The New York herald., 1877-09-06

| whatever Nor does there seem to to bo
any need TO make national bank notes
| them They might continue to be convert
| bic INTO Treasury legal tender notes which would
become convertible iuto gold at Washington, such
other few spots night be selected for deposit OF
the reserve. As gold ls really only needed Tor inter-
trated and not dispersed over great many local aud
minor banks.
| THE FUTURE AMERICAN DOLLAR
Finally regards tho future American dollar I
nearly, but not entirely with Professor Francis
| bowen. Excepting III few minor points / believe his
report 10 be and wise from beginning end, and
trust that hts recommendations will Tor the part
be adopted He proposes that the dollar shall contain
- OF gold, that tue five dollar piece may be
the exact equivalent Of the pound sterling. The choice
ought, doubtless to lie between this and the twenty
fve franc piece, and those who do not yet quite de-
spar OF ona currency would prefer the Litter
In this the dollar would % 40 grains Of
pure gold, and the American hvo dollar ece contain
Ing about gram less gold thun the sovereign, would
| be preserved IN this way from being melted wherever
| came into competition with the sovereign. II
is law o. currency that the lighter coin lives
and the heavier one goes TO the melting pot. In
| bly, become the predominant gold coin, until such
time as the EDgl sh people would the wisdom oi
Ssnp amos rso Ss Ia,n anu
aud English currencics.
| Bur this Is u matter only OF detail. My principal
| purpose IS accomplished II l have adequately ex-
pressed the strength OF my CONVICTION that trying
10 establish b-melallic money the Americ,n nation
would setting themselves against irresistible natu-
RAJ tendencies so as TO insure defeat For tue sake OF
MAXIM those richer who ricn already they would
be loading themselves with heavy metal winch, II It
is TO be abundant, had better be left 10 other
to those nations vino too poor ignorant
to employ gold 1t is the general rule Ia commerce 10
take care OF 'number one, bnt IN bi-molac money
the rule is reversed, and 'number one" Is asked 10
carry silver coin IN order 10 benefit "number two'
and number three"
PAPER OF b. Y. NouRsE.
| Professor B. +. Noursc then read very extended
and exhaustive paper upon the bi-meallic question
He said modern range oil the question which is of
the roiatve value and utility OF silver and gold as
standard is pressed with .orce upon the
sideration all by recent events, begin
ming IN 1871, and in tins iorm:-
Is 1t better that the coin standard or unit money
value. shall be vi gold or OF silver, or Ot the two
metais associated ~ liked relation oil value, and
wnicn Is the better tor all commercial nations?
He then proceeded to give history OF the metallic
question Europe and America during tue present
century, showing tho action OF the various nations
the effect upon .he prosperity the respective States
and upon International commerce. following TINS by
recitng the arguments for ant against the
metal system.
THE COUNTRY
Our opening question, he said was oil tue better
Standard or ali nations. Now, wnat expsdient ior
our own country
BY the existing law 1t Is the duty OF the Secretary
OF the Treasury to make provision OF money where
with to redeem all United States Treasury mat
shall be presented Tor redemption and Janu
l, 1879. 10 certain extent and by It's operation
upon the obligations OF contracts, this law makes
pledge OF the public aith that shall be executed Its
execution will restore specie payments AS tho
age laws stand tho money redemption must be
gold. An effort Will We made at the approaching
session OF Congress to secure the enactment Of
law to re-estaOlish the bI-metailc coinage
as IL nominay was prior to the coinage act Oi 1873
Should this be done, all debtors, ucuding the gov
ernment, IN the absence OF SPECIFIC promise in the
contract will have choice o the legal tender dollars,
gold, silver or greenback, with which they will pay
their debts Paper dollars Will then be worth the
same as the con dollars with which they Will be re-
deemaoe, which then Will De OF silver. Tnen, the
uInAn vnlA nd fin hatn tnnr
o. TO l6 differentiation OF gold by to per
compared with present bullion values in Europe. and
supposng bullion values 10 remain as now, premium
OF per VII offered for the export of god,
and our whole currency Will consist OF SILVER and notes
redeemabe III slivcr There Is not time now 10 obtain
international adoption OF bi metallic money the
Resumption act must take effect Tho alternative is
redemption with gold, the law stands, with
silver, which the restoration OF the old bi-neallic law
would giveus
EFFECT OF GOLD STANDARD.
Let us suppose tnat the decision shall be to adhere
to the gold standard until the bi-meIailc standarI
snail be adopted oy International agreement, what Will
be the consequencesy All oil cur currency Will he
brought 10 gold value anu power-go0d abroad as at
home. Private credit Will be strengthened Conf
dence, long lost impaired, the element essential
to activity ana prosperity, will quickly return upon
the resumption OF specie pay ments In gold. Alter
lew months, IN winch tue perma OF the rcsump
lion will be tested. average OF prices lately de-
pressed by the sagnation which Is the effect OF want
OF confidence will probably advance under a revival
OF business the proper effect Of resumption; except
that the cost OF living may be cheapened as 1t ought 10
be in proportion 10 the pr,ces OF labor aud manuac
lures. Under gold resumption no question can arse
as to the kind OF dollar TO be paid on contracts
of debt, puoc 0, private. Alter told resumption
We shall be in position TO adopt u meialiisn IN
concurrence with other nations, without difficulty aud
under favorable conditions, If then 1t shall
desirable. No citizen OF the United States, reasonably
proud OF his country and conscious oil her credit and
resources Will admit her inability 10 have anu
tam the gold standard, II II snail be Tor our best
terests, even Of those who advocate the adoption
the blmetalc system Independently OF other nations
from conviction that 1t Is the wisest and best policy
ATTITUDE tor CONTINENTAL EUROPE
Tho present attitude OF tue biinctallc nations OF
Continental Europe on the silver question IS said TO be
''one Of expectancy They defer the decision OF their
own complete demonstration OF silver Tor further
events, and the chief OF these Is looked for from this
country. They nave been led TO believe that the
Bland bill, or one like 1t In effect, would become the
law OF our land They count upon American de.
mand for their surplus silver whether to load upon
and effect their own escape from Its burden, or
under favor o ITS aid IN restoring value to SILVER,
1t is susplcious when We see European advocates OF
the gold standard urging upon The United States the
Adoption of the silver and suggests the wish
make our country the market Tor what they would
discard.
OF all the Western hations to the other depre-
ciated currency, though be OF silver
cree oil banshment against gold so long as that alone
Is tue ntornat ona money OF the world.
Now what viii be the consequence OF the alternative
the adoption OF the bmetsic coinage practically a
silver standard for the Unlied States?
In the absence OF visible effort toward inter-
national b-metallic standard We assume
European nations having the god standard
will keep 1t; that tho drllt of others will be to-
ward the same, as II has been since 1873 the
present surplus OF silver will increase by further
netZaton ana increasing production. Useful as
surplus would be, aud inconsiderabe as It's
sum is IN the whole standard money OF Europe, If
still fully employed as money u becomes idle mer.
chandise OF uncertain value for winch the best
markets must De sought, sort OF dead weIgh Ue
carried when discarded money. Our policy ought
TO be adapted to the probable condition In Europe; IL
be tO avoid loss and trouble. Gold and snver
dollars as coequs legal tender ust have leg Al reu.
ton OF value tue one to tue other II proposed tnat
the snail restore the old dollar Az grams
standard silver the old ratio, 16 10 l. Al that
any other which shall undervalue the gold
dollar one per cent compared with the rates of
value IN the bullion markets Of Europe, u premium
will be offered Ior the export vi gold to Europe
and the same premium Tor pr0hu Tor the i'm
silver. Al the current gold price Of Dar silver in
London, say 54Ad. per ounce, the ratio 10 to here
would olcr ABOUT seven per cent profit the export
OF gold dollars.
ADVOCATES or THE SILVER STANDARD
There two classes OF advocates OF tho double or
silver Standard both demanding Unlimited tender Of
silver One oil them p opposes that the silver co mage