The New York herald., 1877-09-06

paper money then to be redssmabIe in silver exclud-
ing goldy
PRESENT ASPECTS IN EUROPE
The present aspect Is ol conunued demonstration
OF silver Europe Upon the hypothesis that France
and otner states the Latin Union viii proceed
gradually to adopt the god standard Europe spare
s160 900 out OF ITS present stock OF standard sver
Especially # receiving gold IN excnange Tor 1t, and
then retain ample slock OF subsidiary silver. But
the proposition conempates that our demand
will arrest the demonstration OF silver aud
restore its former value. Granting that demand
shall RAISE the price OF SILVER, long as II snail last,
what sum would Europe spare At or under $50 per
present price The evidence ermany least
500 900 900 for SALE aud probably much more, II SD
can be had IL Is believed that the stock 0 silver that
would soli from The Latin Union 5sd regardless
OF the prospects OF luture advance, exceeds
O0O much OF which IN foreign coin and bars Ia
already used 10 borrow money upon and not as money
ITSELF Other countries III Europe can 500 600 00O
and the probability 10 that SO good prlcs So.
would draw large sums OF siiver rom India IN ex-
change Tor government bills. to the great rovement
oi London exchange On .ndia
1t seems probable, therefore, that II the demand for
the United states should raise the price OF silver
London To 5Sd II would command at least $500 600 900
oil silver tor our COINAGE II SO much coui be as orbed
IN addition 10 the yea.ly production. Yet JSd per
ounce would be "a per cent below our o. d rato, and
noarly per cent below tho old French ratio which
expected 10 Ue Restored by our demand
The amount Vi coin to be retainci In our currency
alter the resumption oil specie payments, C., IN
tive circulation and reserves will depend very much
upon the manner OF arriving At specie payments anu
otner circumstances Leaving out Of question tho
the use OF paper to the silver which the paper repre-
sents, for convenience aud cheapness. God may
man only at premium as nov, but II will remain
Indispensable to transactions OF trade and govern
ment. The supreme Court OF the United States has
decided IN several that contracts for payne oil
spec He'd kinds OF money or commodities valid
ana can be enforced. Congress- with the approval OF
the Presdeu make the silver dollar egai tender
but II cannot deny the right to MAKO contracts for
specific performance aud gold contracts are necessary
in some departments Of business. Therefore, with or
with out the bi-metac law gold in large sums viii re-
o.
banks aud the Treasury.
1t is not easy 10 conceive how SO much as
$500 900 Of standard silvei be got
In this country, unless the paper currency shall be
abolish
bi-metallic coinage and ratio o 1870 Is good If tho
effect snal oe, as assumed, to absorb The surplus
SILVER OF Europe so lar as 10 RAISE the bullion vaue
there TO It's former rIto-l5h to I've are compelled
say upon all the evidences lac, probability
that The assumption Is 200 violent anu caun0l be su
tanned The maximum Of our demand could not re-
cve Eur pc oi ITS present redundancy, and would
MOI equai one-half Of me sum tnat muy Uecoine
plus. Any cons dcrabe excess remaining would Tor
bid the recovery of tho old ratio. The yearly prouc
ton silver can now supply an export OF s25,ooOooo
TO tho East, SlO,000 600 to manufacturers and
$40, 900 900 TO the available money silver.
The opening OF our mlnts 10 the free coinage of
standard silver would doubtless, advance the price
Of TINS metal In some degree ana tor Sumo
time, bat IL would require the resolute purpose and
effort OF France and otner nations to carry lis
value up to the old ratio OF l5h 10 /. These
not indicated. The effects oil silver remoneiiza-
ton by the United States acting Independently,
oil their proposition, are not reasonably to be expected
The real effect may be- on the contrary TO relieve the
markets OF Europe far As to encourage further de-
none etzation by alternating their loss depreciation
The proposition To restore tue old silver dollar to
iu tender and collage presents other considerations
cannot restore its Old relation OF value 10 gold. 1t Is,
then, deprecated money.
EXPERIENCES THE
After sketchng history of the deprecated paper
currency in the United States the learned speaker
CONCLUDED follows:--
Sna We, then, have the experience with a depre-
ciated greenback currency repeated with deprecated
silver currencyone currency Tor the government and
another Tor the peopley God lorbid 10 briug back
again fair price or labor and cheaper oi living,
with employment for the willing labor and the capital
that are now IDLE, conditions which Will attend upon
a return OF prosperity, these monetary provisions
necessary
First-The resumption OF specie payments January
J. lSs9 as required by existing law and In obedience
TO It's pledge OF pubic obligation, 20 the end that
idence may return and fear depart
And second or coincidenty with the hrst one OF
these aternat yes as Coinage system the bimetaIlc
If to be secured III ooperalion with other nations
that god and silver VIII together ana In xed relation
oil value constitute the money OF the commercial
world; or, failing that desirable consunmation, q
faithful adherence to tho exis.ng gold standard, and
Of all the subsidiary silver coin that the public
CONNER may require.
The superior benefits OF the bi-metallic system,
when made International, are assumed be undenia.
Bile They are, however, less important Tor US than
for any other OF the great commercial nations. We
have NO Eastern empire for which full valuo silver Is
indispcDsab to us prosperity ana Tor the duo rev
enue return to the home government; nor have
we al eady on hand large ana embarrassing
currency iu deprecating silver; nor have
any condition 10 hinder the adoption OF
whaever sna!. be best tor prosperity OF own
people and the honor OF our government IL IL, how
ever, the parting of the Rarely is tho impor-
tance o right choice oil magnitude its good
Ill consequences. From the god standard change to
the bi-metalic can De made without loss difficulty
whenever found to be expedient.
But our adoption OF the bimetac standard now
and alone II followed by similar action by other
Power.-as then would be very unkely-would make
a return 10 The gold standard, however desirable
and necessary then, costly difficult hurtiui all
Interests public and private, unless the government
should assume the duty OF redeeming all the standard
SILVER with gold Germany Is now doing-a proceed
ing which, u relieving the people as holders OF silver
from loss, would put the loss upon them again the
form OF taxes, leaving the uncomfortable reflection
that the loss had been incurred ior tho benefit Of
foreign nations.
SAVINGS BANKS
Mr. John P. Townsend, OF New York, read an inter-
esling paper on ''Savings Banks.' In tracing tho
history of these bene1cent institutions said that
the first suggestion. published IN England in 1897
came from Jeremy Bentham, whose plan Tor the
agement OF paupers included system for what tho
writer called "rugality banks" Among the first to
introduce the idea practice was Mrs. Priscilla
Wakefield superintendent Of "Friendy Society
for the benefit OF women and children" In 1901. In
1917, when the first act OF Parliament the subject
passed, there were nearly hundred private
societies In England Ireland and Wales which received
and Invested the savings OF the aborng poor In 1916
several benevolent gentlemen Of Massach husctts, ap-
plying TO the Legislature for a savings bank char
ter, used the following language:-"lt is not
by the aims OF the wealthy that tho
good OF the lower class can be generally promoted By
such donations encouragement Is far oftener gwen to
Id eness and hypocrisy than aid 10 suffering worth
He the most effective benefactor 10 the poor who
encourages them in habits OF industry, sobrlcy and
irugaty" These are the ideas upon which the early
savings banks III this country conducted by their
iounoers. In some states the managers
goverred by their own prudence only In the
investment OF the trust funds; In Others they
limited by law to the best classes OF
securities specified In their charters While the mum.
and amount OF deposs small In the aggregate
little difficulty was experienced in investing the
money safely and wisely, but wnen the system became
more popular "a II did when good agement Its
fruits exh bted, the deposits increased rapidly
that trustees VINO before were Emitted, were further
authorized to invest tho funds not only In
bonds ani mortgages, United States and state stocks
but bonds OF counties, Cities towns and villages o
the States IN which the banks we're located, aud IN
some quarters, notably in New England, authority
gwen invest In nrst mortgage bonus OF railroads
chartered by tue state In which the banks were To-