The New York herald., 1875-07-20

and futile measure thGt soin6 Of nle financial
critics deem IL.
Let US consider what the srrbstiiuh on OF sill
YER coins for the fractional currency implies.
Ii IS computed, with degree of "a ccnracy
sufficient for our present argument, hat at
the present prc4 of silver bullion silver coins
could be kept in circulation when the pra &C Of
gold does not exceed Ill; that is to say,
there would be no profit in melting down the
coins and selling the silver il the premis m
on gold could be kept at or below eleven "a r
cent Assuming this calculation to be Goa :
rect, it is easy to see the beneficial effect a {
the reintroduction OF silver tor small chanrs.
We are of course, arguing on the supposition
that the government will not be so foolish or
shortsighted as to undertake this experiment.
without seeing its way clear to keep the silver
con'in permanent circul ,tion. But if a small
currency of silver can be maintained it is evi-
dent that it would be a guarantee that tho
price OF gold could not afterward go to a.
higher point than Ill. 1t would assuredly
be great gain if such guarantee
stability In the value Of the currency and
partially restore the confidence OF the busi-
ness community If the country could have a
satisfactory assurance that u secure barrier
was erected against the premium Oh gold
ever exceeding elsven per cent. 1t would be-
absurd to say that the government cannot
erect and maintain such a barrier, tor if there
be O possibility OF restoring the currency to
par it must be an easier task to bring it
within ten or eleven per cent of par. II the
administration stakes its reputation on the
success of its experiment OF substituting sill
yer coins for fractional currency It will en-
ploy oil the means which the statutes per-
NIT to keep down the price of gold per-
manently to the limit within which silver can
circulate. 1t will be something to erecta
financial dixie and say to the ever threatening
tide of initiation, Hitherto shalt thou come,
but no further, and here shall thy waves
be stayed" The administration cannot be
insen sible that it will make itself o
laughing stock il it attempts the projected
silver experiment and fails to maintain it,
and its success depends on 50 managing the
fiscal operations ol the government as to keep
down the price of gold to the point at which
silver can be kept in circulation. The re-
demptlon of the fractional currency would,
therefore, be pledge that gold shall be
brought down to at least ILL., and be kept at
or below that figure. When the pride OF the
administration has been committed to such a
result it will have every motive to guard
against failure, and more efficient applica-
ton of the same means might keep the price
of gold within any other assigned limit.
The interesting interview with Secretary
Bristow which we published yesterday
sheds light on the preparations he is steadily
making for silver resumption. In the
monthly statements of the Secretary of the
Treasury the coin in possession OF the govern
ment is Jumped together without telling
what proportion OF it is silver and what pro-
portion gold. Mr. Brstow informed cur cor
respondent that he has twenty millions Of
silver, OF which fourteen millions have been
already coined and six millions are yet in the
form of bullion, awaiting trans ormation at
the Mint. With so large an amount of silver
on hand Mr.. Brlstow need feel no anxiety lest
he should be unable to accumulate sufficient
supply. But it would be idle Tor him to at
tempt to use it for redeeming the fractional
currency so long as gold stands at the present
rates. The fficult part OF his task does not
consist in acqu rug he necessary silver, bat
in reducing the premium on gold to the point
at which silver can securely circulate. We
wish he would Inform the public how he pro-
poses to deal with this part of the problem.
Unless he sees his way to reduce the premium
on gold to elevep per cent and prevent its
rising again above that point the stock Of
silver he has accumulated cannot be employed
without bringing the Treasury Department
into derison