New-York tribune., 1877-08-22

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And then the one-standari agitation commenced.
While for two centuries neither silver nor gold was
produced in our country we gratefully accepted
both from abroad.
The mineral wealth of California was developed
Immediately after that territory was ceded to the
United States The acquisition of that territory,
with the immediate discovery Of Its treasures, was
alike seasonable and auspcious. 1t seemed as IL
this vast deposit Of gold and silver had been provl
dentially reserved until il was most needed, and
then so dispensed as to promote the prosperity ana
happiness Of the American people. But now, be-
cause Latin Governments have discovered that
double standard is inconvenient. shall we Voiun-
tarily impoversh ourselves by rejecting doom
which has been so long held precious throughout the
worldi The idea that silver should cease TO oe
standard because our mines are too productive ls
unsound. Silver has various other uses There is
an unlimited demand for it. 1t enters largely INTO
the domestic requirements OF civilized society," IL
constitutes large proportion of the decorative
habits and tastes of the world. In ancient tlmes
was so abundant that Poybius says the tiles upon
the roof of the temple at Ecbatana were OF sold Sill
yer, and the beams and pillars of the temple were
covered with plates of silver and gold Not then, or
been still more plentiful did silver cease to be
standard. 1t was reserved for an American Con-
gress to pass a law demonezlng silver, and for the
American press 10 maintain that the payment OF
our national debt upon the terms agreed to between
the borrower and lender Is "rcpudiation."
Ianded in former letter TO the fact that gold as
medium or currency has no international charac-
ter that even between England and France. divided
cnly bv a narrow channel there is no common gold
standard The English and the French gold COINS
bear the "superscripton of their respective SOW
ereigns aud are restricted in their circulation to
their respective countries English gold CONS that
come 10 New-York when the balance of trade is in
our favor 90 not into circulation, but remain tenn
porarily or 70 TO the Mint for recoinage. Nor do
any of the American gold eagles or halfeagles ex-
ported 10 England or France, enter into the circua
tion of those countries. Until the Latin Govern
ments capricousy demanded single standard, s-
yer coins enjoyed an international character. The
Spanish and Mexican dollars formed part of the
circulating medium Of England, Europe and America
and were almost exclusively the currency OF India
China and japan. But now without any public nc
cessy or for any reason affecting the rights of ma
tions or the welfare OF peoples arbitrarily
quircd 10 discard monetary standard with which
the whole world is familiar, and which has furnished
ests of all the nations of the earth with convenience
and safety for more than twenty centuries. And as
| have before stated. the gfounds upon which this
demand is made stripped of verbIage are first that
double standard Is inconvenient and second, that
America is too rich in silver. Will it be seriously
urged that these objections are sufficient TO begulle
Us into a betrayal of vital nteress-interests pro-
tected by our Constitution and laws' The embar-
RAISING and mortfying circumstance is that the
pressure comes not so much from abroad as
from ourselves. In 1873, Congress, with a
very imperfect understanding Of the question.
passed a law demOnetizing silver. Aud now, with a
better knowledge Of our duty and interests, when
the repeal of that law is demanded, vehement and
denunciatory opposition is made by the leading
and most influential journals of our city The ad-
vocates of a constitutional currency incur the same
reproaches and epthcts applied to those who are
ayowedly IN favor of an irredeemable paper cur
rency. For insisting upon the payment of the pub
lie debt in the precise currency nominated III the
boudD we are hippantly StgInatized regulators.
This gratutOus imputaton will lose its power a.
soon as silver is restored to Its proper use. Both
gold and silver were valuelesS as money until they
were made precious by Governments. The mints,
under the direction Of Congress, make the gold
and silver dollar Of equal intrinsic value. With all
the artificial disadvantages under which silver
labors its relative value to gold is constantly ap-
proximating The immediate effect of its remonetl-
zation will be to restore the equilibrium that had
existed for centuries.
Among other devices against silver, ii is said that
ns remopetizaton will so seriously affect our credit
abroad that foreigners will send our bonds home 1t
i to he hoped they will do 50. We shall be ready to
take all they Will send American capital now seek
ing investment at three, four and five per cent,
| tHar IN neu ut
SKIES at par We have lived through sixteen event
full years The magnitude of our civil war is with
| ont a parallel. The efforts To dissolve the Union
cost rivers of blood and millions of treasure, but
those sacrifices did not trammel up the cOnse-
ouences" Twelve years of financial arrangement
and official Generalization ensued, leaving to-day
all the various business interests of our country
either standing still greatly depressed We have
been looking forward anXiOusly 10 resumption of
spece payments as our best. surest and speediest
means and hope of relief. That hope can be fully
realized if we avail ourselves Of the right to
nav our debts in silver and gold, in accordance
with our contract. But if we voluntarily, blndly
and recklessly throw away one-half of the money
power so essential to resumption, that promised
boon il is to be feared will be indefinitely de-
ferred On the other hand if we accept the means
Providence has provided in our great need, the
country and people viii soon rejoice IN resumption
and prosperity.
Practically, the Governments which have expelled
silver are not benefited by its exclusion from their
currency Germany, with her single Standard
and with the gold extcrted from France, was never
| in less prosperous condition.
Resumption as at early day as practicable is an
absorbing and paramount interest. 1t vitally con
Germs the welfare of the people and the honor of the
country. 1t should be aided in every practicable
| way by the Government the banks and the people