The New York herald., 1877-09-06
Benefits to Result from the Resumption of
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question, and the papers which read the SUBJ
ject, while, usual they may have failed to reconcile
those having conflicting views thereon very cru
dte and full Of interest Mr. Gamael presided, and
the proceedings opened by the reading OF the an
nual report o Mr. +. B. 5anborn, the Secretary.
PROFESSOR
The all absorbing double standard question came to
the front in the paper by Professor Stanley Jevon
Of England, as follows
II is evidently impossible to discuss the in
Vulnerable facts OF the silver question In brlef
restricted almost entirely TO expressing the con
cusons which force themselves upon an Eng
lsh reader of the recent discussions. 10 several OH
ciai puUlicationsin the excellent minority report OF
Professor Bowen or the works OF Mr. Blake NJ. Cernu
sch Mr.. 5. Dana Horton IN Mr.. W. l.. Fawcetts USE
ful american Handbook on Finance" and IN numer-
Gus minor books or urtcies-we have abundance Of
facts. We not likely at present to get
nation of Importance, and our task therefore, IS to
digest what we nave ana to interpret Its outcome
wisely.
QUESTION A DOUBLE STANDARD.
The general result, as appears - an Englshman,
Is that the Unted states should not, rather cannot
hdops the double standard II the attempt he made 1t
must he made either with without the similar
OF other nations But the first suppostion easily DIS
posed Of The notion Of NJ Cerpuschi that there might
be congress OF nations and that tbc leading CONNER
cia States might be induced to unite N adopting BIZ
metallic money Is chmerlcaL Several Of the more
important European nations have for The present
hope Of using coin. whether gold or silver. Germany
u only now establishing an excellent currency on
gold basis and Is most unlikely to abandon without
Tor retracting their late adoption OF gold which
has done no harm. Even France, which has still the
law OF the double standard in nominal existence shows
no desire TO put It into operation again, having expe
rienced tho trouble OF an alternating standard and
heavy silver currency.
AS TO England, there s not the most remote chance
that the proposal would be accepted enter
tanned here. The present English system Of metahc
money has now existed almost unchanged since 1916.
and II has worked satisfactorily in respects
that II would require very strong reasons for making
q fundamental change. Even were there a consider
ph hla wain fnfn ha ot,ttia
ard, would probably be found impossible persuade
the House of Commons to accept It, In nothing is
the English nation SO conservative as in matters Of
currency. To show this by some instances, l may
mention the question OF decimal money. Nothing Is
more apparent than the superiority Oh decimal sys-
le ike that OF the United States or France,
&. s. d. The subject has been discussed al nduseam
for forty or fifty years, and some OF the aDesl men,
such as the late Professor De Morgan, wasted great
labor Ia advocating the obvious reform; but o. hing
has been done and we are, perhaps further from
than ever Again, there Is absolutely no sensi-
BILE reason against the use OF one-pound notes
which nave been IN constant circulation Scotland
from the first origin of the Scotch banks But Eng
lsh Chancellor Oi the Exchequer would not venture
TO propose their use In England. When IL was shown,
few years ago, that the alteration OF the pound ster
ling to The extent oi Two pence would probably lead TO
the establishment OF international money, our hnan-
cia wseacres decided that could not be done. Wnat
then, would be the reception IN England OF proposal
to subvert our standard altogether SO long, too
the mother country retains the gold standard there
would be chance OF the Australian and South Ari-
can colonies abandoningit H. then, the United States
to ad opt ihe double standard they would throw
into confusion The monetary relations OF the foremost
commercial nations, while the universal bi-metaillsm
essential to the success OF NJ. Cernuschs schemes
would be as lar distant as ever
IT, indeed, the adopted legal ratio OF gold and silver
such to enable gold to circulate In the United
States, then no effect on the value Of silver would be
produced, and all the discussions would end in moth
Ing II the legal ratio were fifteen ana half 10 one,
proposed, then full weight gold coins couid not
culate, and the currency ano the standard OF value
be hampered by money fifteen and hail times as
heavy need be. Americans would be loading
themselves with silver letters; aud tor what purposcY
In order that the rest OF the world might enjoy
superior convenience Of gold money. While other ad-
vanced nations are passing, one siter another, from
the silver age OF currency the golden aye, America
aud probably America alone, will DC stepping back
IRON the gold age into the silver age This seems to
me about as wise as If the mon OF the bronze had
Bocmny decided to reject bronze anu go INTO
tue stone age. In matter OF this sort must take
of general and long continued tendencies aud
the tendency now appears to be inevaby toward the
general adoption OF gold as the standard money.
COMPARATIVE VALUES.
To say the least. is quite open to argument that
silver Is a metal less steady In value than gold
II one mne likethc Comstock lode produces seri.
Gus an alleraton. IN the supply wnat may not ap-
prehend when the mineral treasures OF Peru and Mex
ico opened up ny Ango-Saxon miners? Both
Humboldt aud Murchs0n were of opinion that enor-
nous supplies oi silver would some day be obtained
r,m South America, and what has occurred In Nevada
lends probability TO their predictions. Moreover, sil-
drawn almost exclusively from regular mines,
and ~ Is extracted from ores, that the advance OF
mechanical and metalIurgical science tends TO cheapen
II IN the same way Though not III so great degrce)
tnuL IL cucapeueu iron anu steel iuiS Is muCh less
true of gold, which Is found to considerable extent
In native state surface deposits Gold is u widely
dilused metal and there are large tracts OF aurii-
deposits which might be worked II all Increased
demand Tor gold should make II profitable.
THE SUPPLY OF GOLD.
One of the most poxerul arguments In favor of the
double standard founded the idea that there will
pot be gold enough to meet alone the advancing needs
pi commerce. Prices IL is sad Will fall and the bur
aeu OF debt will be increased by the characterization of
silver But there Is no proof not even PROBABILITY,
Inat such results will follow. In the past thirty years
the supply OF gold has certainly been excessive, as
shown by the progressive in the cost oil living
almost all parts OF the world The same tendency 10
progressive depreciation OF the precious metals has
been gong on, as have already rcrnarSci for CEN
turies should the adoption OF gold metallic cur
rency In America and elsewhere tend to slacKen this
continual fall OF value for tine there would be nolh
ing regret In the result put doubt II II would
do this On the hand, there is no good evidence
oi any considerable falling oil in the excessive sup
tralia Elaborate calculations have been made
TO show the inadequacy OF the gold sup
ply. l am much inclined To agree with the late Mr.
Bagehot VINO, ID the course Of hts excellent evidence
concerning the depreciation oil silver, said that
OF the stock OF gold and silver worth the
paper they were written on Even the apparently pre-.
else returns OF produce and the amounts Transmitted
are, probably most Inaccurate. But, even taking
these returns, Mr. s. Dana Horton, In his ingenious
work gold and silver (p 2sl,comes TO the conclu
zion that the net annual supply OF gold for the of
money is twice that OF siver-nameiy, SEQ OOo 900,
compared with $50, 100000 Now, if we remember
that OF the whole population oil the world probably
two-thrds use silver coin exclusively, and are IN the
whereas those who use gold use SILVER also Tor suDsd
larry currency, cannot that there ~ any evidence
of gold becoming comparatively deficient Mr. Hor.
ton concludes too, that the present annual addition
OF new gold is one aud per OF the total
stock Of gold money, while tDat VI new silver
Is only about one per cent OF the silver money SO
ms such calculations have any weight they strongly
in iavor of gold standard may add that Mr.. Ho,.
hngbcrry, after an elaborate inquiry carried Tor the
Information OF the Indian government, comes TO the
CONCLUSION that the production OF goid
estimated that there has been little falling of tho
ngu prOl int "
further falling oil. 1t should DO remembered too,
tnat produce OF the Comstock lode consists gold
10 the extent OF forty live per cent IN value.
RESUMPTION OF SPECIE PAYMENTS.
The resumption oi specie pay mems seems to me to
need no heroic measure whatever. Already the
premium gold Is SO low that, IL the dollar we're
made conc with the live frauc piece the paper
dollar would be almost at par The difference Of about
two per cent would disappear OF its own accord
fruae becomes brsk again. The par having been
established IL would be possible to begin making
payments IN gold IN partial manner, as IS actually
done at present by the Bank oil France. Payments
might at hrst be limited to small sums or ienced
round with such conditions and precautions ms would
r.I Al