National Republican., 1875-07-17
WHAT OTHER NATIONS ARE DOING

In view of the steps now being taken by
this Government to prepare for the re-
sumption Of specie payments it may not
be amiss to note the course Of financial
events in other countries, and the changes
in monetary standards. By a decree just
published by the Prussian Government all
Prussian State paper money is to be with
drawn by the end of the present year, and
exchanged against "Reichskassencheine"
(notes of the Empire) at its full value. All
paper money not delivered up by the end
of the year will be considered worthless.
The Bank of Prussia holds at the present
time about S160, ,OOO.O 900 in gold, and its
circulating notes out will amount to prob
ably $3.50, 600, 900. The mints of Prussia
are being set to work at their full capacity,
and the Government is retaining as much
as possible of its new gold coins, paying
out new money only when it withdraws
old silver thalers in exchange for it.
In Switzerland the currency question Of
the future is now being agitated, and its
adoption of the gold standard is but ques-
ton of time.
Reports from the Netherlands show that
that country has modified its monetary sys-
TEN, which had hitherto been established
on an excessive silver standard. Besides
the silver coin established by the law of
1s47, the Government has authorized the
coinage of gold piece Of ten guilders, and
abolished the coinage of the single, double
and half "Willem" pieces.
Everything points to the adoption by
France and the other countries of the
Latin monetary union of the gold stand
ard at no distant day.
The decline in the value of silver within
the past year marks, to great extent, the
changes in the monetary laws of the ma
tions referred to. But q little over one
year ago the relation between silver and
| gold was as 154 to /; now it is nearly sew
enteen to 1. 1t is estimated that the pro-
duction of silver in the United States will
reach during the present year nearly $780,
600, 900. The German Government is
now seeking to dispose of $500, 900, 900 of
that coin, which it is Withdrawing from
circulation in that Empire. These two facts,
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cline in the value of silver in the. markets
of the world. Official statistics show that
while England and France, during the
present year, have taken from US more gold
than for corresponding period of last year,
they have, in the same time, taken less sill
yer. In other words, they have demanded
gold and rejected silver, and thereby added
TO the decline in value of the latter metal.
Under the wise administration of Secre.
tary Bristow, all the favorable points offered
by other nations in the control Of their
finances have been carefully considered
and, as far as possible, acted upon. To
carry out the first section of the finance
bill, providing for the withdrawal of the
fractional notes and the substitution oi
fractional silver coin, the Government
has purchased at an advantage from ten
to twelve million dollars worth of silver
bullion direct from the mines of the
Comstock lode, and will continue to pur-
chase until sufficient has been coined and
accumulated to commence and continue
the work of redemption. With the re-
yival of business and the restoration OF
confidence among business men, which is
gradually taking place all over the coun.
try, the outlook for the incoming year sp-
pears brighter than for many years past