Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1876-03-22
rnE SILVER AND CURRENCY PROB
LEM.

writer upon tho financial problem which
q constantly forcing itself upon the
Government and people OF these United
States, and ho has recently been pub
fishing q series OF ably written articles
the subject. in the San Francisco
Stock Report. which commend themselves
10 the critical consideration OF all inter
sstsi In such matters. Although not al.
ways agreeing with him in his views on
the national financial situation. yet. In
the main. No cannot but approve Of his
practical suggestions. He handles the
subject well. and like a man who has
analysed the subject well and given 1t
considerable study. The following are
specimens from his Published articles.
which we extract. rs well worthy OF
reading and consideration:
The redundancy OF silver Is the press.
ing question 10 be decided. What shall
DO done to utilize our increasing pro-
duction? Tho whole country under the
bowling opposition TO grsenbacks have
demanded coin Of intrinsic value. Well.
va have silver bullion which can DO cor.
vertcd into coin Of intrinsic ~valus-give
to tho people something they can bite.
II IL their want-supply them. Green
backs don't j~ingls-eive them coin that
will, and make IL q legal tender to any
amount. The people OF the United
States have to DO taught that money
c.ases to bs money and becomes n COM.
modify the instant that its nominal
value il changed above or below its
standard, and that the functions Of
money demand that IL shall DO n legal
tender in any sum.
The introduction OF alloy into coinage
Is for o purpose far beyond the covering
Of the cost Of coming. or the speculation
Of the Government, or the hardening
OF the coin 10 prevent abrasion and
waste. II IL chiefly to prevent the con-
version OF our coin into the coinage OF
other nations. and every civilized Gov
eminent has adopted tho same means
for its protection.
There can 30 no change in the value
Of gold and silver so long ~ the Gov
ernments hold to the use OF coin made
Of thsse metals for u circulating medi-
um, unless there be q change in the
quantity Of gold and silver introduced
into their coinage. without change OF
tho standard value. Tho measure OF
value, which Congress IA only author
lied to prescribe for its several monetary
creations, should 30 as absolute and in
disputable m tho measures OF length.
weight and quantity. Tho coinage Of
tho nation. having upon its face the
stamped and fixed value established by
Congress IL q simple contract. which all
may understand. and none should dis
puts |; and any attempt to evade IL. by
making IL worth less or more than the
law prescribes, is rs re~prehensible and
outrageous an an effort to make q yard
less or more In length. or a bushsl OF
loss or moro quantity. or apound Of less
or moro weight-all Of which arc legal
measures and stand undisturbed.
Having silver in tolsrable quantity.
vhy not utilize itl The question IL too
grave 10 DO dismissed without the most
careful examination. One standard OF
silver with q legal tender paper equiv.
aient) and another standard OF gold
seems impolitic. as in no sense does II
operate 70 retain gold in the country nor
supply us with money. Three curren-
cies. gold. silver and paper. equivalent
each for the other. legal tender and pay
able for debts. commodities, services and
contracts. VI may have 10 we are wise
enough to make laws for its creation.
We must consider the fact that va have
contracted o debt which We promise TO
pay in the gold coin OF the nation.
principal and Interest; and wo have not
gold Ia sufficient quantity 10 meet this
demand, and Mt the same time answer
the needs Of the country for circulation.
We cannot. therefore. dispense with Its
natural ally. silver coin. We are not
prepared 10 furnish q substitute accept
able to the people. eve in paper. We
know that VIC lack tho gold: 70 are
threatened with characterization OF silver
simply because silver has deprecated in
value. Grsenbaeks will answer u pur-
poses al home. but will not pay u
foreign debts.
The nrst thought Of the country seems
TO bs In favor OF increasing the quantity
OF silver In each silver coin. which for q
time will make II m equivalent for gold.
This looks for a moment TO be proper.
and a Just solution Of tho problem. but
a little reflection will teach us that some
thing more requires to BE- done. In no
sense would tho exodus Of gold be re-
strained by the increased value OF silver
coinage, because IL will for many years
require the entire coinage OF this coun.
try to meet u foreign obligations, and
II any part Of ID remains TO Us IL Is be-
cause the United States bonds are taken
In the place Of money which we cannot
supply. The idea OF increasing the
value Of silver coin may BE entertained
IL We GO one step further and decrease
the gold in our gold coinage to such q
degree M shall make a mutual adjust.
msnt Of the value in both. This being
done, we are mono the less able to meet
oar obligations In gold coin. Although
a tribe reduced in value. still II would DO
the national gold coin." equal to the
value Of gold at tho time our obligations
were contracted. and in a measure Offset
the purpose Of those who would demon
stize our gold coin by speculation.
Gold has appreciated and silver de-
preciated. Why not add metal to the ono
coin AMI make ii less in the other, in
such just proportion, that an equality OF
vaiue in our coinage IL attained and the
highest advantages are achieved to our
country. This plan makes an absolute
adjustment Of our coinage and settles
that question. II does more; II makes
gold coin for export less in demand. and
consequently operates to retain IL, and
provides n possible substitute in our sill
yer coinage for the payment OF our debts.
Make thereafter. as soon as possible.
an issue Of bonds payable in the curren.
cy Of che Nation which Is accessible. to
take the place OF our bonds payable in
gold. which Is not accessible. and can
not be for twenty years under the pres
ent system. The Government should
coin the entire gold and silver produc-
ton Of tho country and permit no bull
lion TO depart from 1t.
Reduce the gold in n i've dollar piece
TO the value Of ~ 50 London rate Tor