The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-08-04
The Proposed Silver Commission.

and, with the help of experts, investigate
the whole question of which the condition Of
the silver market forms part. While we
have opposed the propositions of Mr. Bland
and Mr.. Kelley, brought in at the close of
long session and attempted to be passed
without discussion. to make silver once more
a legal tender-to renstate it, that is to say,
in the position il held in this country until
1S73-we are far from believing that the
question thus brought up has not two sides
to it. With the unconcealed motives of the
chief advocates of the Bland bill we have no
sympathy at all. They, for the most part,
wanted to make silver legal tender for all
amounts and purposes, because it has fallen
heavily in price. They looked Mt the meas
ure either as one further depreciating and
confusing our currency or as enabling us to
swindle our creditors, or as the means for
huge gold speculation. No man to whom
the honor Of the country is dear could favor
a measure thus designed, and those men,
bers Of Congress who have defeated this
plot deserve the thanks Of the country.
But it would be mistake to assert, be-
motives, in the manner and time of their in
PRODUCTION and in their form, that therefore
the silver question needs no further exami-
nation Cr discussion. On the contrary, 1T is
very grave public question-one of the most
serious before the country or indeed the
civilized world; one on which men OF ac-
knowledged high standing in science differ
lion atr 11v in, hirh inf ic IN
great that we ought to spare no trouble to
get at the right ground upon it.
The question of single or double stand
ard is not the simple question which many
persons thoughtlessly consider it. We do
not mean to enter into its discussion: here it
is enough to say that the highest authorities
in monetary science disagree upon it; that
while one school, at the head of which
stands Mr. Chevalier, declares for a single
standard, another, under the lead Of an
equally eminent publicist. Mr. Wolowski,
and with an array of followers as eminent Us
those of Mr. Chevalier, assert the superior
merits of double standard. Both sides
give mertorious reasons for their be-
liefs, and 80 eminent writer as Mr.. Stan
| tween them.
| Nor are the causes of the recent surprising
fall in the value of silver any more
clear. The English commission, whose
port has just been issued, does not pretend
to have solved the problem. 1t mentions q
number of causes, among them the rapid
and sudden increase in the production of
American mines. But one of the most re-
markable of its facts is the statement that,
while silver has been falling in Europe, it's
export from this country has actually de-
creased-from which one should conclude
that the increased production in America has
had very little influence upon the fall. The
decentralization of silver by Germany, Den
mark and Sweden and great and unlocked
for change in the course Of the East India
trade, seem to be the main moving causes to
the present fall in silver. The fall would,
we suspect, have been slow and slight had not
the increased production of silver here, and
| the fact that we had demonetized it in 1873,
concurred to create what often happens with
other products-a panic or falling market
1t is possible it will recover somewhat from
its present state of depreciation, but it is
not likely that it will ever reach its old place
by the side of gold. For the present, at
least silver is not among the precious
metals, but we see no particular reason to be-
moan that fact. Iron is not precious metal,
but it is very useful for all that. The same
ing is true of copper, tin and zinc, but
none of these are SO ornamental as silver
The cheaper silver becomes the more gen.
| eral will be it's use, and we confess to n
preference for it in the shape of a teapot to
that of legal tender dollar. The effects of
o sudden fall in the value Of such an article
| are apt to be permanent, because it reveals
what was unsupported before. We see in
the depreciation and fluctuations of silver
proof that it is mere commodity affected
by the law of supply and demand. This
has never happened to gold and until now
it never happened to silver. Should silver
continue to be governed by this law of trade
its use a money standard will be out of
the question, and until we know whether
the depreciation is to be permanent the only
safe course will be to let we'll enough alone.
In the interval We may argue the question
on both sides, and if it can be shown that
seventy-fve cents worth of silver is worth a
dollar in gold we shall be among the first to
rejoice in double standard.
The chief labor of government commits.
sion will be to furnish a conclusion upon
this question of single or double standard.
England, Germany, some Of the smaller
States of Northern Europe, Italy, and We be-
lieve Austria, have adopted the single STAN
dard. France, Belgium and Holland retain
the double standard. Which ought we to do !?
1t is at least question which demands very