, 1876-09-16

Ottt eOe0llcu atntidru or ulcNAurc VI Vn!!c' Dut
II ia tho cheaper money that Mr.. 1Yhite cvi- |
IDENTIFY considers will he merchandise invariably.
Mr. White aCain says: "Thc caslat Of this |
general tli'rst ior go!l r. preference to s'yer
metal meta iauIslj Itself, and ia aodouGtcd1y 10 lie
found In its grcntcr convenience. Thirty thou
sand dollars IN a!lycrwcEha aton, while tlc sano
vulue tcsIlcs IN lft' nyertlupuis of god For
pfoyel In su,ns greater than 81, whether for
carrying IN tho pocket, for storlng UP tue re-
serves q hanks, fnr settling, balaccs Of inter-
national trade, Or for boarding, gola is tnnrc
convenient than silver III tic proportion Of IL or
10 IL j."
There ure several crrors IN the nfove. I. That
the preference nf gold !nr Rllyer Ia found in It's
greater convenience. Now, Is tl1Hre really such
! F4nnce, Italy, Ypain, ~ Belgium, switzerland,
with l,opnlntlono Of 1ao, 900 oo0, hive the double
basis. Indla, clll1a, l.nssla, Gcrmany' Austria,
0o0oiU, usn tl,e silver basis. !riu United King
dom ot Arcat Britain and 1rcland, Turkey, Bra
~ reftqSa S 5 n. AZ Aust9 a S,.;s yi. 4ps 4Spq
\ straugc kind II preference which Is exhibited
~ VI, wy ooO Of people. ,prcfcrrlng gold out ot
422ooD,o ,o0o who prefer silver, Or silver and gold
mixed.
gold an;l silver arc The same. Te express CON.
weight Of metal. Just A. they charge The samo
prse for carrying 81, ,o00 IN l,aper,noney, wctll-
Tho ilca that the difference In tile valuc Of
gold aid silver pf II Or 10 to / for all purposes
ior Which metallic money Is employed is caused
ny tl'e greater convenience o. go!d Is absurd.
natural hifGerenrc IN tic two METALS As respects
beauty. utility III tho arts mud liz manufacturcs
urd difference In cost of production. The lead
srs ;a ~, sshSo hgs e posa IT, segHSmy Wy Tesh ln
Adam Smith 10 John Stuart Mil, all take tho
ground that cost Of production drtcrmines the
rgApccttye values OF the precious metals. 1t Ia
ALSO strangely Inconsistent with tns theory that
s Showing, '' Il Sas varied from to II PEI per cent IN
tl.reo-lilartcrs Of century, within tho, space
possible that there las lccp auch great change
within a few years III tho methods Of handling
Again, says Mr.. White: "1hls popularity or
pretsre,co of gola, over s,lycrl T. not conferred
1cEfslatiut."
This statement is totally inconsistent with one
made further on, which IL to the effect that tue
rclnonctfzatson Of silver by THIS country
our legal rntio. II Is alsO eontraIlciel by the
tarts Of history. Among the ca,sscs Ut tl!c de-
cline OF silver, nnd Which nrc Known to oil Intel.
gsnt peTnoe. afe Este satsEs1 Ernn.e o.
Italy, Greece. lsusatn. and Austria. In two OF
these t,at!ols Austria nnd Russia, silver is the
! legal metallic basls By these suspensions,
thrawn upon those other nations using tic
absorbed by them. Of COURSE, this
tc"ded to chcapSn tho metal as
| gold. Secon1-1n 1855 m International Monc-
tury Convention was held in Paris, antl treaty
concluded between France, BclgiuM!, Italy, anu
Switzerland, III which Greece and RouEtanta
these countries so limited the ullntagc Of their
lceal-tclldcr silver coins as to prepate to make
gold their sole bas!s Of Issue, and partially de-
inonetize silver. They left the awiti such cur
dlou that, by change in The n soiuags either
1ur.lur. tSee late report OF British Parliament
CommtttCc.) Really, the tendency Of the Con.
ycntion Was to causc gold TO ba coined N all
would, ~ course, chrapcn the latter. Third
The substitution, to . great extent, by
Canada Of paper for hsr sui, suessiaiHGry
of silver Dy North Germany, This latter
legislatiyc net las thrown an amount Of silver,
ceiinutcal vt various figures up to sa00, 600 000
| upon tho market. Fitth-The exchange OF silver
Eoa af ~ 1aes on sers' seso Of Il s fhs sips
cilcapncss Of the latter. Sxtl,-Thc dlsrontin-
uancp Of the ,Ho Of silver BY the Scandinavian
Kingdoms Sevcntli-Thc establishment ofbnnEs
tending in ono direction, w.: 70 the substltu-
ton Of gold and other kinds of money for si-
YER That such Legislation must, 4 continued,
affect tho price OF silver uifayornoly, tic Com.
Commons arc well satisfied, Alr. White to tho
contrary notwithstanding. The report Of tho
Committee goes on to state TINT. as regards Ms
price Of si'xr, much must letend upon Ms action
o''' 70 Ds '''s afopstG /. sM usst.tlai, uni tazt
II tho decentralization OF silver is torced upon
countries whose rftsr1a ha RsfeteIoEe esG
! TIC further jaNl fts ruluti
But the most extraordinary position Of Mr..
White Is, tllnt tho resumption of silver III this
country would cause our nlArkct to be pou,vcsl
iatio,il lit il ar. WSits's original position
that legislation cannot chAnEe the relation be-
foreigners would be running most extraordinary
risks. But even surprising, this speculation
tended to raise Tie prfct Of tllvcr, Its FIRST effect
would assurcilly 1o To rutse the price OF wheat,
| tobaccO, cotton; etc. 10 We would be the l!rst
to 1e benefited,
Wo would have s!mply, parted With cotton,
etc., for silver, which latter, bought at q low
lgure, wo.ld be r!sin1g pn our hands, according
to Nj. White. II tic flso were real (tlat Is, q
In thu Tilted States, We ccftainiy could lSsc
nothing, for wO merely ruresIns.l silver a. its
real value as merchandise to uso 1t ut . nominal
value ls coin. Thu risc IN the no,linul vallte
could not, possibly help the foreigners. as II
would not ralBe prizes abroad. AT tho same
time, 1t would !tlp ull the produci,i; and tlebtoi
classes in this country by reducing the wight o
their debts, Interest, aNu tstxcs, and tnercuslne
the nominal Or le,,ai.toner value Of their ir9'a1
Tile truth ia, instead Of buying, silver dear
% Nj. White asserts, we would be buying
| Il chem. And from the fact thai
II took 60 much more of suci
silver than lcrctofurb 10 pay for our products
while VIZ could ,lsu the sud silver nearly q
chcapIy aud as psntltaby Us before to prO1uct
them, wo would liz ut 80 nuctl better advantage
US respects the foreigner. TtIu RECOMMENDATION
or silver In tho United states would have pre-
rlscly tho sa,nu effect upon us TINT the cxpor
ID OF such yast sums Vi the metal to TINT couhtr,
l,ayo hasl upon India This export las raised th
prize Of ali e,,ii.n.pL'tcs III That country, a.1l
lowered tho burden VI rent nnd interest," ad at
encouraged production that tho Journals repre-
sentlng the manufacturing interests III Englaus
L. .ft<1