The New York herald., 1877-03-03

WOrQ WnlC0 navo any c0n9lueT-
they have will exceed 81, 800 100000 II is not
suggested that there are any available and dsposabe
quantities elsewhere. In the opinion OF the com mis-
sion, the total Quantities in the Western World are
much exaggerated in the average estimates Of stats
tcianS Germany commenced Its march, not yet
completed TO single gold Standard unembarrassed by
national foreign debt OF any kind and with attribute
cxacted from France OF 81 600 100000 II the German
movement under these tavoring circumstances has
resulted in such great commercial disturbance and
of private Distress II may bo anticipated
what financial Will bc in this country II u shall
persist in the same movement under the weight or
enormous debts, public and private.
SILVER ESSENTIAL TO SPECIE PAyMESTa
In the opinion OF the commission the RECONCILIATION
OF silver essential specie payments and
may make such payments practicable. Both the debt
paying mesls are found under our own flag, ana both
needed and IN the fullest measure, TO accomplish
the task II s not an easy at the best, but tho on
crges OF the American people may be found equal TO II
" they not deprived OF onehalf OF their ancient
that the reconciliation Of silver this country will
have powerful influence In preventing, and probably
and in other European countries In which the
double standard is still legally and theoretically main
tanned. But Il, Notwithstanding reconciliation here,
iurhcr European dcmonetization shall take place. tho
result for will be advantageous exchange OF
wnrGn ~ we can aparc ,1s money wn,cn We nsea.
demonstrations OF IL on that Continent, Will not como
TO us as gf. !. WIN come II a. all in payment for
commodities and IN transactions which will be free ana
voluntary on the part OF our citizens, who may be
trusted to take care Of their own interests.
Such transactions will give much needed stimulus
TO our commerce, and cannot fall TO be made on terms
which win be advantageous to us Nations cannot
suddenly dispose Of considerable mass OF eithor
metal without loss from tho temporary fall in its
price, and this loss becomes the profit OF the pur-
chasers when the old pricc is recovered.
Being flooded with the silver Of Europe, treated
by many persons as an alarming danger, is being
flooded with one OF the precious metals and
whether Obtained BY commerce with Europe Or
ccivng II from abroad must dosro 70 our mines
closed at home II the States Of the 'Latin Union
alter readopt II. or because readopt H. 1t will be
a mistake in policy their part OF which all tho ad.
United States an era Of prosperity based upon solid
money obtained upon profitable terms and under cir .
cumstaDces necessarily stimulating TO our industry ana
commerce.
EUROPE AND TIE DOUBLE STANDARD.
Finally, the commission believe that the facts that
Germany aud the Scandinavian states have adopted
the single gold standard and that somc other Euro
pean nations may possibly adopt it, instead Of being
for perseverance, IN the attempt establish II
In tho United States, precisely the facts which
make such attempt entirely impracticabo and
which would mako the success OF such an attempt
moro Overwhelmingly ruinous. II the nations on the
Continent OF Europe had the double standard gold
standard would be possible here, because IN that con-
dtion they would freely exchange gold for silver IL
that condition which enabled England to resume
specie payments In gold in 1921
The attainment oil such standard becomes difficult
precisely In proportion to the number OF countries
simultaneously engaged In striving after II, and It s
iccts Of striving afor It are. aggravated TO propose
to this country contest tor gold standard with the
European nations IL 10 propose to II disastrous race
reducing the prices OF commodities aud aggravating
the burden OF debts in which all the contestants Will
suffer immeasuraby and tho victors oven moro than
WILLIAM s. GROESBECK.
JOHN l.. JONES.
LEWIS V. BOGY.
GEORGE WILLARD.
In the accompanying individual reports Senator
Bogy and Representative Willard recommend nxing
tho silver STANDARD at15H. Mr.. Grocsbcck and Rep
rcsentative Bland the 15 9S 100
the present standard, until after international con-
ference but agree with the three last named In favor
of reconciliation.
Senator Boutwell,, Representative Gibson and Pro-
fessor Bowen, OF Cambridge, report in favor OF
gle gold Standard restricting the use Of silver money
10 small coins with It's present or only slightly In.
creased legal tender limit
DOUTwELLs MINORITY REPORT.
The minority report Of Mr.. Boutwell, concludes as
follows
.'The evidence taken before the committee tends to
show there is larger public sentiment in Europe
favor oil the rcmonctizaton Of silver than has
toforc existed that proposition from tho govern
Of the United States looking to convention will
be accepted by tho governments of Europe and that
lie result Of the deliberations OF such convention
Will be favorable to the plan suggested
ION the other side. 1t Is to DO apprehsnded that tho
OF silver by the United States tho
in Its value furnish against tho adoption
OF tho plan by the rest Of the world and that inde
pendent movement on our part would increase tho
difficulties rather than diminish them. However that
may he, the undersigned is Of opinion that the intro
duction OF silver a currency should be postponed
the effort the corporation Of other
tions has been faithfully tried"