The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-11-02

STc66 OWING " 80 ak03C0SIy VI QUIZ pun
lie servants. The contrast between tn
, American and French statesmanshil
on the silver question will become strik
, ing, when it is considered that insteat
of passing an act at night under sus
peded rules and without reading, a
did the American Congress, the Frencl
Assembly appointed commission L
investigate and report upon the propri-
ETY. and feasibility of demonetizing silver
! The opinions of distinguished per
sons excited by tine French committee
are vastly too important to be allowed
to pass without the most thoughtful
consideration. we therefore reproduce
from the ST. Louis Republican of the
10th inst, the following:
aaron Alphonse de Rothschild to French
monetary Commission in 1869
The actual state OF things, that is to
say, the simultaneous employment of the
two precious metals, is satisfactory and
| gives rise to no complaint. What is
most needed in commerce is facility in
its operations, and to-day it employs, &C.
cording to it's needs, sometimes gold and
sometimes silver, and the partial re-
placement Of silver by gold, which has
taken place in these latter times, has
been effected without Inconvenience.
They now demand that silver should be
demonetized, as fifteen years ago they
demanded that gold should be. The
French government wisely refused to
demonetize gold then. and it will be
equally wise to refuse to demonetize sill
yer now. In fact, whether gold or sill
yer dominates for the time being, it is
always true that the two metals concur
together in forming the monetary circus
lation OF the world, and it is the general
mass of the two metals combined which
serves Us the measure of the value OF
things. In countries with the double
standard, the principal circulation will
always be established sof that metal
ly twenty years ago that silver was the
principal element in our transactions.
Since the discoveries of the California
and Australian mines it is gold which
has taken its place. No person can
fOresee what the future has IN store for
us. or can predict that the proportion in
which the two metals are now produced
may not be changed in favor OF silver.
1t appears to me that there are real ad-
vantages in maintaining silver in circu-
lation and none in its suppression, since
it is now actually part OF the circula
ton. should regret the demonetiza-
ton of silver in its relations to our inter-
nal circulation, our commercial inter
course with other countries, and the al>
ways uncertain eventualities OF the fu-
ture. But should regret it even more
if our example should be followed by
other nations, for that suppression OF
silver would amount to a veritable de,
structive of value without any compen>
sation. Without doubt the two metals
are not always in the same measure at
our control; there is always one more
abundant than the other. But neither
OF hem has ever completely DISAPPEARED,
and we have always been able to find
the one Of which we had need.
IN. Wolowski to the same.)
To adopt one metal. gold, to the ex-
clusion OF the other it is not merely as il
they closed all existing mines of silver.
but as If they suppressed in this regard
the labor of all past ages. The sum
total OF the precious metals is reckoned
at fifty milliards one half gold and one
halt silver. Ifby stroke of the pen
they suppress one of these metals in the
monetary service, they double the de-
mand for the other metal to the ruin OF
all debtors.
IN. Wolowski, Memoir read before French In
stitute, 1851
The suppression OF silver would bring
on vertible revolution. Gold would
augment in value with a rapid aud con-
slant progress, which would break the
faith Of CO ntracts, and aggravate the sit>
uation of all debtors, including the ma
ton. 1t would add at one stroke of the
pen at least three milliards to the twelve
millards the public debt.
C"Recherches surl 'or ct sur rhargent," ls43,
Leon Fauchet.)
II the nations OF Europe adopted the
system ofGreat Britain. the price Of
gold would be raised beyond measure
and we should see produced in Europe a
result. lamentab!e enough. The govern
ment cannot de cree revolution, and
the most dangerous of all, because it
would be revolution leading to unknown
results (qui marcheraI rers rinconnu.
(M. d Ehchtal, q director Of the bank of France
to French Monetary Commission, 1851
In cotton, every fall in price brings an
increase in consumption. But in silver
if you take away its title of legal money
which makes an unlimited outlet for it,
it must fall exceedingly low before it
find an employment equal to the one you
take away.
IN. Bouland. the Governor OF the Bank OF
France, to the Same.)
We have not to do with ideal theories.
The two moneys have actually co>exist-
ed since the origin of human society.
without any disadvantage, and even with
actual advantages In all countries which
havs avsiled themselves of them. They
co-exist because the two together are
necessary, by their quantity, to meet
theneeds OF circulation. Ibis necessity
ofthe two metals has il ceased to ex-
list? Is it established that the quantity of
actual and prospective gold is such
that we can now renounce the use of
7.