Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1873-11-03
ALE. DorEN, !. Editor and Proprietor
THE NEW COIN QUESTION.

TIE Ne" NOAN tCGyAAONs
In Saturdays issue We gave q some
what lengthy and very careful abstract
OF Mr.. Garnett's letter on the silver
question. We purpose to look at 1t
with reference to our own interests as
. State, as we'll as the nation ut large.
TO plunge at once In nsedias res, let US
take Garnett's remedial proposition,
viz: To remonetize silver BY mix
ing Herewith In coinage such certain
amount Of gold as with silver at pres
ent prices, would equal the discount
and render the new coin equal to a
gold dollaI and then make It legal
tender for all sums. This, though per-
haps not clearly stated, Is the pro-
posed change. The theory Is. that the
gold in this composition acts as a
seigniorage and prevents Its diversion
from the purpose intended, |. e., as a
currency medium. Mr.. Garnstt, In
specifying the causes which have
checked the consumption Of silver,
refers to the Substitution OF cristotle
and nickel for silver and electro
plated silver for solid ware" His ar
gument then, Is to introduce a coin in
this country which will, from its COM
position, be too expensive for re-
melt, and thereby insure Its
general circulation and prevent its use
for the purposes named. 1t seems to
US that these propositions are
antagonistlc. What We as q State
or nation want Is a market for
our silver. 1t matters not whether this
market Is at home or abroad, for II
there Is demand the expense Of trans
portation to a foreign market will al
ways be added to Its price as a COM
modify In that market. The PROPOSE
ton Of Mr.. Garnett Is to tie up an
amount sufficient for home circulation
by an in%termixture Of gold, instead Of
facilitating It's use, both at home or
abroad. What matters 1t to Us, the
silver producers, whether our product
Is shipped abroad In coin for exchange
aud there melted and reduced to a COM
modify, or whether 1t Is shipped at
once In bulk. What Is wanted IL q use
or demand for u surplus product,
and, to our judgment, l: Ia Of no ac-
count how this demand arises, or how
the supply shall be exported, l. e.
whether In coin or bars. IL In coin,
Government minis will be kept busy in
furnishing supplies II In bars, the re-
fineries will do the work. This, It
seems to US, is all the difference.
But there 10 another objection
that, 1t appears to US, 10 equally
strong. Mr. Garrett proposes to
re-monetize silver by mixing with 1t a
standard-not commodity, but II meas
ure Of value. He proposes to alloy a
little gold, which regulates value, with
a good deal Of silver. which Ia q COM
modify and has only relative value,
and thereby fix the price Of this COM
modify rs u circulating medium. 10
do this he must assume a certain value
In gold for the silver composing the
new coin. This be does by going to
the London market and taking the last
circular quotations-not OF silver as
money, but rs a commodity. 10 a
certain amount Of this commodity thus
valued in gold, he adds a certain
amount Of Its measure Of value, gold,
equal to the discount on silver at mar
ket rates aud produces a coin worth d
gold dollar. That Is, it Is worth n
gold dollar il the silver therein shall
not decline In value. If 1t should,
however, decline, would not the valve
(intrlnsic) Of the coin also decline {?
II the price Of silver should advance
above the market value assumed By
him, would not the value Of the coin
be above par? 1t so appears 10 US.
We have not time, nor are We compe-
tent to discuss this question In all its
aspects. The few crude ideas we have
submitted have suggested themselves
after a careful reading OF Mr.. Gar
nett's letter. Doubtless there are an-
swers to them, but we DO not find
them in the letter referred to. 10 on
mind what Is best, Is to coin all the
silver we can ; make a dollar Of a GER
tain number Of grains aud a certain
flneness (worth n dollar In gold at late
average silver quotationsl; make 1t
legal tender for all amounts. II It Is
exported for exchange and there re-
melted, coin mors. In this way We
will at least make \ demand, and that
Is what we need. IL the demand Is for
the arts, let silver workers melt u
coin-why not? When the demard
for circulation. arts or export Is brisk
silver will be high when the demand
shall be filled, Of course, prices will
fall. 10 tie up silver for currency
would In some respects negative our
needs. There will be just as much
silver used for currency without a gold
admlxture as with one. and as appears
to us there will be more coined. Let
our Government send out silver cur
rency as fast IS il can be made ; II
melted or exported, let US coin more.
So long as there Is demand for 1t we
are all right, and a large silver colin
age Is our present need and will create
immediate demand.
PRor. SULLIVAN has recently called
attention to the probable occurrence
.-n p-.a a.. A. ..I ,.fs L..