The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1877-06-14
.,ryrn As MONEY.

SILVER A. MONEY
There has been an attempt to get a
bill through congress making silver a
legal tender Cor any sum and it is re-
ported that the President and Seero-
tary OF the Treasury are in faver Of the
change. The last congress appointed
commission TO look into the matter
and the minority report, which we give
below, presents some very good rea.
sons why the change should not be
made.
First-The great changes which have
taken place during the last year in the
relative value of the two precious met
ais are attributable almost entirely to
fluctuations 10 the market price of sill
yer, since the price of commodities
generally, reckoned in gold, have been
comparatively stable.
Second These fluctuations indicate
a considerable fall in the value OF silver
which has been produced by three
causes: /. BY the great productive
ness of the silver mines in the Com
stock lode. which within few years
have doubled the average annual pro-
duct of that metal for the whole world I;
2. BY great Elimination within the
last FIVE years Of the demand for silver
to be exported to British India 3. By
the demonetization of silver, within the
same period by Germany, Denmark,
Sweden and Norway, and the limit put
upon the coinage OF it by Holland,
France and the other states Of the
Latin Monetary union.
Third-These fluctuations prove that
silver has become entirely unfit for use
as a standard Of value, aud this action
Ct Germany and other European states
shows that they have become aware Of
this uniitness, and have altered theil
systems Of coinage and legal tender &C
cordingly,
Fourth-The question whether the
three causes here alluded TO have per
manentIy deprecated the value Of sill
yer is Que which does not at present
admit Of an answer, Vague est
mates and uncertain theories afford nc
safe grounds for legislation
Fifth-The so-called double standard
Is an illusion and ali impossibility. TIT
prolonged attempts made in France
and the United States to establish suct
a standard have been complete failures
causing much confusion and inconve
nence, necessitating frequent changer
Of legislation, and resulting only in thu
alternate establishment Cf one or th'
other precious metals as the sole stan
dard
Sixth-Silveri is further untitled to b,
the principal medium OF exchange, |
through its considerable weight, ant
bulk in proportion TO value, being thu
incouvenient for use in large transae
tons and settling international bal
ances; aud 2, through its constant Il
ability TO loss by abrasion anu clipping
the corresponding loss in the case Q
gold being so small as to be almost i'm
perceptible.
Seventh The proper place for silye
in monetary system is that Of sui
, sidiary or token currency, which j
! considerably overvalned by law an
made legal tender only within certai
, limits These limits being indelerm
nate except by general consideration
} Of expediency, there is no valid obiec
! ton TO SO widening them as consider
/. ably 20 increase the amount Of silye
/ now in circulation, paper money bein
!. Withdrawn to an equivalent amount
, and the silver coins being made legi
! tender for any sum not exceeding SIX
r Eight-The proposed policy Of COT
: tinning legal tender notes. coneurren
D liz with the metallic standards woul
D be ia the highest degree inexpedief
2 and unjust. this paper money systeI
G having been the chief cause Of the pa
. alysis Of trade aad Industry unde
j which the country has labored for ID
/ asst three years, aud congress having
$ as far back as 1869, solemnly pledge
: the faith Of the country for the resum!
: ton q specie payments At the earliel
/, practicable moment
Ninth Circumstances al the presel
Il time have made such resumption BOT
e practicable and easy within very brit
/. period. the paper currency havin
: spontaneously contracted itself AZ Ii
e average rate Of $4,000, COO a moai
during The last - months.
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