The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-03-03

discoveries, it's value fell. As conse-
qnence Of being the cheaper metal it was
made use of to pay debts, while the more
valuabis silver was collected from the
cir culatlon and expnrted. The value OF
silver has now fallen, and one hnndred
| francs III good silxer coin ara worth
as mere merchandise not more
than ninety trancs in gold. But
France has made an agreement
with Belgium, Italy and Switzerland by
which all those nations bind themselves
Eto ooin' only a limited amount or silver
in each, year, and by this means the,
valueo of silver change is maintained at
par with gold, and at the same time the
gold is kept.in circulation. The same
/ lprlncipal operates in the case OF our pa-
tper do.lars. Duflng the war, the Cow
iernmens iseuedt too! much paper, and
drove the gold out OF cIrcnsation. OF
Hate it hes limited its issues, and by. SO
I,d0iHg has Kept the depreciation Within
EbouaIds. II the quantity outstanding
Ewere STEADILY Diminished the vafue
would appruaoh nearer and nearer to-
Igoid, and the gold premium would tinal-
lily disappear as it has done in Erance.
England has employed gold as her sole
standard ever since the Bank OF Engaand
Presumed specie PAYNE ntsi in 1S2l. Sill
ver is merely u token coinage, and COM
bullion value, it is at about theisame dis
Icount as our dimes are in New York
when measured against the gold coin.-
\ But silver circu atesl side by side with
lsOvereigns, because no man Is Obliged
to take more than q smah amount OF II,
and its value is protected by limiting
lthe coinage. In Germany, under the new
Flaw, similar rrestrictions are in force, al
though tie amount OF silver in the coins
| l.,., fhrayt id vui "a 4
English. From the foregoing brief
3 Isketeh IL appears that the only
Eeountry in Europe or North Amer
Flea where silver is wanted to
Iserve as money, except to make
good wear and tear, is the United States,
and we want only $15,000,00O more than
j 1--WE already have on hand. Hence ~ is
that silver, so far as obtaining a held
Ifor circulation as money is concerned,
ERis ia practically barred out or Christen-
dom. TIE only eligible vacant spot is
1.-The place now filed by Jour expensive
fractional currency. Such being the
case. it is not surprising that the pre-
lcipitation on the market OF the huge bnik
lot the termer circulation of Germany,
Lcombined with. the great yield Of the
Nevada mines, and an unusually feeble
demand from the Asiatics, has caused a
fall of more than 10 per cent. in the price
OF silver at London, and that within a
Il period of less than four years.
I But how does this tall Of silver affect
1.-THE project for replacing the fractional
currency with the old dimes and quar-
r ters that used to be SO common before
Il the war? It.simply guarantees the sue
cess Of that measure. Our standard OF
Iyalue at present Is the greenbaek, and
-FOUR small coins will be less deprecated,
as compared with the standard on the,
j footing Of merchandise, than the shilllngs.
Il OF England, the francs OF Belgium, Swift
zerland, and France, the forms OF Hof-
Hand, or the marks OF Germany. II in
4 genious persons undertake to initiate
the coins for the profit afforded by the
, difference between the value OF silver as
merchandise and its value as coin, either
one of the nations we have named VIII
furnish a better field for the eX-
pertinent than the United States. With
gold at ten per cent. premium. there
would be margin of about six per cent,
at present prices Of silver bullion, out
OF which to deiray the costs OF success
lul imitation OF our quarter-dollar pieces,
but the inducements to initiate the shif.
lings Of the English would be nearly
three times as great. Hence, it appears
: that the business Of initiating the silver
| coin is likely to be tried first In some
foreign land. AS to the sneers at silver,
; ON account OF its alleged inferiofity
in value to paper, they are, in
our opinion, decidedly out Of palace SO
llong as pound of the best bank-note
, paper can be had probably for less than
u half the money IT takes to buy an ounce
of silver. 1t is just as easy to maintain
the value Of silver by proper restrictions
on the coinage and on the tender ofitfor
& debts, as it is to keep up the value efthe
paper. An inflationist Hike Judge Kek
ley may consistently object to silver,
but If he knew what he was talking about
ne would not accuse the metal or being
the less valuable Of the two substances.
I'm. Y. Times.