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

gold for silver in the money OF country at time wheh
gold is becoming searcer either absolutely or reaVey
as TO silver must surely result in producing paper a
tons Paper notes. either representative or unrepreSeh
alive are sure TO be issued substitutes for gold as IL
becomes scarce ANY attempt to artnciay enhance the
purchasing power Of gold, either by demOucuzing OF
parv demonezng sver-and the act Of 1873 is OF this
nature-is certain 10 invite proOng the Issuance or
paper notes by artifcialy enhancing the purchasing
power of gold, the profits arising IRON lhe lsuIoe y,
psner notes are enhanced and tine pressure OH the part
pfpanEs and individuals TO obtain authority to issue
them il indeed the decline OF prices ana te CONSEQUENT
staTnaton of industry not induce the Government
tsr 10 issue them will become too great TO he success
fully resisted. This authority once obtained, or TINS
Neither reason nor prudence sets limit TO the emission
paper notes the emission usually CONTINUES uh'l IL
ends In general bankruptcy.
THE WORLDS LIMITED SUPPLY OF GOLD.
Having carefully elaborated these points, and cited
numerous facts and statistics in support OF his PROPOSE
tons the Senator proceeded TO show that II imposspe
TO resume specie payments in gold alone The mines OF all
the world have capacity TO supply the world with
gold enough TO its exchanges without the CO.
ordinate employment OF silver Added TO all forms OF
exchanges and any form Of representative or non
representative of money OF agencies for increasing the
rapdity Of circulation aud yet certain quantity OF the
precious metals needed at bottom, the foundation
upon which the entire basis OF credit safe and usle
must rest Now, how much does ths lndisptnsaols.
quantity OF the precious metals amount 10 az the present
time There is no difficulty answering this question
The worlds stock OF coin IS S3,7cOOOjoOo OF Whlch
nearly onehalf is silver, OF this sum- Europe AmeTlc
and he rest of the Occidental world employ about 5000
100000 Previous the late Recommendations or silver
In the LatIn Union, and III Germany ana me Ohleu
States these 500 600 consisted OF, let us say,
s2OO0,OOO000 OF gold aud 81 600 Oh sVeT
81 900 100000 silver BY continuing 10 excIle tnNe
from equal participation with gola ~ no j 10 Va Va
the United States and attempting 10 resume sIeSe ny
ments, occasion demand Tor say, SooooVouUUI "
god wherswh to pay o S ned Of liver lieu OF the
fractional II could obtain these S40OOOO0OO
of metal without drawing it from other countries IN Eu
rope OF America they would add much TO the stock OF
coin in the Occidental world, Wh1cl Would thtn DC
Tn is the answer to the question 50 far as the Oee
dental world is concerned The quantity Of the precious
metals needed for money and the basis OF credit III the
Occidental wOrldthat to say, the quantity neede1 10
MAINTAIN prices az fbs sd Res 1he United States It
succeeds in esumqg specie n WI b ao IN a rod
Where is this 10 come from . =, - $500
Participating the argument that no such sum Is neces
1850 our entire stock of coin included not more than
S225 OOO0 900 OF gold he reminded the sena'e hat popn
laton since then had increased so cent and thai IN
1861 our whole circulating media eohSis , OF
which circulated within limited areas az OF heay par
whereas it consists OF not iDoie th4n sloooQVoo9
of coin and some Ss5000O,0O0 of Government and bank
paper, the latter Circulating NnroughoSt hgHIy 1ie
whole country at about S7l2 cents on the dOhai say
total circulation at par equal 10 So0OOOOOOU luis Is
10 per cent more than the par circulation OF 1861 an III
con estble proof THAT the exchanges have increased IN
the bulk OF todas exchanges country at least
double that Of corresponding Gay IN $50, ruL ~ al
payments upon least as nIn footing as spec pay
H Hsn s sSeS se o we employed in i Add 70
cent Ia $500 900 600 and you have Sal 100000 Allow
SIOO 900 for specie already in the country, the
banks in private han0s d in the vaults the Treasury
and you VIII need S4l0O000O0 in order to resume say
for round figures 900 OF specie, OF which, ull-
der tue OPERATION VI the act OF 1885, ABOUT SoVVVV'0O0
RESUMPTION IMPOSSIBLE.
- I warn gentlemen to beware OF making a mistake
in respect to this matter for mistake will set us back
many years The British Government tried to resume In
1877 after suspension Of twenty years. but 1t aiied
and suspension was deferred until 1924 If we try to
resume 1879 with S10o0OO,OO0 ana fan, we may ue
set back quarter of century. Moreover If we fan,
some oliGue of stock gamblers Will make 10 or 20 per
cent out of the operation. Knowing that SlOooOOoOo
WAS the limit Of the Governments ability 10 pay, they
could easily make arrangements with the banks ana
repositories throughout the country 10 Wtnulw $iVU
600 OF greenDscks the eve OF the day OF esnp
ton, and present them for payment at the treasury,
Alter having drawn the last dollar OF specie Out OF the
atter they could by presenting additional nOe com
pei it TO suspend again. Then GOA WONG 20 UP 0uce
more perhaps full extent OF the figure from winch
ii would have fallen, and tie clique c0ud sell tDelr
specie in the market and 6eS7e Zoo ,nel prom tb
S2OO,OOOOO We have had $Z0O,0OOOOV IN specie III
The treasury several occasions during the past Ten
years II II Is pracueaDie 10 tes hI nov W. nc
SlOO.OOO000, why was II not pactcaDle on 'Iose Oc-
e sc a desire on the part Of the secretary OF Treas
ury but simply that both the Secretary ana Congress
the needed $35O,OOoOO0 OF gold to come FRONT Ihe
annual gold product OF the world is S9IoOoOOO' mOLe
than half of this needed in the arts one ana halt
per cent oO the present Occidental STOCK
Of gSa Is RssSg and 1911 o sse This is Deduct
fese sums and there remains surplus of Sl0,000O00
Wear ont OF which our needed $35O000OOO must come,
unless it out OF the existing stock IN other eOun-
tries 1t would take 80 years TO accomplish inc result
But the increased population Of the Occidental world
will make increased demand for gold exchanges ana LOT
it's in arts equal to at least 20 Ooo anu
the annual product Of gold is diminishing instead OF IN
creasng When these elements OF the circulation are al
moderately provided for there viii remain perhaps
5000 per annumof surplus taking 200 years 10 get
Austria italy and Russia snal leave us 20 monopoize
ali the gold We need before they reform Their own de-
he dune Redemption in gold is out OF the question II
is not practical financially, metadfgica intern lloh-
iRc stock OF coin which forms the substratum Of the
worlds prices is the accumulation 90 centuries and
neriods of time 10 disturb these prices and contracts
by forcing exchanges OF the country TO Dc measured
az 10000 900. or even 600, would be tana
mount 10 the violent destruction OF vast interests ana
wreuchpg all the relations OF Industrial ana social
life. -. $1,000,
GOLD NOT PURCHAsABLE FROM EUROPE.
The Senator proceeded argue that not get the
gold from Europe with which to resume, because Its
whole supply is only $780, 100000 and on every one
of these dollars stands vast and almost topping super
s.rcture of credit every conceivable FORM Try to
by one sixth seventh of that amount and the rates
Of interest would up In Europe In order TO check the
outflow of god and so the price OF goid WOulo rise
mt in order TO secure the mount required we would
no obliged 10 sell all our bles at prices that would
bankrupt every interest In the country we might ger
ary or hundred millions possibly put II W0uiu De ~
,he expense OF tremendous financial
racng with equally alarming disaster 10 ourselves
ecOeet, the problem Is that OF taxing s1ooVOo''
200 IN sS a Su Of fi Oay in the
world. II the whole stock OF metal both III silver
e a in several Countries Of Europe
lave thoughtlessly worded our laws that, until We
alter them, We can only pay IN gold
EASE OF REsUMING WITH BOTH METALS.
Contrast the ease Of uming specie payments in both
the metals or on the of the double standard Then
instead Of having draw upon fund OF