The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-07-31
The Silver Question.

discussion In the PUBIC prints, OF IN Coh-
crcss, which ought to possess more interest
for the intelligent reader than the questions
which are connected with the use OF silver
as money. It is certain that silver coin is
kind OF money recognized by the Constitu-
ton OF the United States, and that at the
time when nearly all Of the outstanding
bonds OF the Government were Issued sill
yer was legal tender. isalso true that the
acts OF Congress referring 10 this debt pledge
the faith OF the nation only for its payment
"in CON-" not in gold; and the friends OF
q silver currency claim that Congress has
no right to pay that part OF the debt in gold
TO the exclusion of silver. On the other
hand, silver has deprecated in value until
the. subsidiary coins (being heavily alloyed
are not worth in gold three iourths Of their
face value: and the friends OF "honeSt
money" declare that it would be nothing
less than partial Reputation to attempt to
comnel the nations creditors to accept sill
yer dollars instead Of gold in satisiac-
ton of their claims upon the Gov
eminent, They also affirm that it would be
swindling the creditor class to force them to
accept silver in payment Of debts contracted
either upon gold basis or when silver was
worth, dollar for dollar, (of course not ounce
for ounce,) almost as much as gold.
The friends of double standard and the
friends OF single standard arc also at log
certNads as to the causes OF the deprecia-
ton in the value OF silver as compared
with gold. The former claim that it is
owing almost entirely to the dcmonc-
tization OF silver by England, Ger
many, and other countries, and
that these countries will soon be COM
pe|ed bv inflexible natural laws to rcmone-
tie silver; and they desire the United
States Government to set the example. Sill
yer has latterly changed its price so rapidly
that it is next to impossible to say how 1t
stands to-day relatively to gold; but it may
be safely assumed that the proportion in
value bv weight is as about 10 to l, whereas
the proportion established by our laws is as
154toI. The friends OF a double standard
claim that the RECOMMENDATION OF silver by
this country would reduce the comparative
value OF gold, and the same action on the
part of England, Germany, and other coun-
tries, would restore the old proportion OF
l5t to /, and perhaps Is to l.
The friends Of single standard admit
none Of these things. They say that silver
has become so abundant that it cannot
bcnceforth be used as money Of value; that
It NAV, OF course, be employed rs subsidi-
arv coin, redcemable in gold, or deriving
its value from gold, just as the sreenbacks
are and do, but that it would dcranse all
the business OF the country il Congress
should pass a law making silver coin re-
ccivable for customs duties and legal
tender for all debts, public and private.
Among the hard-money tribe, the Cincin-
natl Commercial, the New York Graphic,
THuEI.Ow WEED, and many others who have
denounced in the bittercst language the
"rag-baby" and the "Ohio lunatics,' are
able, constant, and persistent advocates OF
making silver legal tender for any and all
debts. The soit-moncy men, also, are al
most all in favor OF such law: The party
is a large one, and respectable by reason OF
the intelligence, ability, and wealth Of its
members.
Which side is right. We have read hum
dreds of columns or the subject, and on
both sides, and yet we have our doubts.
Being naturally conservative, we fear to sec
any measure adopted which might unset
tie values. At the same time, we cannot
but lament the immense loss which would
result to this country il silver should cease to
command such price as would justify the
working OF the American mines. Millions
of dollars worth of this valuable COM
modify is now annually mined in the
United States. Silver is the only
kind OF coin used in some OF the
. countries OF Asia. Even now silver is
worth nearly q dollar M ounce in London.
We all know, too, that gold will not answer
for coins OF less value than one dollar, and
is not so suitable Us silver for even the one
dollar coins. We must have, and shall OF
course have, silver coins. The only unset
tied question OF importance is. For how
much shall these silver coins be il legal
tender. The plea that silver WAS legal
tender few years ago, and that all
debts were then payable in it, is not
= good reason for making 1t legal
tender now. Circumstances sometimes
so change as TO justify change even IN
slch matters. In Virginia we do not let Il
man nav his debts contracted during the
war in Confederate Treasury notes, though
these might have been just what both debtor
and creditor expected them TO be PAID IN
when they were contracted We make nm
nav the uul,.e OF the Confederate Treasury
notes, SO it may turn out to be necessary
to deal with silver. We may have to give
for dollar what is equivalent to dollars
worth when the debt was contracted, ave
raging the price between the rise i'll gold
and the fall in silver. AT any rate, there
can be no good reason for not letting the
people have as much shining, clinking silver
rs they want, and no good reason why
dollar cannot he made out Of ii worth q
dollar in gold. Silver is worth nearly u
dollar an ounce in gold now. The problem
to be solved is to make q coin not too Yaltla-
bic to remain in circulation and not worth
so little as TO cause ii to eXpel gold from this
country; and specify the amount for which
it shall be 4 legal tender: Let our states
men address themselves to these points.
------------.- -.
Wehave received from Mr.. Il. II, WEAVER
q copy OF "ARIEL's Reply to the Rev. JOHN
4, nj, al, J.;