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


,,.;ss tn do 40 upon an uncertainty; surely
w.sy vii not consentto befrightened out OF
. noiiey or into aspolicy by mere appre-
hansIon. There ia q precedent for US lust
i,oro fnll of counsel and encouragement.
Tn 1879 the great outpouring Of gold from
Russia. Australia, and California began. IT
came in a food. Asia was upon silver, ana
therefore could not receive it, and there
seemed to be- no rcceptaeles sufficient 10
contain it.~.Almost the entire. world was.
upon the single standard OF silver; Eng.
land, with her colonies OF Australia and
Canada, and Turkey, Persia, and Brazil,
were at that time the only places upon
the single standard OF gold, and Turkey,
Persia, and Brazil, but nominally. Even
Portugal was yet upon silver, and the de-
mand for either metal was smaller than
now. The flood continued without inter-
mission and In such volume that:it poured
upon the world nearly nine hundred mil
lions OF gold in the short space OF SIX years:
In comnarison with it the present HOW OF
silver is but rivulet. There was great
alarm: for this outpouring was unprece-
denied and unexpected. Then, for the ilrst
time, demonstration was recommended.
History gives 90 previous instance OF such
n recommendation. It was now urged, ana
few timid nations fed TO that refuge.
Others were wiser and drawer, consplcll-
ousIy France, with her bi-metallic system.
She emptied her great reservoirs OF silver
and filed them with gold; the flood sub
sided, and what came as danger soon
changed to blessing. What would have
happened II gold, under the promptlngs OF
blind panic, had been abandoned 1t is dill
cult to conjecture. AS it was, it went
down, we arc told, as low as FIVE per cent.
below silver; but fortunately it was tied TO
silver, then very buoyant, and so could not
sink. Gradually and soon enough 1t rose,
and the metals again floated together quietly
and evenly. ...
GOLD, SILVER, AND SILVER AND GOLD.
The nations under gold are Great Britain,
Canada, Australia, Portugal, Turkey, Per-
STA, Brazil, Argentine Republic, Egypt,
Germany, Sweden, Denmark, Norway,
Chilli, and Japan-their aggregate popula-
ton, $50. 100000. .-.'
The nations under silver are Russia, Aus
trIa, Central America, Ecuador, China, In
dia, Mexico, Peru, United States OF Colon
bia, Tripoli, Tunis, Holland, Venezuela
aggregate population, 76,7OO,00O.
Those under gold and silver are Belgium.
Bolivia, France, Greece, Italy, Spain, and
Switzerland-ageregatc population, 9O,500,-
900. ~. ..s. '-.
Mr. GRoEsRECK, whose tables are above
condensed, proceeds:
Ihave placed Egypt and Japan among the
countries using gold; some OF the state
mcnts place them among those using silver.
1t will be noticed that the United States is
t,I no &c ri
ering the question. Let us suppose she
takes her old position among the nations
under gold and silver. The table would be:
Population under gold. .1S0.45Q,00O
Population under gold and silver. 1872. 100000
The inquiry is, Would such q position he
safe for tho United States? If we look only
to population, the decision can be made at
once. Uniting those upon silver and those
upon beth metals, they are more than five
times as numerous as those upon gold alone.
If we look only to territory the decision
can be made with equal promptness. More
than thrce-fourths OF the earth is occupied
by those using silver alone, and silver and
gold equally. II Russia, Austria, and Italy
were now upon 4 coin basis, or about to
take that position, we might close this par.
ticular inquiry but expensive wars have
rency, and 50, not using silver, the de-
mand for it they would otherwise make is
largely diminished. IT should not, however,
be Overlooked that all these are elements OF
this problem which wise and far-sighted
craftsmanship will carefully estimate as be-
ing important now ard significant OF the
future. But let us for 4 moment put them
aside and look at the case in its present
commercial aspects. Omitting the smaller
and less important States from both sides,
we have England and Germany on one side,
and France, Belgium, India, China, and the
United States (supposing her to return to
her former position) on the other side.
The inquiry is, Would the stability OF sill
YER be assured under this arrangement
There is no good reason to doubt it. In
population and territory the last-named
nations are greatly superior to the
former, and in commercial Importance
quite equal to them now, and sure
to continue So. 1t only remains, then, to
inquire whether they will adhere to their
present standard. France has recently
limited the coinage OF silver, and this has
been referred to rs an indication that she
will finally abandon it. Such policy is not
to be apprehended all the conditions are
against it. The certain loss and embarrasS-
ment of change, the extreme difficulty OF
its successful accomplishment, the long and
rich experience OF France in the equal use
OF both metals, her pride Of position, her
rivalry OF Germany, the exploded panic OF
excessive production, the restored demand
from India and China, and the recovery OF
silver from its recent extreme depression
these are influences enough to withhold her
from following the example Of Germany.
Mr.. GRoEsBEcK examines the case OF Ger
many, who has not completed yet her pro-
cess of demonetizing silver, and expresses
the opinion that she may continue to en-
barrass her rival by limiting the coinage Of
silver, but we may be certain She will not
demonetize it, adding: .+ H..
Her debt is also large, and she is in O.
state Of suspension on seven hundred mil
lions of paper currency, and the financial
embarrassmen Of her people are almost
too heavy to be borne. The case Of Ger
many, instead Of being an example to be
followed, is rather an admonition and a
warning. On
..'' -7S@..' THE RESUME.
Mr.. GRoEsBEcK thus sums up: ,,.
have now noticed the three leading OBJ |
jections to silver. 1. Excessive production.
There is no excessive production. The |
production Of gold throughout the world
Is greater than that OF silver; so, also, is its
production in the United States. And the !
stock Of gold in Europe and the West is
more than twice as large as their stock OF
silver. 2. Recent decentralization OF silver
in Europe. This is confined to Germany
and the Scandinavian nations-Norway,
Sweden, and Denmark. The last three are
All OF them are not equal in