Carson daily appeal. [volume] (Carson City, Nev.) 1873-1877, 1873-11-02
Mn CARNETT,S PROPOSITION
AND PLAN TO REMONETIZE
SILVER.

i
imperfect epitome of some OF the
more leading features of Mr.. Louis
A. Garnett's very interesting and
able paper upon the subject Of re-
monetizing silver, by expressing the
hope that in whatever light Congress
may view these and cognate PROPOSE
tions looking to the restoration of our
finances to u sound aud substantial
basis, it may at once and forever d"
away with that pueriie folly OF main
tanning a charge for the minting OF
coins. and that they may otherwise
prove themselves adequate to the
obl;seration of the many petty flaws
in or general system Of monetary
enactments. we proceed to the fol-
lowing necessarily brief review:
NJ. Garnet, who is the manager
of the San Francisco Assaying and
Refining Works. ian institution be
longing mainly. We believe, to the
Bank of Califo rnia.) takes occasion
in replying 10 letter from Hon. IL
r. Linderman. Director of the US
Mint at Washington. to give his
views at length upon the highly i'm
portant subject CT restoring silver to
its place amongst the acceptable coin
age Of the world and giving it G new
and cheerfully recognized position as
a circulating medium. To under
stand one of the more delicate phases
of the question with which Mr.. Gar
nett has to deal we have but to say,
that one Of the weightier objections
to the newly mooted proposition to
replace the fractional currency with
silver coins is in the obvious danger
of an expectation of all sueh coins to
foreign countries to satisfy the de
mands of manufacturers and iobbers
in the precious metals. This con-
stantiy accruing contingency ia,
under Mr.. Garnett's plan, most in
ceniouslv met. az will be shown be
low. This paper is reple'e with in
teresting facts concerning the pre-
e;ous metals AMI esI1eciallyso regard
ing the metal NOE particularly I'M
der discussion. we are Informed
tina. prior to the discovery of silver
in Nevada the annual supply of that
metal to the world did not exceed
$50, 900, 600, exclusive OF certain
amounts produced and kept in Mex
leo and South America. Since the
Nevada mines we're open this general
aggregate of supply has heen in
creased at a rate of at least 80 per
cent. per annum-or, in ten years.
say. $4,000. GOO, This increase,
having a tendency to cheaper silver
has been supplemented $50 far as
that increase exercised q deteriorat-
ing effect) by the simultaneous in
crease in the production of gold;
while, also, at the same time, plated
wares have been growing in accept
ability in the market where, formerly.
solid plate alone could find buyers.
Furthermore there has been gen
eral tendency ny the nations to de-
nonetize silver.
Now. then. skipping entirely q
most interesting-almos. fascinating
calculation Of many corre!ative
questions, and coming at once to the
cist of Mr.. Garneit's main PROPOSE
ton, we extract, as follows, from the
body OF his communication:
Ny proposition. then, Is to re-mone.
tia silver, and make 1t, rs com OF iuI
weight, a legal tender for all SUNS, con-
currently with gold, and to De receivable
as such for all debts aud dues. In order
10 obyiate, however, the difficulties for
r,erly appertaining to double standard
and which l have stuff cisntly indicated,
I propose TO Introduce a distinctive. aud.
"a fer as know, an entirely new feature
in the proportion OF metal composing
the coin; and which. it will be perceived,
performs a very important function In
N ,in.aining its !ocs.s in q::o. which has