The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1877-06-07
SILVER AS MONEY.

The importance which the silver ques-
ton is assuming in American politics-it
bidding fair 10 supercede all other ques-
tions-gives especial interest to the minor
ity report of Professor Francis Bowen and
Representative Randall Gibson, of the sill
yer commission, made to congress in March,
but now, for the first time, made public,
conclusions.
These they embrace under nine heads, as
follows: That the changes which have
taken place, the past year, In the relative
value of gold and silver, are due entirely to
fluctuations in the market price of silver ;
that this depreciation in the value of silver
has been produced by the great produc-
tions of the mines of the Coms,ock lode,
which have doubled the average annual
product of silver in The whole world, to the
diminution in the demand for export to
British India, and to the demonstration Of
silver by Germany, Denmark, Sweden and
Norway, and to the limit placed on its
coinage by Holland, France and other coun-
tries that these fluctuations demonstrate
that silver has become unfit for use as a
standard of value that whether its value
lie permanently deprecated lie, as yet, a
" debatable question !" that "the 60 called
" double standard is an illusion and an i'm
possibility !" that silver is untitled to be
the principal medium of exchange because
of its great weight and bulk in proportion
to its value, and on account of its liability
to loss by abrasion and clipping that the
proper place for silver, as money, 10 that
of Subsidiary or token currency )" that
the policy of continuing legal tender notes
concurrently with metallic standard
would be inexpedient and unjust and that
circumstances have made a resumption of
specie payments TO be practicable and easy
at very early day, the paper currency
having spontaneously contracted itself"
at the rate Of three millions of dollars
month for the past twenty-five months.
In order to bring around full resump-
tion of specie payments, and "to make our
monetary system conform in all impor-
tant respects to that of the most pros
porous and best ordered commercial
countries of Europe" they recommend
the adoption, by congress, of the three fol-
lowing measures
l. That dollars be coined containing
345 @ grains of pure silver, which shall be
legal tender for any sum not exceeding
$50, and ehall be l. ued only in exchange
for paper currency below the denomina-
ton of So, and the 81 and 50 notes so re-
ceived in exchange shall be Immediately
cancelled ana destroyed. Tte:e silver dol
lars, however, shall be receivable to any
amount in payment OF any dues to the
government, except for duties on imports.
A.ter Jan. l. 1878, notes below the demo-
mination of So shall not be paid out either
by the treasury or the banks, and shall not
be legal tender.
2. Gold shall in future be coined only at
the rate of 22G grains of pure e I'D to the
dollar, 80 that the half-eagle or $5 piece
may be almost the exact equivalent of CT
sterling; and the gold 80 coined shall be
legal tender to any amount: Provided,
however, that all debts and contracts ex-
pressly made payable only in gold, end
outstanding ON the date of this enactment
shall be paid and discharged only by dol
lars, each containing 23.2 grains of pure
gold, or by their equivalent.
y. Out OF the paper currency received
by the government in the collection of its
internal revenue, sum not exceeding s.
600, 900 each month shall not be reissued,
but shall be cancelled and destroyed; and
any deficit which may thereby be created
in the treasury shall be supplied in the
manner already authorized by law, namely
by the sale of any of the United States
bonds which the secretary of the treasury
is row empowered to issue.
Without stopping to consider the recon-