The New York herald., 1877-09-06
A Day Devoted to Silver and
Humanity.
THE DOUBLE STANDARD QUESTION
Benefits to Result from The Resumption Of
Specie Payments.
5EST INTERESTS OF THE UNITED STATES
Interesting Reports Regarding Charity
and Prison Systems.

SARATOGA, N. Y, Sept 6, 1877.
In the Social Science Association the day has been
largely devoted to silver and the double standard
question, and the papers which read the SUBJ
ject, whe usual they may have failed to reconcile
those having conflicting views thereon, cru.
dite and full of interest Mr. Gamaliel presided and
the proceedings opened by the reading of the an
nua report ol Mr. +. B. 5anborn the Secretary.
PROFESSOR JRvoNs Silver
The all absorbing double standard question came to
the front In the paper read by Professor Stanley
Of England, as foilows:-
1t is evidently impossible to discuss the in.
Vulnerable facts OF tho silver question In brief
paper like the present. My purpose must be
restricted almost entirely to expressing the con-
clusions which force themselves upon Eng
lish reader Of the discussions several oi-
cai pu Ucatons-in the excellent minority report
Professor Bowen or the works OF Mr. Blake NJ Cernu-
schi, Mr. 5 Dana Horton, IN Mr.. ". L. Fawoctl's use.
ful american Handbook on Fnance' and numer-
Gus minor books or articies-we have abundance OF
facts We are not likely at present TO get more IN
nation Of Importance, and our task, therefore, is to
digest what We have and to interpret its outcome
wisely.
QUESTION DOUBLE STANDARD.
The general result as ~ appears taan Enelishman.
ADOPT the double standard. II the attempt be made 1t
must be made either with or without the similar action
Of other nations But the first suppositon easily DIS
posed Of The notion OF NJ. Cernusch that there ght
be congress OF nations and that the leading
cal States might be induced to unite adopting BIZ
metallic money Is chimerca. Several of the more
important European nations have for ihe present no
hope Of using coin, whether gold silver Germany
IL only now establishing an excellent currency on q
gold basis aud is most unlikely TO abandon it without
further trial. The Scandinavian kingdoms have
son for retractng their late adoption Of gold, which
has done no harm. Even France, which has still the
law OF the double standard lnal existence
no desire TO put It into operation again. having expe
rienced the trouble OF an alternating standard and
heavy silver currency
AS TO England there is not the most remote chance
that the proposal would be accepted or even enter
tained here The present English system Of metallc
money has now existed almost unchanged since 1915,
and 1t has worked so satisfactorily In mos, respects
that II would require strong Tor making
\ fundamental change Even were there n consider
able weight OF evidence in favor OF the double stand
ard It would probably be found impossible to persuade
the House of Commons to accept It, In nothing is
the English nation SO conservative rs in matters Of
currency. To show this by some instances, may
mention the question OF decimal money. Nothing Is
more apparent than the superiority OF decimal sys
lem, like that OF the United States France
+. s. d. The subject has been discussed, al nduseam,
lor iorty or hty years, nnd some OF the a0lest men,
such as the late Professor De Morgan, wasted great
labor 10 advocating the obvious reiorm but no hing
has been done, and we are, perhaps. further from
cess than ever. Again, there is absolutely no sens-
BILE reason against the use OF one-pound notes,
which nave been IN constant circulation IN Scotland
from the first origin of the Scotch banks But Eng
llsh Chancellor oi the Exchequer would not venture
10 propose their in England. When II shown,
few years ago. that alteration OF the pound
ling to The extent oi two pence would probably lead
the establishment of international money our unan-
ral decided that 1t could be DONE WHAT
then, would be the reception in England ot proposal
to subvert our standard altogether SO long, too,
the mother country retains the gold standard there
would be no chance OF the Australian and South Afr
colonies abandoningit II. then, the United States
were to adopt The doube standard they would throw
into confusion the monetary relations OF the foremost
commercial nations, while the universal bl-meta'lIsm
essential to the success OF NJ. Cernuschi's schcmes
would be as far distant as ever.
IT, indeed, the adopted legal ratio OF gold and silver
were such as to enable gold to circulate In the United
States then effect the value Of silver would be
produced, and all the discussions would end in moth
lug. II the legal ratio fifteen q half one,
proposed, then full weight gold coins could not
culate and the currency and the standard OF value
would consist OF silver only. American trade would
be hampered BY money fifteen and half times
heavy as 1t need be. Americans would be loading
themselves with silver fetters aud tor what purpose?
1n order that the rest OF the world might enjoy
superior convenience OF gold money While other ad.
vanced nations are passing one ster another, from
the silver OF currency TO the golden America,
aud probably America alone, Will DC stepping back
from the gold ago into the silver age. This
me about wise as If the mon OF the bronze had
solemnly decided to reject bronze and TO back into
tue stone age In matter OF this sort must take
of general and long continued tendencies, and
The tendency now appears to be Devraby toward tho
general adoption OF gold as the standard money
COMPARATIVE VALUES
To say the least II Is quite open to argument that
silver Is now metal less steady in value than gold
If likethe Comstock lode produces so serl-
Gus an alteration in the supply what may not APP
prehend when the mineral treasures OF Peru and Mex
Humboldt aud Murchison were Of opinion that enor-
nous supplies o SILVER would some day be obtained
rJm South America, and what has occurrd In Nevada
lends probability TO their predictions Moreover, sill
Is drawn almost exclusively from resu mines,
and Is extracted from oros, that the advance OF
mechanical and metal science tends cheaper
II IN the same way Though not great degree)
that IL chcapeued iron and steel ihls is much less
true of gold which Is found to considerable extent
In native state IN surface eposlts. Gold is widely
difused metal, and there are large tracts OF aurif-
crous deposits which might be worked II an increased
demand ior gold should make II profitable
SUPPLY
One of the most powerful arguments in favor OF the
double standard Is founded on the idea that there Will
be gold enough 10 meet alone the advancing needs
p commerce. Prices, II is SAID, Will fall and tne
aen OF debt Will be increased by the decentralization Of
silver. But here Is no proof, not even probability,
such results will follow. In the past thirty
the supply Of gold has certainly been excessive,
shown by the progressive in the living
almost all parts OF The world. The same tendency 70
progressive depreciation OF the precious metals has
been gong on, as | have already remarked, for cen
turies. should the adoption OF a gold metallic cur
rency IN America and elsewhere tend to sacken this
continual fall OF value for time, there would be moth
ing regret in the result; out doubt II IL would
do this, On the one hand there is no good evidence
p any considerable falling OIL in the excessive sup
% hve osSn sIa
10 show the inadequacy Of the gold sup
ply. l am much inclined TO agree with the late Sir.
Bagehot, wno ~ the course oil hts excellent evidence
concerning the depreciation of silver, said that
mates stock OF gold and silver worth
paper they Even the apparently pre-
else returns OF produce and tue amounts
IRE, probably, most inaccurate. But, even taking
these returns Mr.. s. Dana Horton, in his ingenious
zion that annual supply OF gold for the Of
money Is twice that OF silvernamciy, 100000 000
compared with $50 100000 Now, If we remember
that OF the whole population oil the world probably
twothIrds silver coin exclusively and are IN the
habit OF melting It up and buryng 1t IN the earth,
whereas those who use gold use SILVER also Tor suDsd
ury currency, cannot see that there any evidence
OF gold becoming comparatively deficient Mr. Hcr
ton concludes, too, that the present annual addition
OF new gold is one aud thirds per OF the total
stock OF gold money, whilo tDat VI new silver
Is ony about one per cent OF the silver money so lar
nu mt tneva ulv
in iavor OF a gold standard. may adi that Mr. Ho
hngbcrry after IN elaborate inquiry TOR the
Information OF the Indian government com, to the
conclusion that the production ol go,d Is unuer
estimated; that there has been little falling of tho
aggregate YIELD and that there Is little prospect OF any
further falling oil. II should DO RENE nbered, too,
tnat the produce OF the Comstock lode gold
10 the extent oil forty v-uve per cent In value
RESUMPTION OF SPECIE PAYMENTS.
The resumption OF specie payments to me to
need heroic measure whatever. Already the
premium gold is 50 low that IL the dollar were
made dent with the live frauc piece the paper
dollar would be almost at par The difference vi about
two per cent would disappear OF its own accord