The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-04-03
An Easy Lesson for Congress.

When Will Congress learn that legislation
cannot alter vuluesi 1t goes Oh and on.
apparently believing that arbitrary legis-
htion will make "a dollar out Of tuiulp.
Il IA lot of Congressman in their W ,dom
should 80 doieuumr.
They propose t. issue deprec ated silver
coinage. and it is assumed that II Is only
necessary to declare II legal tender at any
value whatever "A Dove it, market rlia To-
make II circulate AZ that valuation.
Such legislation may do something toward
Increasing the market rate of silver 10y
creating a new demand for it, aud may
thus become an element IN maintain
ing its price; but this j. all. If the regular
rate OF SILVER IN the London and con-
tinental markets shall continue TO decline,
In consequence of les-ened demand and
increased supply, which are the causes nov
contributing to its steady fall, all the legis-
lation we can pile into the statute book
will not keep 1t from falling here
ju,t as it does everywhere else. Beyond
the demands of "A certain necessity for cur
rent change, it cannot be forced INTO clrcu-
htion at anything beyond ITS intrinsic
worth; and the attempt TO thus force 1t,
OH any arbitrary assumption of the amount
the country can take ana must have fo1
such use, Will inevitably lead to business
complications aud cmbirras-ments.
Ifpeople VIII not believe this on Il theory
NJ once SIMPLE aud plain. they may take "a
lesson from our neighbors OF the Domiu-
Ion, just across our northern borders. They
have at one time and another, in Canada,
and IN the maritime provinces ut the east,
tried this business of circulating silver coins
at rate beyond their actual value.
Large lmportations of English silver
hillings have been made ut different
periods and put out at one or two
cents more than their real worth.
This business went on IN the colonies for
years, till the prohtabeness OF 1t to the
importers finally resulted IN choking all the
channels of circulation with such silver,
and rendering il such loss and embarrass-
ment to the trading public, that it had to
be expelled by legislation. The Dominion
has likewise had a similar experience with
American silver, which has had to be dealt
with IN like manner.
Such was the result Of an attempt TO en-
ploy debased currency alongside of one
more valuable. This may be done 10 a
limited degree where the difference be-
tween the two Is small but even that de-
gree is soon reduced when the dIsorep-
ancy becomes considerable. The cheaDer
currency gradually crowds ont the other.
til at length il gets entire control, aud
then 10 becomes such perplexity ana
nuisance 80 dealers, who must convert
their daily nnd weekly accommodations into
actual money Of account, bearing aspecinc
reference to the universal standard of
value, that II has TO be bani,hed. This
ts where 1t all comci TO in the last resort.
The linal measure is gold. aud the debaie-
ment OF the currency by legislation in no
way escapes or eyades this inexorable ne
oesslty.
We say, therefore, that anixng Al arbi-
trary value to the silver coinage by law i,
utterly useless rs practical act, aimed
NJ enforcing debnsed circulation. Within
pertain inconsdemble limits the fraud
may achleve something, but the tempta-
Soh To exceed those limits, and the nooes.
"rY ignorance of what they are lead Il
confusion. and consequent loss and omLal