New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-09-16
TIE SILVER QUESTION.
,y ,nnpEss nv GEORGES WALKER,

,rosort ,ooment no question of public economy
which so largely affects the whole civilized world as
the qnestion Of silver The great decline IN price
which the metal has undergone within ire present.
wear makes it vitality important to tho principai
nations of America, Europe, and Asia; and In each
of these great subdivisions of the world 1t IS beng
discussed with the most anxious interest. But
although the question is common to nearly
all countries, it presents itself to them under
very different aspects. A considerable group
of nations, including the United States, France,
Russia Austria and Italy, under suspension Oh
specie payments and TO them it Is tndlspensably
necessary to consider the place which silver shall 0c
cupy IN the currency, when metallic payments are
resumed. These countries, again. differ widely rom
each other in other aspects OF the question: Inc
United States have, at present. single standard Oh
gold; Austria aud Russia single standard Oh
silver; France and Italy double standard OIL
both metals With the exception of new
emission of gold reute, the public debt oil
Austria lie payable in silver that of France and
Italy in either silver OF gold; was that OF the
United States also, by the terms of the original
statutes creating it, The coinage act OF 1873
and the revision of the statutes in 1874,
have since demonetized silver in the UNI
ted States. France has a great stock OF both
gold and silver In the vaults of the bank and
IL the hands of the people. The Bank OF France
holds coin and bullion to the amount OF about $42O-
100000, against a circulation of about S4SO,oOO-
600; and of this metallic stock about 80 per
cent or S12j, OOO0 900, is silver. Obviously there
FORE it can resume specie payments at any moment
leading motive for its delay in doing so is the hope
shat tie question Of the standards may find some
new solution. The United States has very small
stock of the precious metals either In possession OF
the Government or Of the people, and it cannot re-
sumo without laying up or purchasing the metal 10
do Il with But on the other hand this country is a
great producer and seller of silver and quite apart
from the custom of her domestic CURRENCY is inter
ested to keep up the price of the metal as merchan
disc in the way that it is interested IN keeping
up the price of cotton OF wheat
England and Germany are specie paying countries,
and have a single gold standard but Germany has
lust adopted that standard in lieu Of standard of
silver and it has great deal more of that metal
left on its hands than is necessary to constitute Its
inferior coinage 1t is therefore the largest present
seller, and its supply threatening the market Is
recognized az one of the most potent influences
which have led to the present depression. England
though using the gold standard at home, has great
stake in the silver question through her Indian EN-
pre- which, with the possible exception of China,
Is the largest holder and user and until very re-
cent period. tho greatest absorber of silver in the
world. The center of Indian finance is London, and
that city is also the chief bullion market of the
world so that the daily London quotation of silver
is tho barometer on which the eyes OF all nations
now fixed. Thus each of the leading commercial
nations is anxiously debating its own position, and
closely watching the action of its neighbors.
TWO ASPECTS OF THE QUESTION.
In tho United States the silver question is dis
eussed in both its general ndin special aspects The
inquiry takes these forms:
a. Whether, all things considered, the double or
the single standard of the precious metals is most
desirable for the money of the world.
i2.) Whether, in view of the fact that England,
Germany and the Scandinavian States have adopted
the single gold standard it is desirable for the rest
of Europe aad the United States to follow their
ample, OF to oppose it by united adoption of gold
and silver.
(3.) Whether the peculiar position of the United
States as silyer-prOducing country pledged to re-
turn to specie payments at an early date, and re-
curing large circulation of metallic-value money
In order to resist the inclination to paper money
which has been so strong and baneful in the past,
and which has at present frmer hold on the popu
lar mind than before. makes it desirable for US
TO restore the double standard either with or with
out the cooperation of the nations OF the Latin
Union, and il restored, whether with or without
legal tender limit.
likely to have great influence in the decision of it,
whether the decentralization of silver, begun by the
the Coinage Act of 1873 and completed by the re-
vision of the statutes in 1874 was either justfable
or oxpedieiIt In view Of the fact that the public
debt was by its terms, payable IN COM and there
fore capable Of being discharged in either gold or
silver and that no reprOach could have then at
tached 10 tho selection of either metal for that pur
pose. And finally, whether those statutes are yr-
tually iFrepealable either because they created a
new contract With the public creditor, such con-
scentlous obligation and pledge OF public faith ms
nations having proper regard for their honor. as
we'll their commercial credit. cannot prudently
recall
II have thus correctly stated it, it will be seen
that the silver question involves great deal more
10 the United States than in any other country and
that il is still debatabe question, not to be dis
cussed gBOrantly OF fppantly but with all the aid
of reasoning, authority, and experience, and that
the bandying OF offensive eptheS ana thg llnPnta-
ton OF base motives the one side or the other,
viii not promote such o solution OF 1T as the country
ought TO desire.
THE ABUNDANCE or ARGUMENT.
The advocates of either the single double
standard have abundance of argument and author
ity behind them. the inclination of the public
mind in Europe and America, eyinced both by
legislation and by the published opinions of states
mon and economists has tended, ever since the gold
discoveries of California and Australia, toward the
adoption of a single standard; but it must not
be forgotten that in 1857 the demand for a
single standard Of silver was pressed as
streuuously as is that for single
standard of gad and in not q few instances by the
same advocates. II would be difficult to adduce
more complete reversal Of opinion and position on
any question than is found by comparison Of M:
ChevaicT's Treatise the Fall Of Gold, published
in 1887 and his recent articles the Fall of Silver
in the April and August numbers Of the Repte des
Dear HoRdes. Armed with these opposing documents,
silver and gold may confront each ether ana each be
justified in saying, "Mutato nOmino dc te fabua
narratuT.7
do not say that there may not be abundant
ground for this change of opinion on the part
Of NJ. Cheyalier, but the fact is in itself re-
mafkabe, and 1ncuIcates caution against tine