New-York tribune., 1876-07-22
GOLD or SILVER?

A DOUBLE STANDARD IMPOSSIBLE.
SENATOR JoNEs's PROPOSAL 10 MoNETZE SILVER
WHY SILVER WOULD sUPERSEDE GOLD-TRUE
PROTECTION FOR TIE PACIFIC SLOPE lNHABl-
TANTS.
TO the Edftor Of The TrtbHHe.
SIR: Senator Jones demands that Congress at
once u,ouctize silver and. dcmonctze gold, and
threatens Congress with I'll the Indignation and
curses of the silver producing regions of the Pacific
slope if it fails 10 accc,e to this demand. double
standard is an impOssbity, an absuEdlty, ana any
prov sion therefore nuliy The relatively cheaper
Of the two nominal standards will necessarily circu-
late to the exclusion of the other. Senator Jones in
demanding that silver shall hc monct!zed, neces-
sarilv demands that gold sha be demonctizcd. Sold
was monetzed by The law Of 1884 TO ttc exclusion
of silver and gold las been practically monoIzcd
to the exclusion Of silver for tie entire period OF ~
wears from its monoizatiOn in 1881 to the present
time.
The gold monetization act of 1873 only completed
and supplemented the munctizatlOn act OF l>5l
The gold lnonctizatOn act of 1S3 virtually declared
that whenever aud long as in the market, L
ounce IF gold shOud be the equivalent OF a smaller
number than 1G ounces of silver lthc ounce of gold
at the time of It's passage being equivalent 20 only
1910 ounces of silver that gold shoud be the sole
standard of account. The purchasing power of 1
ounce of gold did remain for forty years less than
that of 1G ounces Of silver, Or.unti the close Of
1874 The Law Of February, 1873, recognizing the
fact that gold for the past forty years had been the
sole metallic standard removed the limit oi 10 10 j.
and virtually declared that. whatever shouId there-
after lie the relative purchasing power OF gold ana
silver gold should continue to he the sole metallic
monetary standard. Since the adoption III February
1873 of this supplemental confirmation OF the act OF
1854 the market purchaSin" power ot soii reia-
I ,lssY rl,.I. ff1fs tn.
the dcmonctizatono Of silver in Germany, and in other
countries of Europe, anticipated changes OF IKE
character IN India, and in other paris Of ASIA and
To extraordinary silver production in this country
and elsewhere until at the present time l ounce OF
aold is equivalent in value iii the natket to more
than 20 ounces Of silver.
Senator Jones proposes row to undo the LEGISLATION
Of 1884 and the supplemental and coniirmatory
legislation Of 1873 to make for this country here
after silver the sole metallic standards to deinone-
tze gold; to drive INTO the meltins-pot or from this
country the vast gold accumula;ions Of coinage OF
the past 40 years. lie assures Americans
that if this is done, Germany and the rest
of FuroDe will be sure to follow the example
set By the United States, ani when he
has fins excluded gold from the markets Of the
world AS q monetary standard, and has established
ON firm basis silver alone the standard, he seems
confident that he viii have secured result that will
mako his constituents-the people of the Pacific
slopa-happy; and he intimates, III terms 0mlnonS
and threatening that if this is not done, and If the
great silver interest of his slope Is not protected
howl viii come from every canon and raylhe OF
nature sufficiently appalling to make the legislator
in the halls of Congress tremble.
One would infer from the tone Of the honorable
Senator that California was State III which the
producton of gold was unknown; that The silver
interest Of the Pacific slope was the controlling,
paramOunt interest Of that SLOPE and that 1t mat
tered little TO the people Of that section If gold
shoull be- dcmone.ized throughout the world, and
shonld consequently be III smaller demand. He
seems 10 forget to be unmindful rather Of the fact,
that the gold product of that region j OF greater IN
portance than the silver that the value OF the god
product even in the portions Of the territory that
are considered peculiarly slyerpToducng, Is lulIN
equal to that of the silver of the same territory II
this question of the dcmonetization Of gold and the
universal mOnetizaon of silver il TO be settled by
demands fog protection from the Pacific olop' for its
mineral products, we shall find when put to the
test that the cry in favor cf sole and universal
gold standard will transcend IN carHc5!Ie>S nHm-
beTs and importance. tho cry from tie sa!ne REGION
/ ia favor of the universal demonctEatlOu of gold,
ana the universal! monotIzaiion oi hll'el. Inc III
tercsts vi the producers of the Pacific slope
qualIhedly in favor of the EXISTING system OF gold
rs the sole metallic monetary standard, and silver
restricted to it, subordinate position, legal t-rder
| of payments III limited amounts
repeat that "a double standard - impossible, ana
that the practical effect OF the legislation 10y whCI
senator Jones proposes To establish IL would be 10
dcmonctizo gold, and create single STANDARD oi
| silver. \.
| Hep- York, July 10. 1876.