Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1877-12-15
THE sILvER QUESTION.



In estimating the effects of de-
we had history to aid
rs: the experiment had been tried
ON an immense scale such as had
never been paralleled or approach
ed in the worlds history, and its ef-
fects are patent for all to see. There
has never been any such experiment
in the other direction. The sudden
adoption of some material as
money over twO-thirds of the civil
lied world has never been effected
or contemplated, while in the OPP
posite direction that of suddenly re-
iecting a material previously used
as money, over thator even wider
area, has recently been tried, with,
as it seems to us, most disastrous re-
suits.
In estimating the probable effects
of reconciliation, therefore, we are
compelled to a certain extent to
proceed upon q priori reasoning; to
a certain extent, we say, but not al
together. From the historical an
alysis of the history of demonetiza-
ton which we have been making,
we think it has become plain that
the great prOductiveness OF our sill
yer mines was not the cause which
produced the present arrangements
in the relative values of silver and
cold: that decentralization did pro-
duce them, and did so by double
process, by enhancement ofthevalue
of gold and by depression of that OF
silver.
The converse inference seems a
fair one that reconciliation VIII
have a tendency first to enhance the
absolute value of silver by increas-
ing the demand for ii, and further,
to enhance its relative value by oil
minishing the value of gold, now
forced up to an extravagant helght
by the enormous competitive de-
mand for il on the part of those ma
lions which have made it their sole
standard of value, the sole medium
of exchanges, the sole instrument
for the liquidation of debts.
OF course the extent to which
these results can be anticipated
will be determined by the eX'
tent to which the remOnetizins
process is carried. If all the ma
lions which demonetized silVel
eperiod from 1871 to 1873 SHOULD
reverse their action, we have M
doubt that silver and gold would a
once resume that ratio of relation
which they averaged for 200 year
before of 1850 or, at the utmost, 10
but this is not to be anticipated
We are at present supposing TIT
case that this Government alon'
should proceed to coin large quaint
ties OF silver and use it as lega
tender for all purposes for whicl
money is needed. At home we a.
not doubt it would circulate at pa
value at once, the legal tender char
acter given it being sufficient I
commend it to all mems confidence
A currency which will pay debt
and Is payable and receivable at tn
National Treasury is not gsing
begging. Our greenbacks are no7
circulating very nearly at par wit
gold, though they are not receivabl
for customs duties at the treasury
But. il Is answered, 1t will driV
gold out of circulation, bein
Intrinsically below gold in markt
value. Itmight Unanswered brie
Nv, there is no gold in circulation
be so expelled. The Government
II is true, has some reserves OF gOl
in the treasury-a quality miserabl
Inadequate if it is looked upon as
preparation for resuming spec
payments in 1879, but more than
wanted on any other hypothesi
How is the coming and using OF 81
yer going to drive this out of Il
country? The only circumstanc
ANYHOW under which this cOu
take place even if the gold were
circulation would be that the
should be a redundant circulation
81: that we should have all the CT
culation that we want, and that II
addedsilver circulation should NAL
IL more than we want. a glut
any currency means an excess OF
over what is used.
Now, is 1t pretended that this 5
Yer coinage is going TO be issued
excess of the demand there is for
AS circulating medium? Gener
Grant gave it as his opinion sou
wears ago (when he did not kno'
good man, that the coming OF silV
had been forbidden by an act he hi
himself signed the year before) tn
some $500, 200. 900 of silver COMA
Vas urgently needed in the countr
Bv the bill as now reported TO t
Senate by the Finance Commit
not more than SI,0O0,00O and Il
less than $1,000, 600 per month is
he coined, a maximum OfS4S,O OO,C
per annum, or minimum of :
100000 per annum. With 10
sherman at the treasury the mil
mum ss much likely to be adher
tn than thc maximum, and in a
ease the minis Of the United Sta'
are represented as only able to &C
S3g. O0O. 900 worth of silver in ye
this latter sum therefore is likely
he the actual maximum; and w
can imagine that that amount
silver would produce such On I'M
tion in cur currency as to drive
everything else before it? There
the less fear of it for this reason;
i extremely improbable that all
aven half the new coinage will
FOR into our circulating medium
home. The increasing commerc
intercourse between this eountrya
., -. ,,.- Do0i fip morris Vol