New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-06-12
THE SUBSTITUTION OF SILVER.

There is some discussion as to the prac.
ticability Of replacing some torty-odd
millions Of small shinplasters with the
subsidiary and decimal copper and silver
coins of the republic. 1t is unnecessary to
speculate upon the present possibility of
this desirable reform, but every one would
like to see it effected as soon as possible.
The small currency is not merely trouble
some from its volume, but sometimes
passes to state in which. according to
DR.. Buckler, of. Baltimore, such stuff be.
comes actually vehicle Of contagious
disease-small-pox, for instance. Con-
nected with this reform we would be glad
to see even small! fractional currency in.
PRODUCED. Our people are now too poor to
despise economy. and the introduction of
copper in quantity might establish class
of retail prices by which the people would
be enabled to effect q material saving.
There are many articles Of daily want
required in such small quantities
as to justify the change Of
nickel The laboring man or woman who
has twenty or forty cents day to divide
among daily wants, could perhaps make
out with cents worth Of salt or pepper,
when now the smallest value of these ar.
ticles is five cents. In making change.
also. a fraction of few cents is thrown
on the buyer. or compensated by a
'agniaRle which may not have been
needed. This principle of economy. ope-
rating upon large population. would
enable them to effect material daily
saving. and would introduce currency
not SO apt 70 be collected and sent away.
The restriction Of specie payment in
silver has been explained to be more
practicable than in gold. for some prin-
cipal causes. In the first place. Aneri-
can silver coin. tn ough Of the same
with that o: other nations, is of
less weight than corresponding foreign
coins. In the second place. the great
weight Of silver cur rency inclines the
people to deposit it. and SO sustains the
credit Of the country.
Should it appear. upon experiment.
that silver may be substituted for cur.
rency. or held to redeem currency. with. |
out tendency to expectation Of our coin.
{ might be good policy in the United
States. not merely to coin the silver of
Nevada, end receive the currency of Eu.
.opean nations. but to offer the induce.
nent Of national pur chase to the mining
interests Of our sister republics of Spanish |
America. There are q great many mines |
II Mexico. which are not. at present. in !
or profita BILE productions. but
night be developed by int irrational de.
nand. As Mexico exports some twenty |
i'd millions Of coin and bullion an.
lually. it might suit her as we'll to re-
nit American securities. Congress might |
hen authorize the SECRETARY Of the
Treasury to put an order into Mexico
y any other silver mining country for
,iven number Of millio rs to be supplied
y contract and paid fox in public Sc
urities. This bullion coined in our
mint would strengt hen our ability to re-
ume. while it would greatly animate the
mining int rests Of our sister
epublic.
Resumption or gold az anything at or
bove its present premium would be al
most impossible from the rapid drain Of
xportation, but a currency Of silver and
Upper would present no such tendency
nd might be expected to furnish per-
and equable circulation. We
lope to see the Min. Of New Orleans
ctively at work on this subsidiary coin
&c Of bullion imported from the mines
i Mexico.