, 1877-10-21
SILVER.
Report OF the Silver Commits
sion.
Strong Arguments in Favor Of Remoue~
tizing Silver.

The Report Of Senator Jones and his Coz
.nlttcc on the question of remonetizing sty
las rcacned us. It makes book OF o03 1aEg
tloscly-prinicd pages, and would fill the doubl
sheet SUNDAY TRIBUNE in small type. But
is . crushing document against the single go
standard, ana q convincing, unanswcrab
argument in behalf of the double standard
silver and gold. The injury that has alreu
been inflicted upon the country by dcnloncti
ing silver is immense, is shown by the Report.
The Majority Report is signed by Senator
John r. Jones and Lewis Y. Bogy. and Gcore
Willard. ". S. Grocsbeck, aud r. F. Bland
the Minority Report by George 5. Boutwcl
Francis Bowen, and Il. L. Gibson. No into
ligcnt, impartial man, who reads the two RI
ports, but must feel that the weight OF fact an
Of argument is enormously on the side OF til
double standard. We make room for few e,
traits from the Majority Report:
TIE DOUBLE STANDARD.
The philosophy OF the double standard is
that rise in the raue OF money and fall IN gen
cral prices the greatest evils which can ,tfal
the world, and its object IS 10 prevent a. iar u
possible. tho occurrence Of these evils i take
10 prceautions a-ainst fall in the value Of mono.
because in the whole history OF the human race mol
single instance can he pointed out ot fali IN 1ht
value of cithc. or Of both Of the metals which has
nor proved bcncfactlon 10 mankind: while on Inc
other hand, during every period and whenever
IN 1nE value OF I0Cta4lC Has
has been attended by financial. industrial political!
and social disaster. -4HincFfds'ng ratue o. money
and fat{ing prices hare ttea ard gre more Jrrufu1
Of human misery than tdr, ptf'itfne<. or famine
Jhey 1ert uron1hf more injustice than all h!t bad
IduS uhich wtre fser enacted. Under the double
STANDARD these evils could never occur, except by
rise in th. value of both nc,uls. while under the
single standard they might be caused ty rise in
the value OF one OF Them.
RESUMPTION
II the United States should resume epecie-ray-
1ncuts under the double standard, with the same
legal relation OF value between the metate az ex-
dort; that these two great commercial countries
would be strong enough to preserve coincidence
between the legal and market relations OF The ne.-
als and thereby preser.c their concurrent use IS
money, The United State. ie now relatively a
:Yeater commercial and financial power Than vas
s1oWth and development. and could alone s1ert
steadying influence on the relation Of the metals
more powerful than France was able TO exert
Under the double staudard the debtor may, at
his option, avail himself OF money coined out Of
either metals in The payment Of his obligations.
This option is OF no practical lnpoTtanccs except
relations OF the metals become sensible. Neither
does it work any injustice. nor is IT, IN fact CON
nned TO one side Of any Transaction. The creditor
and he never lends in the metal which for
the time being happens to be the dearcr one. lie
nad IN the % deareT metal, and be never is 10 pad
uniess, between the tlatcs of lending aud OF being
paid, the double standard il abrogated, so that he
CT may Justly complain il lie is forced pay the
tearcr metal or money. which he never receives
when he borrows. The enormous aggregate of |
debts in this country, public and private. were con-
tracsed by borrowing natonal paper currency or in
the purchase Of property at paper-currcncy prices.
It Is urged that the debtors ought not to complain
they are forced pay these debts in specie and
tllat they oush. to have fo1csecu that the resunp
lion Of specie payments in the near future was
rency might BE- ,:seu away from them. Eut it
cannot be said that they ought also to h!yc fore
seen thai the option Of paying in silver, which had
always been theirs. would OF taken away, and that
Ley would be condemned 10 pay in gold alone, |
una not only that hnt II gold enormously sppre;
countries should follow Our example and make it
their sole standard of value.
II is If 1ac highest importance that the relations
saunId be preserved with as Little disturbance as
possible. All experience SHOWS that this important
end can be more nearly attained under money
system n1srd on both metals. aud through the use
OF thr cheaper metal whenever change occurs in
their relative value. The industrial end economic
al world End their principal occupation in tile pro-
ductun a. distribution Of those things which are
necessary fur human wants. and which minister to |
human comfort auc happiness. They not en-
.c-ed i'll juggling With different kinds Of money or
coi,s for the small premium which it
say be possible 10 obtain occasionally for the one
3,cr tie vi neF
GENERAL EFFECT OF CONTRACTION
At thr th.i$tian era the metallic money Of The
Roman Empire amounted to 81, 900, coo, 600. Dy
lie end OF tue fifteenth century it had shruuk tc
l1narr and halcful chansc took place in the con-
lit1on of the world. Population dwindled and {
,a ans Mea e1c 2na 2ancr x 81 dssp
TO the most degraded conditions of ecrfdom
md slavery The dlsiEtcg1ation Of society was r
limos, complete. he conditions Of life were SO s
lard hat individual ecllshuess the only thug
consistent with tue instinct OF sel-prcservatinn l
~ publ: spirit, all generous emotions. all the
IS the volume OF money sslrunk and as prices ! 4
|
cl society during the DARK Ares were obseryable
III every nanl during the first half of this century i
n ls0s, the revolutionary troubles between spain
NJ her -~1aerican colonies b,oke out These ! .
roubcs resulted in great diminution OF the pro- Ii
uc.!on Of the precious metals, which quickly +
t,cd in ,hie report # i. estimated that the pur
ccn is and 1sas fay lis per cent rs or IN other her
ent lover in ISIS than i: was in 1909. During | a
his period there was no general demonstration ! q
the relative ralne OF the metals and tue supply
sas sufficient to keep their stock good against
ossca ~ Incident and abrasion But it y
with the increasing demand Of nd c
aucng populations. The world has rarely passed :
Trough q more gloomy period than this one. n
gain do VIC find falling prices and maery and des-
tuition in.euaraDe companions: 1t is only under |.
teaAy prices that the production Of wealth can t .
each its permanent maximum: and that its cauit II
ole distribution is possible. stcsdnesr IN prices r
,-urcs labor all and exacts labor from all. 1t I
0 business 1t encourages large enterprises, re- | .
u1.in. time for their development, and crowns Y
;ith success we'll mntureG and carefully executed
la1e It encourages purely speculative yentures Il
nd especially t,o-r based upon disaster. 1t en- Il
nurac ctuat transactions rather than gambling p
n future prices. It mcics out justice to both |
c,lpr aud creditor and secures credit to those vino
y.cr,t IT, II prcrcntf capital from upprcssinu | =;
ahpr and labor from expressing capital ana srs -
uses cAch its just share OF the fruits of industry F.
nd enterprise 1t srcn1es reasonable intercst "a "a
or its usc to the lenders of money, and a iust :.
hare in the profits ii production Ii the bo-rnHc1 ~
keeps h. Distinction between ,nt1r:s.a~e 49, ~
deed. II ins1res moderate connctcncc fn eha ~
1any rather than colossal fortunes to Tho f"r. ~ ~
hc expense Of the many. ~ t1s
lue HuaAlty OF metallic money! or of r.ne- y; "
2onej constantly convertible into metallic 1,nr "
'bich can te maintained in the Circulation ~ ~. oy
attcnlar country canHot he controlled arbtrar,}I
cannot be greater than tucia an amount as ns | e1
e requisite to ulaEtaln Inc prices of snch car, ~
auostaatiEl parity viii the prices of MI nth "
ouhtfles as3as the SAINT kind Of mouer anv e e
n3nse froIu This amount must be tcn,nnr,rr aJ Ga
exchange. NAs sou'ee ~
Effect OF CONTRACTION on MASur.c7rp1xc ~ ~
MINING, AND RAILROADS ~ ~
The great aud still Continuing f.,I;, tlle
nc United States has yroycd niost lilies N ~
eaIiy every industrial enterprise The h,t,a ~ 4o
NJ s'iGiee o1 INC iastfes years has been IN ovne -.
lse ua1 most thorough teacher. Il has .sn,s+ 1S &
s'lss nelee1 70 lEvest in nor loan money m eh ~ ~
aa oasi as thoroughly has it tan1St mn
~ usse n.en MOI 70 oofroS for The purpose ~ ~ f
Qcofat1ng or prosecuting them Df tlsa ~ lu- to1
less enterbrscs now belng successfuiiv ne uas LOT
J. Tue larger pa:t are based on tao1o1olr ssc
tHeF u patentE cxCcnfioraI ~H1