, 1876-08-22

""tO AAaG LII "Dl%A on IL wv 44A
gold It requires In! n alight additional nd
vance in silver to bring this subsidiary coin
to par III greenbneka. What then? An soon
after Tho issuo Of grconhacks rs thoy declined
below tho vnlno Of silver tho silvor coin .1iH-
appcarct1, and was lost to sight from 1869 to
1876. Tho Government llns provided for
Tho coinngo of fifty millions Of alvor coins.
It will tako two yonrs or moro to havo thia
an,onnt mtntct. II, however, tho silver
ahall become worth moro than the legal
ton1c: paper dollar, tho si1ver coin will dis
appear from sight md ho sold as bullion.
To maintain our silver coinage III ciroula-
tton wo must {1) get ritl Of tho groenbacks AZ
we 1lavo Of tic fractional currency, Or (2) tho
grccnbncks must advance in vnluo TO Mt
lonst 05 conts in gold. 30 long as wo hnvo
the grconbacks, ant1 they arc Of losa value
than even the dobascd silvor coin, 30 long
will tho nlints coin in win, mud SO long will
Tho silver bo bought aud sold rs bullion.
4 yoar ngo tho people lad some silver
put in circulation; 10 thousands WHO
Ind bcen born or who Ind grown UP
since The coin Ind been In general
circulation 1t wns q novelty. But 1t was
welcomed by nil. There was I'M universal
acqniesenco In tho Withdrawal of tho frac-
tional currency, nntl q very general willing
tcsg Expressed for tue substitution Of silver
for tho grcenbncks md for bnnk noies OF
small denominations. II wns, however, with
groat difficulty TINT Congress- could DO in
tlnced before tic election TO consent even to
the coinngo Of silver except III actnal OK
change for tho fractional currency. =.
The main issuo involved in lhe question Of
tho substitution Of silver for groanl,acks is
TINT presented by ono school Of politicians,
6hnll we have n permanent pnpor money
issued by tho Government There can bo
but ono outcome Of such policy, aua TINT
is permanent papsr currency, irrcaeemn-
bic, and Of course at discount We know
TINT thoro aro those who CHIN tint rapor
money eau DO kept at PAR III the absence Of
my redemption, but this Is nogativoa by the
history Of oil nntiona ut NIL times. Tho oc.
cnsion for tho grccnbncks has largely passed
nwny, and If Congress could bo induced to
pnBs the bland bill, which allowed any per-
son to deposit gold or silver bullion with tho
United States aud recoiya therefor notes Of
tho United States retlccnable from tho gold
or silver thus deposited, d,-thcso notes being
d 1egal-tenler receivable for Rll Govern
mont dues, -tt,cro would be no occasion for
grconbacks for commercial purposes. Tho
country would havo silver coinago in gen.
ornl uso for al1 purposes, md these mint
notes representing bullion or coin in eums
of 500 and upwards would answer for nil
large transactions. Tie dual standard of
gold and silver being restored, We would
havo tho silver or gold coin as circulating
medium, according to the relative values OF
tho two mathis. How arc these greenbacks
to be disposed Of, TO enable return to
silver currency, or to enAble tho country to
retain in circulation tho silver currency
alroady ordered to DO coined7 Tho original
design aud the contract was that thoy should
DO taken up with bonds. Tho Government
is now offered loan Of u per cent with
which 10 tako up outstanding per cents.
A. or St per cent bond offered in exchange
for grcenbaclss would readily find takers
just as inst as the uses for tho legal-tenders
would expire. These bonds, in order to pro-
lctt tAle AuokVA Gst&1o3 AuI3AA bc 4AaAo 1tkAl.
tonder in payment of any contract which
would DO payable in the legal-tonder notes.
Tho other alternative is the possibility of
advancing the groonback to a par with tho
subsidiary coin. This must be done or tho
greonbaoks got rid Of, Or the silvor will uaver
got into circulation. At present tho silver il
selling ut 534 pence in gold. This leaves
our subsidiary coin about 89 or 81 conts.
When silver advances to TO pence, ths
subsidiary silver coin will be worth AZ much
in gold rs tho greonback. When, however,,
tic silver shall exceed tho paper in value, 1t
will disappear, md the country will be left
without silver and without small change Of
any kind. 1t is, therefore, grave question,
ut any moment likely to be forced upon us,
how VIC aro 10 retain possession Of the silver
coinage without taking some steps to relievo
the country Of tho dcpreciatod paper, which
Of necessity must remain doproolatod aud
prevent the circulation of my metallic
money.