New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-04-26

to get back to sound measure Of values without tne
o.s Of more than very small portion OF our ndustrai
profits II has been objected To the moEeulaon Vi Ell
Yer by the United States that the CoGlstock IOue
vomiting forth vast surplus of that metal IL Is Ohy TO
be regretted that this is not the fact Inc aina e"tl
Of uecons metals has fallen from S223 100000 In le)Z
~ 20 200 600 in 1875 with no prospect Of increase IN
1876. The combined product OF tne "Oli1 Is w, ,r
If now the question asked, Where viii you get your
answer ia, From the world az large f from an animal
supply Of $40 100000 FROM Europe, Mexico, anu
south America, Asia, and, best OF ALL from our own
THE SILVER MIXES OF THE WEST.
After paving glowing tribute 10 the intelligence,
courage energy. sereance, industry ana eh'erpiseoi
the gold and silver miners of the West whom he charac
terzed as among the most sawart ana sprlteu yeone
in the world declared that they asked OF the Govern
neut neil her subsidy, favor, protective legisauoh
but only that legislation respect to the pending aues
ton in view of history, the Constitution and the sur
rounding circumstances They know that the Words
accumulated stock Of silver is too vast and the anhu
dmnuton from abrasion aud loss too great to fear any
permanent or continued FILL in tho price They know
mat silver must continue 10 remain the money VI man
part OF the world for centuries 10 come ana tIn co'
he dispensed with In any part Of the world Ihey under
stand too well tie ucuatiEg character OF the supplies OIL
gold fear that this metal will permanently nsurp tne
Toce of silver in tie money considerable part ot
the world They comprehend that the present sint i
silver is due to the mad attempt TO dein3neuze ~
wholly partly In the countries OF tue Latn Union anu
Germany, aud not at all alarmed elmer as 10 tue SUI
cess of this attempt the future price OF silver.
our miners understand that silver is OF constant,
steady and moderate supply; keeping pace with the
stand fat gold is OF inconstant ucGuatng, and either
superabundant or inadequate supply ana he! na'c nv
fears the marketabiy OF their silver proiuc e
issue is not local. but national issue 10 leave Eh
gland aud Germany 10 the enjoyment or their sen cccV
standard of gold would result in the end so that GOA
would become cheaper in those countries elsewhere
and prices would rise therein The cooiuha'e use vi
silver with gold in the rest the world would tend to
drive gold into England and Germany, where II wond
accumulate and become cheap. Gold would HsNltaDly
fow into the countries where 1t was most in demand
viz England and Germany, just as now silver hOws INTO
Asia. And silver has accumulated in ASIA anu Gu
portion of the world would gold accumulate In En-
gland and Germany and enhance the prices oi eo'n-
modities and services there.
The true meaning of the sinister advice which We re,
is that by adopting the gold st2ndard we Snoa
Crautously ueedessy enhance the Naine OF mort
cages III tine shape OF Government bonds upon le lnu
tries OF the country We ere not ashamed OF se coS
Grafton yet they were given III time OF peril ana eei
tainty We have not tLe ss nteSt & u; IN t =, vsi
them. We have already PAID upon te III interest &
more than entire iace and shall continue 10 pay
VIE t anS nv cunning sycce payments IN gold
TO increase the demand for and purchasing power oil
gold and thus enhance the value OF the mortgages upon
The Law Of this country made our standard the bl-
metallic Of gold end silver THIS Is not ony the Jaw
OF the United it is the law Of nations tue law OF
ages the OF the world We propose To stand where
stands the world. We propose to stand on tie double
standard the standard OF tao populations the standard
which the natural fitness and general dstrl uton OF 'ne
precious metals has indicated to be the Only SAFE one
MINING ON THE WHOLE UNPRoFITABLE.
Pointing out the danger OF discourang production OF
precious metals by showing that mines once closed are
hard TO reopen the Senator argued that gold ana silver
mining is on the whole Improbable 10 those engaged In
it, and that to interrupt that industry Is TO destroy IT.
But though writers to this the ready market
ability of the precious metals which renders the product
of the miners labor available the instant, forms
strong Involvement 10 their production, and the c0ine-
tton is so great push the production to the verge
of loss perhaps even beyond it, The moment you de-
stroy impair this marketability or the precious
metals, as you DO by demonetzlug, SILVER, you
diminish the production. You could not do
the same with wheat or other commodities
II YOU impair this marEcabiity by demonetzng one OF
the metals you reduce 10 the same rank as any Othef
dced only when such production is profitable You will
destroy the production Of the dem0netlzed metal b
OF deonetized coin shall DE absorbed irrotreyaby into
the arts the price win be higher because The production
profitable. Gold demonetIzeh In Japan, and not
more than % ago j. you'd be purchased In that
purchase i. the rate OF for 15l2 OF silver ana bAc.
til.ng OF Che discarded metal was accompanied by
violent social revolution and the entire destruction OF
the existing system OF government
RELATION OF MONEY TO PRICE.
This is the expression Of the OF value, which
is money The larger the measure the larger the express
sion or price; the smaller the the smaller the
expression or price Hence, with large stock OF coin
in tho world prices would be hgh with small stock,
prices would be low 10 tuc st"V Va WIN - -"
encance prices alleviate the burdens Of the debtor class
and distribute wealth. TO decrease il 10 lower prices,
increase tine claims OF the creditor class aud concentrate
wealth. One leads to social progress, the other to
decay 1t would be desirable for all nations TO adopt
nermanenty the same standard Of value and II the Same
were the double standard to adopt the same relation be-
tween the metals TO effect s object all tit IL necet
sary IL an international standard cOnyeBOn winch can
be called by Of the great powers, ana shOud DC
called by the United States - -. -
Alter shaving that England and Germany had
peclnary interest OF $50 100000 per anl IN limiting
themselves the gold standard, ana inducing us anu
other nations to follow their example, the senator con
tinued: The right time for US 10 rehaDdte tne bNT
dollar restore the double standard IL not when tS
necessities the nation shall compel them 70 so INTO the
market for silver but now, whIlo SILVER IS HinpaHy
ccap and nc other nation of the Occdent Is bid Ing ior
IN lat month silver stood at l7ij, and already IL l.
up 1862 Before the year mas e1piea IL may s'aiu
IL 80 IL is dangerous and costly 10 delay -,
The Senator cited in favor OF the double standaid
Alexander Hamilton, Thomas Jefferson, baron loins
coild and many others. In cOncusDn lac thanked tDc
senatefOr their patient aentio and PLEADED Ihe no
apce Of his theme apology for bis length The present
is The acceptable time 70 undo the unNtlnS anu puh-
dering work of 1873 and to render our legislation upon
the subject of money consistent wllh the physca lc
concerning the ard supply OF thc precious netas
throughout world ana cOntormaDie 10 the tohsut
lion OF the country We cannot, We dare not. avoid
seedy action the subject Not only DO reason justice
and authority unite In urging us TO retrace Ou Steps Dut
fbe organic do 80; ana tue picselco
of uer enOins what tie law commands. by ldly inter
led Le nation away from the realms OF prosperity ana
thrust the boundaries OF safety 10 rese 20
replace ii upon It's former vantagcGfOund would DE 10
incur O. responsibility and deserved reIiCach geaier
hnn that which men nave ever DeIoIo lelt '~osS'0n
able to bear.