New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-14
Silver Change.

We trust that Secretary BrlstOw Will no
longer delay putting out the $!2,0OO oOo or
80 Of silver small change now lying idle in
the treasury. The danger of the gold pre-
MUM rising 80 high as to cause the silver,
after it has been paid out, to be got t0geth-
er again and exported is next to nothing.
On the other hand, the cry that silver
Quarters are worth less than rag quarters
Is utterly without foundation. All the sill
YER change that can be picked up between
Maine and Texas can be exchanged at par
for greenbscks any day in Wall street.
The Journal of Commerce, OF yesterday, IN
forms us that 1.-THE only bids for American
silver are par in currency" Par in cur
rency is exactly what it is worth, aud what
it will continue to be worth. No one should
want more than that for it and no one
need take less.
We sometimes hear it said that ",he gov
eminent is not in default on its fractional
CURRENCY" but We do not see the force OF
that observation. The government, 1t is
true, undertakes to pay its fractional cur
rency in greenbacks, but the greenbacks 1t
refuses to pay in coin, according to the
promise on their face. How the govern
ment can be ''in default" on it's greenbacks
without at the same time being in default
on it's fractional currency, is not clear to
na We can not understand how things
that are equal to the same thing can be 9th.
erwise than equal to each other. Ii the
Government is in default on its legal-tender
bills, it is also in default on Its hfty-cent
EOtts.
In the early days of the war the govern
ment. bv issuing it's greenbacks, drove out
of the country the silver coin which the
neonle had used up to that time for small
change. Small change being Q necessity,
and the various subetitutes which had been
extemporized to meet the emergency hay
ing quickly swollen into an lnto!eraDie
nuisance, the government stepped IN ana
occupied with its fractional currency tne
Mace of the departed silver. That place 1t
has kent for twelve years, and it is high
time that it stepped down and out OF IT..
Scraps of pap-r, ornamented with green
and red ink and pictures of departed
statesmen, are not real money. Every OBJ
lection that can be brought against paper
money of q higher denomin alton can De
urged with equal force against the 1rac-
tional currency. 1t is the duty OF the gov
eminent to give the people back their silver
change. ,.,.l
selves friends of paper always convertible
into gold. that the people should not be per
mitted to exchange their dirty and ragged
fractional currency into the silver coin
these ragamufins profess to represent:
They tell us that to buy and coin $50 .OOO, OOU
of silver tokens will cost 81 ,oOO UVV year
for interest on the bonds issued to pay for
the bullion. Suppose it does, is it not nee
essary aud proper expenditure! Does not
| the fractional currency, which perlsnes as
| regularly as the leaves in autumn: cost az
much az the anuusl interest on $5o,Oo,ooO
worth of silver tokens! Why should men
expect to get for nothing go useful an article
as money! The small money OF country;
it's dimes and quarters, are fully as useIul
| and far more active than the larger or more
valuable coins. To extinguish the frac
tional currency is the first step in reform
| of the monetary system.
| We are further told that if the govern
ment lays out 100000 900 for silver, it pre-
vents that silver from being exported to
| foreign countries, causes gold to 90 in it,
Mace. and thereby renders it impossible to
get gold for the resumption Of specie pay
ments. This, also. is mistaken view Of
the case. The very bonds which the gov
ernment issues to pay for silver bullion are
fully equivalent to the silver in all ex
change operations. Suppose the savings
banks take the bonds. In that event thu
necessity Of importing from abroad . cor
responding amount OF bonds will be dom
away with. The balance of payments 70
mains the same, whether We place to ON
credit Q shipment Of go, OOO, O0O worth 9
silyer, or forbear to import e30. oooOU0 voItl
| Of bonds. which We arc enabled 70 90 o!
taking the bonds which Secretary brasso'