The Morning herald., 1876-04-26
THE NEW SILVER BILL.
FOR PRESIDENT !

THE NEW SILVER BILL.
The provisions Of the new Silver Bill
introduced in the United States Senate re-
quire very serious consideration before be-
ing adopted. This bill which has been re-
ported by the Finance Committee, provides
for the coinage and issue Of silvsr dollar
weighing 412.8 grains, and making this
coin legal tender, in sums not exceeding
$20 for everything except custom duties,
and interest on the public debt. The
making of silver legal tender in sums as
large as $40 is q step in direction quite
opposite to that in which the world at
large appears to be moving as regards
coinage regulations 1t will tend to bring
a very large amount Of silver into circula-
tion and may prove a step towards the es-
tablishment of = silver instead of a gold
standard-a result which would of course
be very acceptable to the bonanza kings
who want a market for thesr bullion, but
would give MS very cumberous coinage,
Of which it might be very difficult to rid
ourselves Of.
This dollar will be less than the trade
dollar by ~ grains, while it will exceed
the tive half dollars of the present coin
age by abont 81 grains. 1t is not to be
csined for private parties as the trade dol
lar now is, hut, like the smaller silver
coin, is to be issued by the government on
its own account alone, the difference in its
intrinsic and economical value going into
the "silver profit fund.- for TIE benefit OF
the Treasury. In the case of the trade
dollar, the difference has hitherto gone
into the pockets of the persons getting it
coined. In other words, the Government
has allowed them 10 bring bullion worth
little over ninety cents, get it coined and
stamped as trade dollar, and then pass
i, Of in sums of five dollars Or less, as the
equivalent Of gold dollar. This anoma-
lous privilege, the result in the first place
of a legi. at:ve blunder, the preseut bill
very properly proposes to take away.
The Intrinsic value Of the proposed dol
lar, a. The present price Of bullion, is abou,
ninety-one cents, and this coin is to be issued
in exchange for g-eeabacks, which are
now worth eighty-seven cents. Under
these circumstances there will of course be
considerable demand fer the new coiR,
and this very demand will increase the
price of bullion, and thus strengthen the
inducements for converting greeabacks
into silver. We epresume the bill, even if
itpass the Senate, will be defeated in the
House, on the ground that the purchase Of
bullion for the purpose contemplated will
involve too great an addition to the in
tsrest bearing debt of the country; and
though this may net be the best reason fol
rejecting it, we think its rejection Is, on tht
whole, thing to be desired.
That feature of the bill which does away
with the trade dollar, is very important
one, especially to the people on the Pacific
coast, who are already suffering grave in
convenience through the the excess .
these trade dollars in circulation; and il
the present bill should not pass, another
shsuld be enacted for the express purpos
Of abolishing the anomaly in question b,
providing that the trade dollar shall no
be . legal tender for any amount whatever