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

exact amount at which | stated the annual accumu-
lation from these two sources. Before closing on
this branch of the subject wish 20 call attention 10
the fact that my estimate based on the business
ofa Europe, while the figures given in Mr. Goschens
report this point refer only TO the trade of En-
gland with India With my present information
should increase rather than diminish my estimate of
the annual surplus.
said that DIFFERENTIATION from the first of these
causes alone decrease OF expectation to lndla is not
far from 5000, zoe. 900 to 500 100000 and your
correspondent "G" makes the following comment
upon that statement:
According to the obviously il-nformed Parliamentary
Committee. the decline Of expectation during our Years
$G6,UU0, 900. The difference is considerable.
When wrote the sentence in which the estimate
quoted is given, had before me two documents ;
one was the report of Messrs Fcer and llerzog from
which have already quoted, and the other table
showing the exports of silver from England from
1851 to 1879 and the amount of India Council bills
drawn each year since 1862, published by Pixley ~
Abcll bullion brokers' London. In the first of these
l found the following statement:
During the period from 1850 10 sec the annual ay-
eage OF silver expectation from Europe for Egypt ana
the East was in round numbers, &J-,O00.OUO francs
This Tor the period from 1867 to 1875 was
IOl 900 900 francs We may add that this expectation
during the year 1873 was l14,OOO,00O francs.
The falling or according to this estimate, was
about 1S6,0JO0O0 francs year, or, since lS6'
an aggregate of 1.1SS000,0O0 francs - about
$295, 100000 In looking at PixIey d AbelIa
tables, noticed great increase III the amount oil
India Council bills drawn by the British Home
Government during the last three years, the agGre-
gate for 1873, 1874, ana 1873. being Elo,ooHo'o'
against G25. 1873 9G7 for 1870 1871, and 1872. The
increase was E14. SO 1908, or say S7i,j2o,ol1
see now that | probably made a mistake
La. nt
given above, on account of this great i'll
crease in the amount of India Council bills drawn.
the latter being the cause of the former. But my
estimate was only an approximate one, rs It's Ian
guage shows. said perhaps il would he three or
four hundred Millions and have shown that accord
ing TO good authority it was 5000, 100000 If I'M
derestimated The annual surplus, then this aggregate
would be brought up to between $5OO,0OO,OO0 and
$500
GERHANY's SILVER.
q The writer of the communication referred TO
continues
Your correspondent also has information about Che
amount which Germany has 10 sell He discovers tha IL
is 500 100000 and repeatedly mentions that lTcglsg
the amount which Germany SUN hlS lor siIe,
Mr. Goschcms committee must regret that they dd not
cal! your correspondent "a = "llhtss nor dl''i hI'h
labor, lley felt compelled TO report thal otEi( ."s
va am 0t mi MN Ike p5s,i.y on the other hand
That considerably larger sum than The estimated
amount MAJ ultimately be required Tor subsidiary com
age" II Ia quite sad that the precise and positive
information Of yOur CORE, pOndcut denied alike u
that Committee ana TO the very able one appointed by
the French Assembly, which confessed Us ignorance
also.
Ny authority for this statement, on which " c.
would throw discrcdi is the following extract from
the Swiss report already several times quoted
From the speech Of Deputy Loncman in the Rcichstag
ase 100 it appear; a 'hg,G remains sch n 76 C6 "S
must be deducted - set apart Tor suh'lal con-
age; Germany a.' 'hritloIr' olii @ e. - :,i,r
II throw upon The monetary market ana VT G"cto.et
whose ahlty tines, matters is well known, does not
consider TINS estimate IA exaggerated.
The gentlemen named By Mr.. Hcrzog are high
German authorities on this subject, and they Ger
taiuly would not oyercstmatc the amount; it is not
i'm the interest Of Germany, with silver to sell, to
hear the market. The amount given here,
40 900 900 marks is considerably greater than
500 900 600 one mark being worth % $500 cents.
have recently seen several other reports, which are
not now in my possession, giving the amount of
silver to be sold by Germany at from one hundred 10
one hundred and twenty-five million dollars, and
many persons believe that II is greater than the
last named amount, and that the German Govern
mcnt found after it began the Decentralization of
silver that the quantity 10 be called in exceeded all
previous estimates. OF course 10 official publication
of this fact has been made. | adopted
500, 900 900 as the amount Of silver to be sold by
Germany, not because | Thought it was the exact
sum. but because it was widely accepted ~ a good
approximate estimate. If it should turn ont that
the amount is n few millions greater or less than
this it would not affect the conclusions reached in
the letter to which reference Las been made.
STANDARDS.
3. shall have no controversy with your corrc-
spor'lent &c" on the subject Of standards. In my
first letter on the silver Question / used this Ian
IL. l. I ft,. ola
It may be Misc for our Government 10 readopi tho
double STANDARD at some future time, ana thu3 - t'
siycI in oEr currency; Hn no" every CONFEDERATION oi
policy and o! sound political economy ui-cS hAt DC
postponed until the silver problem is settled ana the
ground once more becOmcs solid under our feet
OF course understand that Congress can make
both gold aud silver. and many other tSing' " legal
standard. of value but it cannot mako two more
kinds of money actual standards Of value at the
same time unless they have equal market value.
Gold is a legal standard OF value in this country to-
day, on par with paper, but in all ordinary trans
actions excluding Of course duties on exports, and
interest on the public dcbU the standard OF value Is
the paper dollar and not paper and gold II one Of
the silver bills should pass we should then have
three legal" standards OF value, but practically
ONLY one and that the one which should be at the
time cheapest in the market To. understand this
does not require the learning Of "A great cOnstIG-
ti0na lawyer like Daniel Webster, nor the financial
ability OF an Alexander Hamilton, but u little
knowledge Of some of the fundamental prin-
ciples of political economy. "G.'s' quota
tons from Webster and Hamilton do not
touch the question at all. What ] mean
and what Prof Jcvons and Prof. sumner and every
one else who uses the language inteligenily mean
by the assertion that double standard is an i'm,
possibility, an absurity, and the like" il that no
matter low many legal standards you may have,
you can have but one actual standard at a time for
measuring the value Of a commodity any more than
| you can Measure yard Of cloth al the same time
y<yo yar,l.ftcl,a Of Itcr.,t l,,.,Ls