The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-09-14
MIR. GROEsBECK ON srLyER.
He Urges. Bcfore the Bankers Convention.
Tint u should be u I.eenI Tender.

that u should he u Legal Tender.
Mr. W. 5. Groesbcck had begun his ad-
dress on the silver question. before the Bank
crs Con vonton. in Association Hall Yesterday
when the venerable Peter Cooper WIS seen
mounting the platform. buzz of applause
greeted the exponent Of imitation. He held his
right hand under his coat. The hand appeared
for an instant to shake that Of Chas b. Hall
President of the convention. but went quickly
back ngan for the purpose of drawing out an
air cushion. which he carefully put on II chair.
From the foundation OF the Government
until 1874 Mr. Grocsbcck said gold and sill
yer were equally legal tender for the payment
OF all debts. national and individual In that
year silver was dcmonctizcd and gold alone
was Put In the place previously occupied hy the
two metals Two subjects for consideration are
now before the country in consequence: First.
is i safe TO use silver ns we'll Ms gold for un-
limited legal tender. or Is il better to USE both
Than either Oncf Second. l. there ANYTHING in
,he present condition, OF the country that should
h' taken into consideration before answering
this question: For ncurly.n century" he went
on. the use of gold and silver served all bust
ness purposes yet in 1873 and 1874 without
single recommendation of the press Boards of
Trade or Chambers of Commerce.. gold was
sct mp alone and silver thrown away. Three
causes are urged ~ Justification of this. tx
cessivc production Of silver. decentralization
Of silver in EUROPE. and decreased de;
the alleged excessive production " silver
Up to 1850 there had been no movement tending
hcs. complied 10y the best authorities. show that
the rrodu ton of gold has been greater than
that OF silver. The total amount OF gold pro-
ducrd sine lSlj il s2gl3OOuOOn against
Sl.1S1nuO.uuO of silver. In the United States
since the ahuv" date. the production OF gold has
been 81 323 $50. 100: silver, 81 $50 100000. In
1915. siu.Od0.nOO of gold WIS produced. and hut
$50 600 900 of silver II excessive production
was the cause ol dcmonctl laton. those figures
point To gold. and not TO silver. ~ ia" metal to
ho drmon'tled. | to the middle Of the ccn.
fury. gold WAS produced in the proportion ol
tnr1c To- enc 81 silver Nt that Inequality mad
in this country reversed IN Il less degree
should any different ron-cgu"nc"s follow For
the SIX years following 1862. sguu 900 OuO Of gold
WIS poured into the word th" stream Of silver
WIS rivul"t compared To- tins, In consequence
of this supcrahundnnco If gold decentralization
was recommended. Some fow nations tried
this cNpedicnt Ia their peril France. however.
refused 10 dc -. and gold went down I'VE per
cent. hut hrng tied to silver Il could not ~ any
lower. and II soon recovered
AZ To- si lvcr's drmonctzation IN Europe. Mr.
Gru"sl"'o X said that throughout the world. SIC
iWliWu 81 p'"llr are operating under SILVER
standard. 1suljOuuO under a gold. and l32.-
100000 under both metals Germany began g.
dcinnnril2" silver in ISL. and two hundred mill
lions of thnlrrs ure still III circulation there
while gold IL put under lock and key lest il
should run away. Germany financial cundi-
dition - not on" 10 recommend any nation To-
follow her eNsnplo. and only the tire" small
scandinavian nation have done 40. A. TO the
cuntrtdiricd hv inus and figures. There wis a
temporary check in the How but II soon re-
turned aud VIII continue Tor century. A.
rivers run into the sea and the sea IL not full 80
II lWs silver e. tn" Enst.
l. there anything ia our financial condition
"a hp considered IN deciding whether both gold
and silver should be- tn" standard Of curren q
This question brings ~ another. Can We legal
~ and honornhiv pay orr public debt III silver
IL we'll ~ IN gold; The Foriirth Congress
PASSED y hill plcdging thu Government to pay
certain bonds ia coin. Now this coin. accord
Ing la the runstru' tiOn of the act. may b, either
gold or silver. Good faith requires no more
There II no Il luht about u. We can hunurahy
pay our pubic dcht in silver az we'll ~ ia gold
ana sun being our privilege. We should not
abandon II.
Annr q aggression on resumption. in which
speaker continued: Gold and silver should he
our only legal standard. They have endured
trial Tor thousands of years We are told thni
W. should have gold to b" in commercial accord
with Europe. LIT IL have silver also. that we
may be- III commercial accord with Asin Win
gold for some. silver for others. and te"ming
the commerce ui the world.
In the evening. session Prof. Perry OF Will
liams COLLEGE advocated gold ~ The single
standard 20 value. and til" following resolutions
from the Executive Committee We're passed:
Rl~Js That m the nI hion hi- aiiuu the carly
Non 'ral prosperity and social progress throughout
That The general Use OF coinihc measure ct value
labor mud mpari ta -~Hd,u, - {" the ,au, ami proc
y a. ,r az" Duran , '' NJ, Va 10 ,a1, ~,
uu-trA
That the umc has fun, come whom enforced cur
r,irN dirut o the wur-shtud it lratuaIlN
moved uil the condition.. tho country al, most
iuvOrahiO tn that End
That 80 mia To- III highest wearc Of the Amer
rnn people tiu iNtir truir ANA comm rec should a ie
conducted upon the standard value winch the ud
xaneed comncr al nations in Tho world have adopted
That thu general rcsui ~ oitd can De- hest
,,our,d and maintained n' the coprratrn o' ihc GO,
eminent ana tie people through tlt agency u' thr banks
which isrurur-tlN recommended lNfNf such tuuNura.
tom tl rr-Nfft~ Di CO., country vii N MOST Ne fiiiN
reached whether u smaller nr Larger SUMS. Aft sl.ut
lufutHt hands n fN tlttrnucn' unl fIr lit.l nf lIn
uu harvest AMI lurrDHsu- ultt Ntui. n nui uIuufl.
urns uduc zion oi tho nation Wll Wu, rouiuhutc tu
sumption
That iii. rnt end can BE- secured witt t' r.-ioiofa