The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-06-23
Silver,

The bill OF Mr.. CHRISTIANCY providing
how silver coin and silver bullion may be
used in payment of debts strikes us as
good one. In 1852, or thereabouts, when
the discovery Of gold in California had
created the belief that silver was to be rela-
lively to gold much more valuable than 1t
had previously been, Mr.. HUNTER, Of Vir-
ginia, introduced into the United States
Senate a bill, which became'"a law,
providing for the coinage OF silver
tokens OF less value than they purported to
have. This was done In order to prevent
the expectation OF our silver coins, which
Were fast going to Europe, they being worth,
dollar for dollar. not by weight, more than
gold coins. The law operated beneficially.
II stopped the undue exploration Of our sill
yer coins, since nobody was foolish enough
10 buy coins at pric" which precluded the
idea OF profit, in order to send them abroad.
Now, however, the case is reversed. Re-
iatively to gold, silver is worth much less
than it was few years ago. The demone-
tization Of silver by several of the countries
Of Europe has had some influence in bring
ing about this result. Anyhow such is the
fact. And the question now is. Shall the
United States Government aid in this work
OF demonetizing silver? We say, No. Sill
yer is one OF our most valuable products. 1t
is salable in every civilized country in the
world. IL will buy goods in London or Cal
cutta. 1t will buy diamonds in South
America, and coffee in Java. 1t annually
adds to the wealth already possessed in this
country quantity equal to the quantity OF
silver mined. 1t would be as wise for lis
10 destroy the value OF our petroleum wells
as TO destroy the value of our silver mines.
1t would be to aid in the destruc-
ton Of one of our most lucrative
industries and in the consequent impovcr-
ishment OF our own country. Gold and sill
yer are both recognized by the Federal Con-
stitution as the money of this country (be-
cause they are the money OF the worldl.
Gold and silver were both legal tender for
any amount when the most Of the public
debt was created. Gold and silver ought to
continue to be both legal tender for all
debts. Mr.. CHRIsTIANCY's bill provides for
this.
ia II new gold mines had been discovered in
Nevada or elsewhere, and the stock OF gold
in the world had thereby been largely in
creased, and the prospect were now that it
would continue to increase, silver would be
the favorite coin OF the millionaires Of Wall
street, and we should have large party in
Congress in favor Of demonetizing gold.
Certainly.a proposition to demonetize gold
would, under the circumstances supposed,
be as easily justified as would be the de-
monctizatiun Of silver under present cir
cumstances. There is no justice to the peo-
pie in this latter proposition, although to
read some Of the New York papers one
might infer that silver is hardly as good as
rag-money. There is no wisdom in destroy
ing one of our own most valuable industries.
How are we to do without silver coins |?
Surely we do not expect to continue the use
Of paper tokens forever? We want silver
because it has real value. We want it be-
cause people need money that can be hoard
cd. Let them hoard it. 1t will only make
the metal the more valuable. We have
had for many years no money that could
be laid away; and the consequence is
that our people have forgot how to
economic. They fear to trust their
neighbors or the banks, and so they
spend every dollar they can get hold Of.
Let them hoard it. II they will only hoard
enough Of ii to render il more valuable than
gold, dollar for dollar, it will not be long
before the men who now call for the de-
monctization Of silver will demand the de-
monetizaton Of gold. Let them hoard it.
1t will tend to produce an equilibrium in
the value OF the two precious metals.
Ii it can do no better, Congress can au-
thorize the issuing of silver coins contain
ing metal enough to make them as valuable
as gold. There would be no difficulty in
doing this; and we can imagine no good
reason why it should not be done. The
people Of every country in the world like
the jingle of silver coins. Let us have them,
gentlemen Of the Forty-fourth Congress.