, 1877-06-27
SILVER AND GOLD As MONEY,

When tho issue Of legal.tent1or paper 1nonoy
IN quantities to 'lmcot tho wants Of tho conn.,
sry," md redeemnblo only In bonds, tlanl-
selves payable In the paper money, waa
vehomently a1tvocated, tl'oro was a strange
md tncomprnhenstble dnllnoss which did not
permit these mon socing that tho greater tho
Issue OF m irrodoemhblo paper money tho
groater Tic depreciation in tho value OF tho
whole amount, The discussions Of thts sub
Jet during the last four years hive resulted
In making that fact known to oven the most
reckless Grcenbackers.
Tho country Just now Ia witnessing on
equal exhibition Of either dul1ness or fatsity
upon tho subject Of silver; Tho a.ivocates Of
MI exclusive gold currency arc obsunatcly
insisting TINT tho more silver currency tint
In Issued tho Groator tho depreciation Tint
must take place, md hence TO issue tho
silver dollar and make 1t legal-tcndcr is
to tako tho risk Of running Silver dollars to
lower value than osor was roaohod by grcon-
backs. Could thora bo creator ignorance or
grcasor Misrepresentation There IL wilo
difference between m irrcdcenabls paper
money and money nado OF silver. Tho pm
por in tho paper dollar Inns 10 intrinsic
value; tho valua Of tho paper dollar depontls
upon the probabilities of Ito redemption md
tho amount Of coin that eau be obtained
for It from spectators. Tho silver
dollar hns, on the contrary, an intr1n-
sio value. For several hundred years
tho relative vnlno Of silver and gold Inns
fluctuatel between l54 to 1G par.s Of silver
to part Of gold. Until within loos than
two years tie vnluo Of silver has ruled at lit
parts to l part of gold. The American
dollar weighed .412 grains, nine-tenths Of
which was purc Bilvcr, which weight for
half century was IN proportion OF 10 rarts
To part Of gold, making tho silver dollar Of
greater valuo than tho gold dollar. Ono Of
tho usos Of silver Is for coinngo In money.
Tho general discontinuanoe OF silver na
money would, by nbolishing its greatest use,
reduce tho domand for the metal, aud ttioro-
by reduce the vhluo OF the metal. II tho
use Of gold for coinage was universally dis
continued, tho liko abolition OF its uso and
reduced demand for it would In ltko manner
cnuso a fall III tta vait'o. Tho Two metals
having In NIL agoS furnished tho world with
n,atesiM Tor its money, they haVo maintained
substantially MI unshaksn relative or pro-
portionato Value.
Tho abolition Of tho ailver dollar, and tho
adoption OF au exclusive gold currency by
tho United Stases in 1874 md tho adoption
Of lueauro for the tlolnonotization OF si1-
ver and the adoption Of gold by Germany,
forcutl tho latin nations to limit, te1nporati-
ly, their silver coinage; and I'LL thoso circum-
stances threatened q largo discontinuanco Of
eilvor as money. Tho scho1no OF Germany
was to Withdraw $500, 600 900 Of silver aud
substitute m equal sum of gold, and tAcao
markets for silver being cut of and aldi-
tionnl markets for gold cronted, there fol-
lowed decline in silvor md an advance in
gold. II It wors truc TINT tho increase in
silver coinage would cheapon tho val,o Of
silyor, then silver coin slioull hnvo advanced
instead of fallon In valuo by its partial dts
1tyo: Bo In like Dla1luur. nccor1lup to this