New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-07-31

! silver began to dfpreclate IN Naiue VI" uou"o
standard had not been g III full and healthy opera
ton either in France in tine other countries com
prising the Latin Union. In order TO make the
double standard a legal reality u have shown that
1t rarely be practical reality three things are
! necessary:
/. Coins of both metals must be legal tender for
unlimited amounts.
2. Gold and silver bullion must he coined at the
mints with equal frecdom-no restrictions must De
placed upon one metal which do not apply to the
other.
3. ii one of the metals il coined FOX the public
free OF cost or with only slight mint charge, the
coinage Of the other must he equally free.
If one or both of the last two conditions are want
ing there is no longer a legal double standard
but simply a nominal one The metal against which
rcstrisiols are enacted becomes, to the extent OF
those restrictions subsidiary in its character. a
perfect subsidiary coinage is limited coinage
limited as TO its use ms legal tender; limited rs to
the quantity issucd and limited as to the freedom
of coinage Now France ana the other members oil
the Latin Union when silver began to dcpreclate III
value began to put limitations and restrictions upon
their silver coinage and To the extent OF those nm
itaiions and restrictions they abandoned the donnie
standard In the first place the Monetary Confer
cuce of the Latin Union ut its meeting in 1874 I'M
tied the aggregate amount of silver which the hVc
States comprising the Union should bo allowed to
coin in any one year to 10000 900 francs, or about
So 900 900. This amount would have been re-
duccd this wear TO about L. 900 900 francs about
500 200. 900 had il not been that an exceptional
contingent was granted to Greece. Last year the
amount coined was temporarily increased to 49,
900 900 francs or about 2S 900 900, distributed as
follows: France. Sl5 900 OO0; Italy, Sl0,000OOO;
Belgium. S3OOO.OOO; Switzerland and Greece
none This wear the distribution is "a follows;
France SlO 800 900; Italy. t7,20O0oO Belgium,
- 100 900: Switzerland, $l,llO,00O; Greece. ~
100000. This limitation III the amount ol silver
coinage is a very important NATTER It IL one OF the
essential conditions of subsidiary coinage hut III
,crf,rcs greatly with the "full and healthy opera
tom of a double standard.
Secondly. the States composing the Latin Union
have abolished free coinage of silver. The ."sIcr
of gold bullion may take IL to the French or ltiah
mint, and have II coined into 2O-ifanc pieces but
the minis will not receive an ounce oil SILVER fr
coinage from any one but the Government WhI'h
thps has a monopoly of the issue of silver coin ja>
rs the Government of TIL, country and England ha'
Of the issue of subsidiary coins. When the Govern
mcut paws them out il is at their par value IN gold
and. as they are worth less metal than the gold
coins of the same denomination they will OF course
remain in circulation They do not drive ont the goli
for the same reason that subsidiary silver CONS
do not drive out our gold and grccntack,-heeauSc
their use is limited. The Use Of on subsidiary CONS
i, limited by u restriction on their legal tender pro-"
critics: that Of the French hyc-lranc pieces nv re-
,trictions on their issue. This is another msnI-
moUutablc obstacle 20 the " full and healthy
| opcr,tion" of the double standard IN France.
The truth is that France, while it legally has
double standard, practically has single gold stand
ard all her silver coinage being simply subsidiary
in character though not in name. II The double
standard was in full and healthy operation no
limitation would be placed OF the coinage of silver
and the nints would DO opon 90 all owners Of that
metal Then. in accordance with the laws of cur
rcncy the cheaper silver would drive ont the d'arcr
gold and France would have an actual SILVER
standard though n nominal double one. II some
times happens that superficial observation mislcaGs
and am not at al surprised that d" g. when j" saw
the s'piccpcrs Of Paris paying out and receiving
Gyc-frauc pieces at their par value should jump To
the conclusion that the double standard Is IN ful!
and healthy operation there.
have attempted to discuss TIL, question from The
first without "loosrnc,s of assertion "intempcr
ancc Of spirit" or "dogmatc intolerance and /
have stIiycu To be accurate both in my figures and
my deductions. How far have succeeded must
leave YOU and your reader, to judge II have made
some mistakes or have been betrayed into the uso
of EXPRESSIONS that had better been omitted. at
least think that &C. has not proved his right 10
least tho frs, stone ut ne. h. l. W.
! Washington. u. O., july -, 1870.