New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-09-06


be loading themselves with silver letters and for what
purpose In that The rest Of the world nlsht en-
ioy the superior convenience OF gold money WINE oler
advanced nations passing one altef aho'h'i' Ho
the silver age Of currency to the golden axe America
and probably America alone Will be stepping back lroa
the gold are into the silver This see ms 10 me ABOUT
as wise ms II The men Of the bronze had soeny dc
cded 10 reject bronze aud go back into the stone age
In matter Of this sort must take account "i s'h'"'
and ongcontnued tendencies and the tendency no" "i
pears to be inevitably toward the general adoption oi
gold the standard money.
In the last six centuries both the precious metals h'
become greatly deprecated. An agricultural 'aooicr
can now earn in England by days labor aDon' zen
times as much silver ne could centuries ago nout
$50 grains Of standard SILVER as compared WIN %
grans) Silver too is deprecated more thah Roiu' m
the middle ages the ratio 10 OF IL TO no" II ID TO-
even 20 to /.
To attempt to progressive changes ofths ind Is
hind and vain striving against Providence Why should
we IT,, 20 keep silver dearf II the mines OF Aheio"
yield so beautiful metal in sufficient abundance, why
should we not enjoy the Of il for ornamental ana use
full purposes for which it Is at present too expensive
Why shonld wilfuy employ il in the very way ID
which useful but simply inconvenicnti when
looking pictures Of Indian women hooad themselves
with SILVER bangles and anRiets, IL ia difficult to hep Won
dering such weight Of ornaments can add 10 the
enjoyment of life. Vanity can explain good dea pil
what can explain the wish OF the Americans to Load
no qualification whateycri The benefit if any, VIII "li
to other nations which can gold in greater abhd-
ance and no American will be better Of unless indeed
1t be the few prOpretors Of silver mines Who Dehg foh
already, Will become richer still
Knight 90 on 20 show that even il America could es-
tabsh the double standard and succeed Ia inducing
other nations 60 do likewise, the adv intises OF so
great and so difficult measure OF speculative
ana doubtful kind. l quito concede TO Mn "oiOWSkl
and CeInuscb that the bi-metalc system does siieu
fluctuations Of supply ana demand over wider area
have tried TO explain il my book on Money th'' EoV
and silver free from the acto Of LEGAL ratio are IKE
two unconuectcd reservoirs OF water each liable 10 be
raised and lowered in level by accidents Estao
sh communication between THESE reservoirs ana then
zach new supply spreads itself dOdole area ahC
each new demand is supplied with less effect upon me
general level. The logalcurreney ratio Of l32 10 ac
ally does establish communication OF thl> SORT De-
tween the res ryors Of gold ana silver in the world bat
II does NOT therefore, follow That Is Is d'slaDe 10 eS''o
! lish the communication.
To say the least. Is quite open to argument that
silver is now metal steady in value than gold II
one mine Ike the Comstock lode produces 80 serious an
alteration in tie supply, what may we MOI alprehehu
! when the mineral treasures OF Peru and Mexico are
| opened up by Anso-saN0n miners Both HUMBOLDT
and Murchison were Of opinion that enormous supplies
! OF silver would some day be obtained h0m south
America and what has occurred In Nevada lends oOa-
nlity 10 their predictions Moreover, silver is drawn
almost exclusively regular mines, and II Is extra l.
I'd from ores. 50 that the advance OF mechanical anu
metalurgical science tends to cheaper II IN thr same
way Though not in great degree HAT cheapened
iron and steel This is much less true OF gold, when is
fouud 10 cousideIa he extent in tn naive state b" sur
face deposits Gold is widely dhused metal ana theic
are large tracts OF auriicrous deposits winch r'sHi be
worked il an increased demand foI gold should make II
/ profitable.
Under these circumstances IT is probable thAt u''
! D.
tire sandarl viii DE really less steady value than the
rold standard alone. Indeed, 10 Dr. difficult TO help look
ing upon the ption Of silver standard 10" gan" ''
double standard uo not dIhei much ih Wdcce nom
single silver staudardl appIoNimatln9 indirectly L"
an act OF partial reputation take 1t for granted mat
if the United states were adopt silver, the Federal and
state Governments would make prov sion for the pay
mrut OF past obligations. including thc whole National
debit State and city 0ebt railway bonds etc. ~ he goid
money, I'D terms Of which they were contracted ! am
sorry TO see indeed. hat ". Ccnusc1i u read HIM
rightly proposes that all existing debts, stipulated 81
dollars of whatever denomination, shall, without cNcer-
tou be payable IN Che new bi-mciaic currency' Such
"a measure would closely upon breach OF faith
for the would be made on the ground nat silver
s deprecated. And f. is probable, the blneiahc
system would restore silver 10 It's original value
then creditors Viii plainly lose, to the advantage OF
debtors.
one Of the most powerful arguments IN favor Of hc
doule standard is founded the idea that there viii
not De gold enough meet alone the advancing needs o.
commerce Prices said, viii fall, ard Tie burden Of
debt viii be increased 10y the dem0uetzauun OF silver
But there D, 90 proof and probability, that
such results VIII follow. Ia tie past thirty years the
supply OF gold has certainly been excessive, as shown }
the PROGRESSIVE rise the cost Of living ia almost All
parts of TIE world The tendency 10 progressive
depreciation of precious met s has been going
as nave already remarked, for centuries Should The
adoption of gold metallic currency in America and else
.f-.s fI al ID ffk am fOrst
ime there would b. nothing to regret in the result; but
! ! doubt If it would even d, this.
On tine one hand, there is good evidence of any
siderable falfng-oG in the excessive supplies OF goc
| Welding by California ana Australia. Elaborate caca-
atiou have been made 10 show the inadequacy Of tine
gold suppy. am much inclined 10 agree with the LAKE
Mr. Bagchot who the course OF his excellent evidence
The depreciation SAID mat estimates of
the stock Of gold silver worth the paper they
were written on. Even the apparently precise returns OF
produce and amounts transmitted are probably most in
accurate But even taking these returns, ut ;. Dana
Horton la his ingenious work Gold and silver o. 2sJ,
comes to the conclusion that the net annual supply OF
gold for tine use Of money is twice that Of ycfnaney.
sixty millions of dollars, compared with thirty
millions Sow II remember that OF the whole popu-
lation of the world probably two-thrds Use silver
coin exclusively and the habit OF melting il up
and bmryiug il in the EARTH whereas those
gold use silver also for subsidiary currency cannot
see that there IS any evidence Of gold becoming compare
tivav deficient Mr. Horton concludes, 100 that he
prcscnt annual addition of new gold Is 3 per cent OF
the total stock OF gold money, while that Of silver
Is only about per cent Of tine silver money. 80 far
suf calculations have any weight, they strongly ia
favor u gold standard. mas add That Nj. Holling
berry after an elaborate inquiry carried ont tor the In
formation Of the Indian Government comes 20 the
cueon that the production Of gdi is much undereSt
mated; that there has been little iallingoh in The asc
gate ed ANA that there is little prospect Of fur
tner fllluroG 10 should be remembered too that the