, 1877-07-26
LETTERS FROM 4 MERCHANT.
Silver n Money, and lta Position ~ Sucf.
Present aud Prospectlyc.


NV foHK, july 20. III. In my preceding letter,
fhoneht 1t consistent with facts 10 draw tho con-
cInslon that the increased producttan Of silver
provided no legislative Interference with tho use OF
X as money had lakcn p1Aco-wouId In reality have
met public necessity, It can naturally nut he run.
posed that expect tho people Of tho United States
OF OF any other country In hch state Of ciyitIza.
non' 70 carry such nuncy III larger amounts
honnt taeir persons. There In ccrsalu amount Of
silver money very convenient Tor tho npmcf.
oas snia,l payments 10 tc made in tho ordinary
eo"sse "s daily l!e; bill. fnr scry 1arsu payments
OF for purposes VI travel, tho fH-secur<u notc il
thu most auisahie thing 10 b. used a. money In such
counts1cs+-tfc eil'er or gold remaining safely
housed to await tho call Of such notc Ia lines Of
d!stEast. sneh tlnes Of afsssust will arsive fson,
tins to tins, and 1t has proved preeaslous
thing everywhere tu circulate convertible narcr
money. II no d,pie deposit " E,etai existed for
which bank permitted 10 tssne pspcr money
ought necessarily always "a be, Will dni IL Iucon-
s,ans, seasn. u r. e. pa"l; iq pay oat very lstEo
wsiiars that such s!Ioald b. The case pecause the
specie % all oat I. sonealy hoardcd and 70 witb.
By thc drnwrs. II Is a notorious fuct TINT panic
ia:.'iaso"; 3 vi ~ isas a1s
paid ont at tho pleasure Of tho nstlus!on fat OF
slow. s9thing Is i1oso c1pctfent than to oay ont
o fes,e ~ ysa' 1as' .ne e"atea ot suc has 70
slower that, to count ont dollar fof sioisr, >"s
s1rnkinx ct tbs hteAa Ut silver ~ money, It Ger.
nf silver II tho nocket Is snch great hardship Tor
the pcopla Gt large, ,ncunsenicnt, however. AZ it
~ D. sos G. sssP & Gt .1s
aU. ihs ss IT, po'sioa ss ot soaei ae'
latter - small larss Al Il may b. for tc ,ndiudaa
riicmher; tho 81 in tho bands Of tho workingman
ana ds1TcT tepFe.snts aero Il, tho asrregate than
Aitss these go'iesst foma1ks. enter noW into tho
question. Wless aud to ~hat s1tent silver petfosns
iii. mo.t likely IN The fuiurs. ~ WV '"' VIII w
Eos'ant l'ottngal. amd scandinav!s. In Europe,
ss ss ss sss 81 81 s.st 9 ss a. n1 se G
ing euuntrlrs wlere siiyor II - 10, used =.
money in the fqil tsa.c of tho VOID
coin. Gcrrnany ha. Adopted tho tsme eDsiea sy.te9
d,nasisn Ktnsson's followed only Il ls5i. and
lar:xF sa."ant q silver y disposed of havo not
alaae y pos.lbts .. yet fOE t4e Osrnan Empire g
pe:;ti'el! aew isr tic reform na. psosfes.sa;
ill., e. sss.e 'ss .s. .soe. '1s sGs GOO xo;k
OF s!lves 70 be exchanged fos y:oaA one month ago
On ,ho part It. Of tiermany. after has!ns sold atxut
LOU. ooo, 0o0 for su9si1ary coin. 1t will b. SEGA
from tais that to make monetary chaags Is nut
nj 4 ii sa1o Il III ill., s aa :i" IT,
een.lderatio f1snra soi1 did sissy. eslsuiato ; G
ws p.s9 q ar" se. er ssfy
isforn 70 the snd. aud 4 ~. 20 f7r progressed
Saa. o a sns p. III soS sas
bu expected would bs an Increase Of The subsidiary
coaass u ,otal ot sliu, o0o. ono, Consequently,
asc .honi! hs established IL the Entlrr states, ler
SURPLUS silver, whatsyct tho an,nmnt may b,,
s,anGard, s.y aioa, xd rs4 moving ne and coinage %
charges. in.,ead Of slid. to.duY.
y Holland. i!ektuu, and France, tho case /.
but did suspend tbs cofnsge Of SILVER in April,
ls7 .aa la. % :,nes then ealasd gold. yct NOT tls:
Pstsa s sp1 Il. :!S III. H. g y h..
sonab'y supposed that, provided silver became
;s.t" a1sd n .aSs S, ;upge. ass likely 70
s.sass ID HsslIaa:. @ asassaIiis @ 8 ..~. appear
t. have sssted ae*n ,a .hg .ame policy; .helt I'M
anA eYutn they a1s 10 lutgs thai eycn tae st.smpt
ta selI. and 10 replace them With gold, would IL
against ouE4 o' ss d. which, together With changes
yt sa sS9a t. sisa MsS ss: asiss .
a;,. iisss; hSxs,sr, .,ss, Piotlsia Shish Is9afe.
part With 2 portion Of her large stock OF gold ID
iasor OF silver. our 'etasn dollars could not
sss9 Sas i9ne1 q sa Ss b - risss xSsa , ,t,
pulley on ahs part VI Francs appears 10 mo not
ycsr likely. and, tt It shunld txk9 place. gold
Franco, belgium. and Holland VIII, In my opniou
depena ses1 much UPON thu %htIun u the Gu:teA
ktatcsi aod Ihtnk an AGREEMENT cuuld ta easily
arrived II Elth them to sattu on caMaaon stuAd.
Gtd for kvid an4 silver. Yet it will W probably
e4sicf fur IL 10 accumulate the nlost neccsssty
sGpp!acs u PRECIOUS metals ~ rssuno o. without
such sgE1cnitAS,
Spaln i aIsu him<talllc aad las q large silver
circulation. Fear bate bsen soulrIiuat oppressed
uutla very rcceps date. aha has purchased silver
tn LoDdon. nni, :ehsta'!y speaking. tAo Spauard.
look upon spatu rather A. future consumer Than
seller u sllstF. lluy IL bare VI metallic currency
Aul. u hcF cGurt4 for future fyeuNt'iIon should
hl1l.rha(u1. III fs sityr+ In