, 1876-02-26

cIated hecsuse its use has beon extended. Bup~
accomplished, shall ts,o Unitod ststes-with lie
booded tfobt payable in gold BY resumption ro-
1nirnE the ueo In this country Of 4i00. 600 900 Of
SDN, zoo OF gold, which will hnvo to ba draw
In which is debt Is to bo paid 2 Whysltonld " s;
W Increasing to that e1tent tho demand =
L.. fscnEAsE TIE pEnr TIE HAVE TO FAT :
Esid,-nnk'ng tue gold dollar worth more .
II Wss viicn tho debt was contracted?
"Jhn idea," hc continued. " OF tho ah 5 q
!nsas1sbhty OF tho golda.andsrd is 30 fxo j It
the proportion ia difficult to formulate - 1t
IL trtc. 1t Ia, however, ali concelod ho
argument nhout tho depreciation Of silver coose-
qnent upon It's decentralization. II might be-
ateiI snted ;hus: p Il tho .aluo Of tho precious
them to do in tho commerce OF Tho world, then.
II but ono OF the metals bo adopted ~ TN
ataud.,d and tthe other discarded tho value Of
the frat will be appreciated. II both
to bo done By thom be not increased, tl,on II viii
have no effect, except in countries in debt, do
ploted BY war, and In which business ID do
preesod: There It will provent increase Of tho
recoyery, hy preventing tho appreciation Of hs
standard In which tho debt is TO bo paid. That
is one OF tho advantages Of d double standard
tho silver acts - check upon tho appreciation
gold tho silver. bolng the cheaper froos 1t from
circulation, err apd It goes to supply the demand
gold recedcs to Its normal standard, that cstab-
l!shcd BY the relative cost Of its production and
that Of silrer.
1.-THE CHIEF OBJECTION
yonr plan will encounter" said, twill bc that
1t docs not fetch our currency to the worlds
standard Of yalue,-ths sane objection shas is
''Whnt OF ttht p mas hls rojo!ndsr. "silyor
hse m intfinnlo valuo while tho grceuback do
ronds whot!y upon credit. Outside tho United
statcs, tho greenbaok docs not circulate but
Il ho CURRENCY d ot not et oss than suss co. 90
Ct pooplo ln the Indies. upon which
;qndsveiopod trsao ., ttst @ country. ~.
spain. Belgium, aad Russta arc hositating about
tho demonstration Of silver. Why Is 1t not time
that this country, with ita 49, 90u 600 population,
its wat fcaou1ces it's surplus for export, which
tho world can't Do without iis mines, why should
stead OF copying after Groat Britain, fesume on
tho double standard ? It would havo powerful
Influence upon tho nations now hcsitating about
It, to maintain the double standard"
p" What as to tho
oyEa-pnoprc11oS OF s1LyEa7"
"Ths oser-produe.ion Is fallacy. You will re-
member shat upon tho go!d-<lircoycEies In Cali
ASt Lin bAA AA1tl0A01 k10 Ef0ukSuI A0UFS[CQ
:. Chevalies wrote m elaborate argument for tho
characterization Of gold. because Of tho ovor.pro-
ductton going. on. Tho gold Of California and
Austraiia added to tho circulation has bcon.
tho silver produced. NTH sl there Ia in the Com
stock Lode added. Even now tho bullion prod
uct Of tbs country ts in round numbers, 1n-
nually et0, ,00o, GOO sold to s3O. 600 silver;
aud, Of all tho Comstock-lode mines, but two
arc paying. The osloa arc worked st . sma!
loAa OF without pfodt md slight further De-
cline in ths gold pFice Of si'vof would stop tho
How" qucried, is tho Government to
Ny plan viii bo embodied" 7as the TO-
Hponse, "iu
TWO bills I AN 11ErAn1ao,
neither OF which III ret completed; and ho read
rough drafts Of both. Tho first provides for tho
coinage Of silver dollar Of = standard which
will rhise It from tho prcaent scato.-which IN, rs
compared with gold, 14.95 TO Ito about l6 to l.
which shall be leBal-tonder 70 the amount OF
tho public debt.
The second provides that, upon deposit 1t tho
Troasuty or Sub Treasury OF ails or-bul!Ion, COR
tihcatcs Of depoeit shall bo Issued therefor at
the standard hxed. Thcse certificates shall DO
Issued for not less than $40 each. nnd stall bo
= legal-tendeF, expect for duties on Imports and
interest on tho public debt. In short, thoy will
DO United Stasos silvoT-teodcr notes, represent
ing the precise amount oi bullion 90 dcpoelt for
coinage. Tho bill further provides for uonthly
saies OF Gosornment bopdB, Say 20, o0o, 900. for
gold to DO applied In tie purchase OF silyor-bal-
ion to be coined into dollars for tho redemption Of
outstanding greanbacks j; or, II grcenbaeks can
DO pnrchssad cheaper, IN tho purchase OF green-
backs dtroct In other words, to Tx the ever
dollar .s tho standard of tho grecnback,-the
eilyer dollar being nos TINT now coined, but tlAt
Of the value prescribed by Senasor Zones BILL
SAY, as he coutemplatcs, IN tus ratio 10 gold Of
l to 10.
The aotuat ratio Of silver to gold. as stated by
Dr. lindertnan. Director OF tho Mnk, IL about
17H 10 /; 80 that tho standard proposed BY
Senator Jones Ia bolow the goid-stnndhrl, or be-
tween End por cent belos par ia gold.
ONE or THE QuIarloHs
which this Eche1ne will fetch up will ba how long
silver denoneti2ed IN Germany aud japan, and
about, IN all probability, to bo domouetized ia
Frauce we'll will maintain ita present yntue as
compared with gold. Al presont, the grpcnpack
dollar, say at llsA for gold, ii moro ysloabe
thau tho ailvoc dollar Of our psesent coinage.
At that, the g1oenbaok dollar tn worth 88 $40
Couts gold; while tho silver dollar Ut tue pre.-
ent London quotations for BlyeT, BAY SD, Ia
worth but " 80 cents guild aud, but tor tho
fact that tho doyotnmont uonoPollzes tho bill
vcE-coinngo business, and soils silver cotuB only
for their nominal val1aa IN gold, tho groenbacAB
would already begin to bo driven out Of circutA-
ton BY silyor. The following tAbto, showing tho
decline tn the gold-prices, per onsce. Of silver,
at London, for tito past few years. may prove OF
intGEest In this connection
1879, 1873. 1871, 1875. ib70