIN DIES rUILERIEs, May lS 1867
Ny Dear Sir:-Your note of yesterday, inquiring
coinage make our gold dollar conform in value
20 the gold five franc piece, has been received
There has been so little discussion in Congress
upon the subject that cannot base my opinion
upon anything said or done there. The subject
has, however, excited the attention 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 that will secure to the com
meTcial world uniform standard of value and
exchange
The only question will be, how this can be
accomplished?
The treaty Of December %. 1885, between
RplOinm GNUitzarian1 md
the probable acquiescence in that treaty by
Prussia, has laid the foundation for such
standard. II Great Britain VIII reduce the
value of her sovereign two pence, and the
United States will reduce the value of her dol
lar something over three cents, we then have
coinage in the Franc dollar, aud sovereign easily
computed, and which will readily pass in all
sovereign as twenty-five francs. This will put
an end to the loss and intricacies Of exchange
and discount
Our gold dollar is certainly as good unit of
value as the franc; and so the English think of
changeabIe only at considerable loss and this
exchange Is profit only to brokers and bank
willing to yield little to secure gold coin of
equal value, weight, and diameter, from what
ever mint IT may have been issued.
AS the gold hve-franc piece is now in use by
over sixty millions of people of several different
nationalities, and is of convenient form and
size, IT may well be adopted by other nations as
the common standard OF value; leaving To each
nation to regulate the divisions of this unit in
will surely abandon the impossible effort of
making two standards of value. Gold coins
erce m Ia w ferSaGe SG
silver coinage, of which the United States will
furnish the greater part, especially for the Chi
have thought a good deal of how the object
you propose may be most readily accomplished.
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 our coinage, as proposed
by the treaty. The United states is so large in
labor higher than Mt
We require more currency per capita. We now
The World and Cannot mit our eo,na9e eWeeo Of
by the wants of our people anu the demands of
Congress alone can change the value of our
coin. / can see no object in negotiating with
now In general Circulation with us, we can
readily fix by law the size, weight,and measure
OF future Issues II is not worth while to nego-
tiate about that which we can do without nego-
tiation, and we do not wish TO limit ourselves
Sy treaty restrictions.
In England, many persons of influence and
different Chambers of Commerce are earnestly
in favor of the proposed change in their coin
age The change is SO slight with them, that
an enlightened self interest will soon induce
them to make 1t, 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 contracts are now
money, even the reduced dollar In coin will be
Of more purchasable value than our currency.
We can easily adjust the reduction with the
public creditors in the payment or conversion
Of their securities, while private creditors
old standard. All these are matters of detail
to- which 1 hope the Commission will direct
their attention
And now, my dear sir, allow me to say incon-
clusion, that heartily sympathize with you
and others in your efforts to secure the adop-
tion of the metricaI system of weights aud mea-
Bures. The tendency of the age Is to break down
all needless restrictions upon social and COM
mercal intercourse. Nations are now as much
akin to each others as provinces were of old.
ferent nations learn to respect each other
they find that their differences the effect of
~ ocial and local custom not founded upon good
easons. trust that the Industrial Commission
all productions by the same standard, to mea.
sure by the same yard or metre, and weigh by
the same scales. Such result would be of
greater value than the usual employments of
diplomatists and statesmen. Il am very truly
yours,
JOHN SHERMAN.
The Commission recommend that PROPOSE
tion shall be submitted to the respective Gov
ernments of France and the United States of
America. That the Government of France
shall issue, in addition to its present coinage,
gold piece of twenty-five francs, and that the
Government of the United States in its future
issues shall reduce the gold dollar to the value
of five francs, and shall bring the other gold
coinage to the same standard.
THERE seems to be grievous backslidlng, of
late, among the Latter Day Saints in Deseret
Two of the elders came out against the holy
ordinance of polygamy and Brother Brigham
was forced to visit them personally aud keep
them quiet. The Government train lately took
a large number of families out from ''the plea