The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-04-18
INTERNATIONAL COINAGE.

The subject OF international coinage is attract
ing considerable attention at this time, and
the probabilities are that ere long some
decided effort will be made to bring about
q definite arrangement that will be mea-
suraby satisfactory to all parties. That such
changes as are involved in the unihcation of
the coinage will create inconvenience, espe-
cially at first must be conceded by the most
ardent advocates of the measure, and the
question to be considered is whether the
advantages will be so great that they will
more than counterbalance the disadvantages.
Before any decided action is taken it will be
necessary of course to view the subject
carefully upon both sides, and in
case some agreement is made between
different nations, the change should be
made in such manner as will create as little
disturbance to existing monetary arrange
ments as possible. We think that system
of international coinage is not only eminently
desirable, but that before a great many years
it will be a necessity. The rapid means OF
intercommunication at the present day brings
men nearer together, and makes them more
cesmopoitan; and the old and cumbersome
methods of exchange will have to be aban-
doned as stage coaches and sailing packets
were. The arguments against international
coinage, however, are many and forcible and
some of them are very fairly stated by DR..
Linderman, the late Director of the Mint, in
letter to Mr.. Hooper, of the Committee of
Coinage, Weights, and Measures of the
House of Representatives.
DIR. Linderman urges that the proposed
alteration of our gold coinage will reduce it
about 80 per cent. in value. This would ne
cessitate an entire recoinage of the present
issue, a reduction in value and a recoinage of
our silver coins, and an entire readjustment
of values in contracts and all mercantile
transactions. This DR.. Linderman contends
could not be done, under the most favorable
circumstances, without injustice and loss to
q great many persons, and general confu-
sion in all monetary matters He further
states that most of our business, in exchange
and in the export of bullion and coin, is with
Great Britain; and that, in view of the fact
that the British Government has per-
sistently refused hitherto to alter its monetary
system, it is unwise and unnecessary for us
to do so. There is certainly much force in
this objection, and it is of much more i'm
portance that we should assimilate our
coinage with that of Great Britain than with
any other country. An effort is now being
made to establish the French franc as the
standard of value, and it is In favor of
this scheme that the franc has already been
adopted by several nations. The United
States and Great Britain, however, are the
great commercial nations, and in matter of
this kind their convenience will have to be
consulted in large degree. Although it pro-
fesses to be so, the French franc is not more
of a scientific measure of value than the Ame-
rican dollar or the British pound, and is, there
fore, on its own account entitled to no more
respect. In arranging system of interna-
tional coinage, however, every nation must
expect to yield something, and before any
arrangement is arrived at some standard of
certain scientific value must be determined
upon. The objection of DR.. Linderman that
each nation would continue to reckon by its
present unit of account is not one of very
great moment, and his suggestion of an iden-
tical money Of account to be agreed upon by
the different nations, with international coin
to represent it, would scarcely work in prac-
tice, unless indeed it were understood as
being the first step towards complete and
perfect system of international coinage.
The time has scarcely arrived yet for such
a great improvement as an international coin
age to be adopted, but it is proper that the
subject should be discussed in order that its
merits be we'll understood, and that the
public mind may be prepared for the change
when it shall be decided upon.