New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-12-14
TIE DoUBLE SrANpARp.

OPINIONS OF AN EMINENT FRENCH AUTHORITY
HIS PLAN OF AN INTERNATIONAL CONVENTION
FOE MAKING THE TWO METALS A UNIVERSAL
LEGAL TENDER.
M, Henri Cernuschi, who arrived in this
country on Saturday in the Steamship Britannia ia
author and politician well known In France, and has
been since 1870 the chief advocate of complementary
standard in Europe He Is man Of commanding figure
wears long, full beard, and his face is expressive Of
culture and intelligence. He has come to this country
primarily to advance hisi economical views on the
silver question: he has also received invitation
from Senator Jones' Of Nevada to appear before the
Silver Commission and give his testimony in regard to
the relative values of gold and silver as monetary
standard.
"In reply to this invitatlon" said II. Cernuscb 10
reporter OF TUE TRIBUNE last evening " sent word
that would come over myself at my own expense and
give testimony before the commission. Owing to the
Presidential complications, Of course the commission Is
not actively at work at present. but intend TO go 10
WashjngOnin few DAYS and make the necessary ar
Tangements to place my views before the commission
The question interests greatly have gwen time
and labor TO the subject for seyers! years. The great
event of modern finance is the law enacted by Germany
in 1870 against silver. That law really means
more than demOnetzng silver t aims TO substitute god
exclusively for silver This law has stopped the old DO
mand for silver. and at the same time mas thrown
on the market all silver coined in Germany This law Is
Before the passage OF this important law England was
mononetallic gold country, France Dimstalio gold
and silver country, and Germany nomenclature
silver country. II viii be at that France VIII
its laws allowing the coinage of both gold ana silver as
legal tender held as 1t were the balance OF power as to
the value of coin in Europe The coin Germany manu-
featured was OF silver and against her own interest ana
out of spite against France perhaps, she enacteo
n law dcmonetizng silver. She sees her error TO
day though her statesmen do not yet acknowledge IT,
but her scientists all declare that she has made an IRE
parable mistake. was in fact, persecution ON the
palt of Germany against all silver in order tn force
France and other European states not TO coin anything
but gold The result is that today no silver com Is
being made anywhere in Europe. In England they hdd
long investigation lind out the cause OF this depTecih
ton of silver which attributed To the over produe
ton of the metal and the depression Of business III INDIA
II would have been better for them had they studied the
effects produced 10y tfe German law, the depreciation
WAS only the result 81 that law. When people, all OF
whose money silver dem0nczcs That silver inc euec'
is suicidal and other European nations In ofdcr - save
themselves seeing their silver depreciating IN cohse
qucnce of tuat wv in German markets. cuud 40 no IT,
iGan folnW her example and thus their own values
10 the reporters inquiry 10 what he purpOscd SUI
uniting 10 the Monetary commission oI tho - IL
states ~ Cernuschi said: intent to press ths IDEA
that tie United states IN order 10 leauno siSo P 20
ments, must give the silver dniar the sane Nie as J
gold dollar, then accept silver Al the custom d
be able To pay their Edrupcan bondnOdels III sh'eI
dollars For the adoption OF tins pau HoTIIvI, mS' i
all Ii Is necessary tn be- sure that Luloio wiz
seriou losses The decentralization OF SILVER IN Europe
is an obstacle 10 the resumption oi specie pay nchs III
Inc limited States and they SIN such difficulties
to overcome In order 10 emauclpite tLtlha'.'
paper money thaJ they would not drrbm oi l'hhE at
Inc same time, did France the bncGhhc dlitttouo.
the financial world. As regards the SCUM Autil,an
their debts Europe or to buy Europe IN "
tn silver yielded 10y their ines i MOI hsin ,li IA
me O1 World. Pruciuus Europe, IN ASIA IN America,
,,1r nothng bus disslef Twill propose therefore,
fftti u- f. n
an international convention hc hcd, tAt every VIII
I aI silver IL. coined As Ir-n tender under condition
mat the ratio between te weight %. gold ana liver W.
t,r same everywhere II That rs done. there VII hg No
Drc tr,ding i'm gold ana silver between the various
,uOIc s''Hs ~ , continued " CcruusrHi,
la grt out of Your paper money system there - nhE
one way-,hat is, to procure pIcut' Of lnr,l. I've
pcr e73 ou have coined trade dollar, 20 compete IN
Asia with the Mexican dollar. hru nave az Iv I'M.
haisd.lars, worth cNdSah the I"l % q "''4'"'Sr
piece iu order 10 increase TIE smIcuaH"n %.
that com "a lie states ui lA' I'.IH 'IL",
tfraucc, ITALY, Belgium and shlzTlhd. lu1
consider 10 therefore OF advantage IT, y"u u ASIA ana
EuIuEc yHt, silver a. money i""'N '',i' ,' "a.
silver a. legal tender In your own country fhh' h"N
always been benefited by tnc Di-uytAr JrtA. 10 40
time. more than the gold dollar Toe proportion q" ."
10 hXed ~ 1872 having bad TIE ,urgl 90 '''ns t.o @
port Oi gold, yoti N"n~t,'7 ,"l' H % ~ I.r
Instead of adopting The ratio Of 20 l1i2 aud ~ "raF To
stop the expectation 90 E'I' my ~" 4" ,,
! 10 10. luis caused aI 1uu"cH,sJIy uel''lh.Ioh
Of silver aud moment the ne" las was enforced All
The silver went 10 Europe with such result that one
fine morning the c"fn',y found hSli '" LaiiI! ui'.i
morning but gold vas Iu circulation notwithstanding
A. crusade iI favor gud alone, tur OLD mass % ouhti
siIyr h an! m circulation set value of this silver h
uu Ilv nominal aud aIy rIUutut yIuuut melt d down
,yFr.ut lutIIriIy yuDluuU- loss. bul IL i' h"t
1.g.. .IIc 10 reconstruct. The past a. 10 was.
trrmauy cannot resell god 10 become a-aii
mono metallic SILVER county and France cannot aoL.
at E.r own l ANA peril r..JIurucr coming SILVER. BIZ
inctllh.u can only Doe reusted o. the cooperation ol
siI NE yzrd countries, and % is u Er power oi FoEr
Monetary Commission lo take uc initiative steps ~ Ih'
I matter"
I ,rruu-o hi who ha, studied is question as thor
0uI as ans other economist sd LurHH stated iNai Hr
would reserve the tor.ug aui scientific aspects Of iAH
silver question fur the consolidation OF the cOunisa'Ou
| whom ne hoped 20 meet Iu 20 Tow days.