New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-26
SILVER IN FRANCE.
A Cool, EXAMPLE FOR THE UNIFIED STATES TO FOL-
Iow-ExCEiLENT READING FOR THE SILVER
SWINDLEUS.


WAsHrNGToN. Dec 2j.-The advocates OF the
Bland silver Bill and Of double-standard money are
in the habit Of constantly pointing to the example
of France the great doube-standard country Oh
Europe TO prove that the reconciliation OF SILVER III
the United States would not only give the much
needed stimulus TO business but would bring the
coins of gold and silver to par with each other.
Look at France" they say gold and silver
have circulated side by side there since the disturb
auce in the market value of the latter IN London, as
we'll a. before while silver coins and bullion have
been sold elsewhere at from TO 20 per cent dis
count in gold. Four silver ive-franc pieces have
ALWAYS been exchangeabe in France for a
gold twenty-franc piece This proves that
the so-caed depreciation in the price Of silver Is
wholly the result Of legislation unriendly to It, and
that If we in the United States only treat 1t as We
treat gold IL viii Immediately to par with gold
and remain there Then We shall have an album
dance of metallic currency and the resumption OF
specie payments, now impossible without great dis
Gstcr. Will become comparatively easy
Arguments like this may be heard every day in
Washington. especially among that class of Con
crrssmen who. although they may have voted for
the Bland bill are unwilling to adm e. even 10 them
selves that they desire 10 do any injustice either 10
public OF private creditors by the restoration of the
dollar Of the fathers TO the currency OF the
country.
1T is not because we desire to give the Govern
meut and the people q currency than gold IN
which to pay their debts that we support this meas
ure" they saw but because see the need of pro-
vidiug a more abundant currency as good as gold'
If Congress in its legislation on the silver ques-
ton, would be content to follow the example of
France, comparatively little mischief would bee done
by the reiutroducton of the old silver dollar into
our currency. The monetary affairs Of France have
.1i war vi
wonderful skill and wisdom. The more that adj !
minisratiou is studied and understood in this coun-
try the better VIII the people of the United States
b. prepared deal with our own financial problems.
What is the example OF France? IUa-Silyer five
franc pieces lcoius spoudug to our silver dol
lars, but somewhat lighter are iegal-teuder tor all
deOts, public and private and ere eXchangcabe for
the gold coins of the Republic at the rate
Of fifteen and a half ounces of the one for
one ounce Of the other. No silver coins of
smaller denominations are lega-tcuder for any
amount The Bland bill proposes that the
United States shall follow the example of France by
making silver dollars unlimited legal-tender. We
already have authorized 10y law SjO,O0O,OOO in sub
sldiar silver coins which are lega-tcuder in sums
OF five dollars France has no corresponding legal
tender silver. Any one may refuse 10 receive It's
smaller silver coins in any sum whatever
Secopd-Francc suspended free coinage Of silver at
her mints in 1874. The Bland bill propose to depart
from the example of France and to allow the own
ers Of silver bullion IN this country TO have 1t coined
into dollars free of charge and without limit as to
amount The Senate Committee on Finance iswillng
TO follow the example Of France one step further
than the trainers Of the Bland bill, and forbid free
coinage Of silver in this country but the advocates
Of the latter opposed TO this.
Third-The limit of silver coinage fixed by law in
France was Sl2OOO,OOO in 1874, So, OOO 600 in
1873, S1O,sOOO0O in 1876, and SlOSOO,0OO IN
1871 The Bland bill allows no limit, and the FL
nance Committees amendment fixes the limit at
S4S.OOO.OOO a year, or about four and One-Lalf
times as great as that fixed by France
Foartb-The Bank of France pays gold or silver to
It's creditors giving them their choice. The London
Economist Of December !, in article entitled
France and the Silver Question: says: " The
Bank of France has begun to reduce its note circu
latiOn, 10 longer issuing notes under 100 francs
S2Oi and paying gold or silver with Tcadl-
ness to those who wish for IT. No adj
vocate of the Bland bill would be willing
that the Secretary Of the Treasury after the remone
tHatIon of silver, should give the public creditor the
option of demanding that he be paid in gold, If
silver was at any time worth less than gold IN the
market. Reconciliation under those circumstances
would be imperative whenever silver was below par.
But 10 be consistent ought not those who support the
measure III the BELIEF when III is passed GOlu
and SILVER will be of equal value, and who do not
desire that reconciliation shall be made instru-
ment Of injustice, 10 be willing to follow the eX-
ample of France il this respectf
Tie example of France in the management of her
coinage and in marching with rapid strides 10 spe-
cie payments which are now to be resumed in one
week has been good one; and if our statesmen
who are so fond of referring TO 1t in their
speeches were equally willing TO follow IL
in all particulars, the financial outlook IN |
this country would be brighter than it Is.
France resumes specie payments in week. |
and in spite Of her laws establishing noni- !
nal double standard Will probably resume on gold
basis. The editor Of Tie London Economist, whose
means Of Information Oh the subject are as good as
those Of any one not connected officially with the
french Government, remarked, IN the article al |
ready quoted; The double standard being I'M |
practicable, France resuming specie payments under |
the present system, would probably maintain a |
sod currency. Indeed It is difficult TO see that she
couId ADOPT any other. Sne does not appear con-
template demonetlzng silver. She can scarcely de-
mohelze altogether. She in common with the rest |
u the La'ih Ohon' waits perhaps in order TO see |
"ne'hef America IS likely to adopt an unlimited sill |
yer currency In the meanwhile this restricts the |
coinage OF silver and 50 slaves off the flood of cheap
money which would otherwise come IN and dr,ve
out the dear
Inc Congress Of the United States proposed to |
SIo" the example Of France by adopting a policy |