The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-09-18
Mr. Groesbeck on Silver.

The speech of Mr.. GRoEsBECK, Of Ohio,
before the Bankers Convention,!upon the
expediency of remonctizing silver was an
able and convincing argument. 1t was
Systematically arranged, and its facts were
so fully and logically explained and so strong
in favor Of bi-metallic currency that we
consider them unanswerable. We make {
few selections Of the most striking para
graphs, which will interest the reader:
GOLD AND SILVER.
From the beginning Of our Government
| down to 1874 both gold and silver were full
legal tender for all debts, national and in
dividual, public and private. That was {
long experience and fair trial, and what
were its results? During all that time gold
and silver kept about evenly together, and
their fluctuations were so slight as never tc
amount to serious disturbance.
Mr.. GRoEsBECE aludes to the difference
between the valuation Of gold by some Of
the European nations and by the American
nation. They valued gold little higher
than we did, and gold left US and went to
them. Since 1884, and down to 1874, we did
not value silver as high as they did, and
therefore it left us; but in each the other
\ metal remained with us and answered our
purposes Just as well. Mr.. GRoEsBEcK pro-
Deeds: b." ru
| :, Not q merchant, OF manufacturer, or
banker was injured, or embarrassed, or
| hindered in his business, because we had
made both metals legal tender; and not n
merchant, manufacturer, or banker would
have prospered more il we had used gold
or silver alone. Not creditor or debtor
uttered a.complaint, or sought change;
not q laborer, farmer, or mechanic was dis
satisfied. Such was our experience in the
equal use OF both metals as money, and the
nation was in condition OF absolute rest
and acquiescence in its long-tried policy.
In 1873 and 1874, believe, without single
recommendation from the press, or from
Boards of Trade, or Chambers Of Com
merce, or from any other direction, and
when, for the first time, our public
debt had become heavy and burden
some, and private indebtedness was
larger than ever before, and we
were in state of suspension upon cur
rency amounting to more than S700,000,-
000-in such an eXigency, and with the
knowledge that we were richer in mines OF
silver than any nation on the globe, we
threw our silver away and set up gold alone.
In view OF our condition at the time, more
trying than any we had before experienced,
and Of the financial hardships gathering be-
fore us and demanding careful husbandry
OF our utmost resources, it was most extra
ordinary that we should throw any OF them
away. But this Is our new and as yet I'M
tried policy. Three causes are urged In! its
justifcation-5one, the excessive production
OF silver; another, the demonstration OF
silver in Europe and the third, a decreased
demand for it in Asia. ,.sc &. -
THE ALLEGED EXCESS OF SILVER. .r
Mr.. GRoEsBEcK presents valuable statisti-
cal tables-F French, English, and Ameri-
.can.-Which entirely sustain the opinion ex-
pressed by the British commission upon the
comparative production OF gold and silver
from 1852 to 1876. The commission says:
The conclusion seems justified that o
review OF the relation oisthe metals In times
past shows that the fall in the price Of sill
Yer Is not due to any excessive production
as compared with gold" js.Yl.. ST..
Mr.. GRoEsDACK here Introduces the fol-
lowing energetic and truthful view ' 4,
There have been wild stories oi. the ex-.
3cessiye production OF silver, and still wilder,
ones OF Its probable future production, The