The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-13
SILVER MONEY.

PROFESSOR SUMNER, OF YALE, GIVES HIS
OPINIONS IN LEcTURE-rHE EFFECT OF
ENFORCING THE BI-MErALLIC SYSTEM IN
THE UNITED STATES.
NEW HAVEN, Conn, Dec. IL, 1877.
Professor Sumner this morning addressed the Yale
Seniors on the Silver bill. Tho lecture room was
crowded with law students and strangers the sub
ject was treated under the following heads-"fiow
had tho Silver Question Ariscnf" "What Is Hf''
.whal is tho solu.ionYn After giving history OF
money development he SAID silver was used In an
tauity and during the mcdiayal ages and down to the
last century Gold is inconveniently small, as tor
instance The onedolar piece and tho 1vc-ranc piece.
which can never DO used practical life TO any ex-
tent Great Britain adopted gold In 1876 with q
single standard using silver as subsidiary currency
having q legal tender for only shings In 1868
France became gold country. In both countries
they combined the best advantage OF coming gold
with their single standard. Prussia, because she wns
going TO get one thousand millions indemnity from
France, resolved TO adopt the English plan This
caused demand for gold, and silver declined In value
Other nations did likewise Tho last nation to change
will do the greatest Disadvantage because silver
will that time DO deprecated TO its fullest extent
Swedcn, Norway, Denmark and Holland followed.
Tho greatest gold production was In 1885,, since
which time the produoton has decreased. While IN
this country gold has decreased that oil silver has
increased. AZ the same time silver was dem0netzed
onec iS1 Down TO 1sSo The rn,o between gold ana
SILVER 10 Is S.l9 10 10 43lO0 TO 10 55-l0O,
TO Is $40 In 1867 II was TO Is Clio; IN 1870 10
10 clio; l871-72-73 1.-THE years Of tho silver dis
coveries in California; silver falls In the spring Of
1875 !. terminated IN panic. n nav'nG !.
n noM ''I TO II. "' Germany has now on hand
$780, 0OO silver SELL anu every Time sho dis
poses q any It causes decline In 1908 France,
known as the Latin Union, Tor tho regulation VI the
currency In January, 1874, this union agreed to
limit The coinage 100 00o 900 francs 10 all of tnom
In 1875 they limited lsO 600 600 irancs in 1916
70 l29 600 600 francs; 1877 10 90 900 600 francs
aud in 1878 to lo0O0,cOo francs. Ia 1915 Franco
stopped irce coinage VI silver thus abandoning
double standard. la the spring Of 1878 the United
States passed a coinage law. tho silver dollar was
abolished. leaving with single standard.
WHAT KIND STANDARD Is sEcEssARYf
Some economists have proposed two schemes Tor
keeping up the double standard one Inc anerna.
that II two metals were in use people would use
the convenient A people woutd always pay
their debts in the cheaper OF tne TWO would cause
tuctuation OF thar relative value which would DO
narrow ia its limits but quito frequent The other
tneory ID the bi-meta.lic All nallons agree TO the
dou bic standard At the ratio OF 1917 and might
MS we'll be made to !, or y barrel OF hour might us
well made equal 10 share OF Eric stock. the
laws oil value have their own sway. Tho Two metals
have different ratios the different slopes OF this
country-tns West and tho East This difference In
value is The only reason for the transportation OF
metals.
No one can predict the future OF silver No one
but chsrlalan would undertake 10 DO It. Now. as to
the law of 1S73-Frst It was right and wisc 10 pass
that law: second, II merely established what tho
Law anu facts were 1t the time; third. It put our
coinage law where II ought 10 be. II We resume
under /. We shall BIO possessed OF the bost coinage
system yet devised by man.
WILL SILVER AFFECT GOVERNMENT
The Professor alter stating tnat tho silver question
had been arbitrarily forced upon US. showed the
relative value OF GOLD and silver used in the pay
posed after We have seen the condition OF the market
and amer tho TALL OF tho pr,ce OF silver, 10
go back and pay in a dspreo'a.ed cur, cur
who would have thought The United States would
want to borrow 81, 700, 900. 900 war congressman
were indignant ut the idea any body should say
that this money would NOT be repaid IN GOLD. Tue
really strong motive Tor the demonstration OF silver
lives further back 10 the private interest OF
into debt John Randolph, an unwise man,
mads wise observation when he SAID
steady government The hardship OF debtors must
be admitted. Let some one, however,, propose plan
to remedy this hardship, and then let u be adopted
ard OF value People propose to founder around in
swamp for ever. they look TO tho in.mediatc ad.
var tagcs the Debtor class, which Is small class
ana great calamity would ensue Il you adopt their
theory When silver Is rated at 80 pence per ounce
In London ono pound Is equal 20 Sn.1isS com
people who talk OF the dollar OF fathers
dsa'. want to make IL large enough TO mako
up for the deprecated value. The American
producer who sells his wheat London gets 2lS9
Tor 81 1866 compared with silver hc be paid In solds
Win paps, s' 20 paS. o.
London a dollar in gold Is equal to 81 90 In "the dol
lar OF our fathers" Mctrcai kings and tyrants COM
bin ed together TO change the value OF money.
IT WILL INFLUENCE VALUES.
When they wanted to borrow they increased It's
vaue when they got ready TO pay u was deprecated.
OF the sovereign people TO pay iher own dcbs
yraDt could At the most XIII but lew people, could
imprison but lew, but when ne deprecated their
money no brought misery dnd want every homo.
No predict the influence Of the Introduction OF
the silver top OF our paper it must produce confu
siop misery and wrong between man and man. Ii tho
into this country; II would not como into Paper
would drive It out unless tho paper was boarded Paper
Dinety-sevcn per cent and silver ut ninety,
the adoption Of silver would cause deprec
OF paper seven per cent and equal rise IN prices
II the silver DILL is passed grecnbacks would not be re-
deemed Every one would run ana buy SILVER dollars
10 make tho seven per cont. THIS would silver
TO advance become equal with paper. The
creditor CLASSIFY this meant the class that have not
the money TO pay out-would buy goldnt dollar and
two or a dollar and three and gold would rise. A de-
probation paper OF seven eight per cent would
DO tho result. Every salaricd man, those receiving
fixed incomes, and tho wages class would lose eight
per cent
The indebted landnolderst that Is tho producers OF
the West and south, who sell their products
abroad-would DO the gamers II Is from the Ia
borcr and those receiving liked incomes that the In
debted Iandhoders would derive part oil thor Ad-
VANTAGE IL won't affect city landholdcrs only cotton
and wnsnt growers would De the gamers. IL would
he a gain for the West and South At tho expense OF
the and North and no gain 10 the national wealth.
All the profits of importing and exporting for The
twenty governed by speculation In gold.
Furthermore our bonus would be returned and paid
for in own products Mt cheap price compared 10
the gold standard. II the United States is great
nation and IS gong TO fuih The predictions oil our
fathers, which they had reason to make wo must
have the best money. Tor money is tool, and all
ought 10 the best tool You are to deul with your
sistor nations you must have the sanc currency as
they ana it must DO OF tho perfect description.
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