New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-04-26
SILVER DOLLARS.

The silver question takes n new shape. The
bill recently passed involved very simple
question, whether it was expedicnt to subsu-
tute silver tokens for fractional promises The
bill reported by Senator Sherman, his speech,
and the elaborate speech OF Senator Jones,
raise more important and much more dill
cult question: whether it is desirable to restore
in this country the double standard of value
which we employed prior 20 the war, which
England departed from in 1916, which Ger
many is now trying to abolish, and to which
France and other nations of the Latin Union
still adhere. Much of the opposition to this
plan has been of the shallOwcst kind. 1t Is
not argument worth the attention of sensible
men to say that the vast body OF facts, and
the strong chain of reasoning, which Senator
Jones has presented, deserve no consideration
because he is interested in silver mines. There
is much to be said on the other side OF the
question that is worth hearing. But unless 1t
can be presented, in place of the arguments
upon which the opponents OF the double stand
ard have thus faI relied. intelligent public
opinion is likely to take sides with the Senator
1t is sound parliamentary rule, before de
Gliding on the merits OF measure proposed
to perfect it as far as possible by amendment
The bill reported by Senator Sherman would
be UNNECESSARILY stronger, because far more
likely to accomplish the result desired, If 1t
were amended in one respect. II seems sur
prising that Mr.. Jones, with all his exhaustive
study of the subject, has not perceived the i'm
portance of that amendment, or, at least, has
not referred to it in portions of his speech
thus far reported. In order to get silver into
Nc tbn sitr-
rency out of use. 1t would have been folly to
attempt to bring small silver coins into circu-
lation without retiring the fractional paper cur
rency. If we want to cause silver dollars to
be used we must get nd, not OF paper
notes for $40 or $50 each, but of paper notes
for 81 each. The first step in the substitution
of silver for paper is to take out OF clrcula-
ton those small notes which now fill the place
of the coin dollar The BILL therefore, should
have provided, not that the Secretary of
the Treasury shall exchange coins for any
legal tender notes. and cancel those notes, but
that he shall exchange coins, first for the one
and two-dolIar notes. and afterward for the
fiye-dollar United States notes, and destroy
the legal tenders of that class. 1t may be said
that a sensible Secretary would take that
course without requirement Doubtless, II DIS
posed to render the act effective. But II the
Secretary of tho Treasury after March next
should happen to BIO man disposed to defeat
the act, he could do 30 very readily under the
discretionary power given by the second sec
ton of the bill as reported by Senator Sher-
man.
The expulsion of small notes from circula-
ton would be long step toward specie re-
sumption. No student has failed to notice that
an abundance of the small notes exercises a
powerful influence upon prices. and conse-
auently contributes greatly to cause deprecia-
ton of the currency. Congress has done a
sensible thing in requiring the expulsion of
fractional currency from circulation. But we
have in use $53, ZOO, 900 United States notes,
and sc, 400, 900 bank notes, of only 81 or 81
each. This fooG of small notes. with over
forty millions of fractional paper, has done
more to debase our currency, to prevent its
appreciation since the war, and TO check the
tendency toward reduction Of retail prices,
than could have been done by large notes
amounting to several hundred millions. The