New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-06-05
SILVERs PLACE As MONEY.

THE METAL NOT FIT TO BIZ a PRINCIPAL MEDIUM
OF EXCHANGE-IT HAS VALUE FOR SUBSIDIARY
COINAGE.
WAsuINGTON, June AT this time. when
50 much attention being devoted tine silver question.
especially the West and when the President seems in
oned % favor the utilization Of silver in currency.
provided IL be done without injury tO the public
1T danger the interests Of the country
the second minority report u the silver Commission ap-
pointed by tie last Congress, which has Just been
printed ia invested with greater interest than 'i pos
sesscd al the time it was made This report Is
81 med by Prof Francs Bowen and Representative Rin-
d., l.. Gibson. and not the prepared by Senator
lutwei abstract Of which was Published IN March
The following are thu conclusions OF his report:
FIRST The great CHANCES which have taken place dur
ing the last year tue relative value OF the two Frco Gus
metals atlrbutabl- almost entirety to hncinato "a
the market price OF silver sn,e tr prices o conih'1-
ties generally, reckoRod IN so.d nave been cohiiIt"
Second These fluctuations indicate considerable TAI
in the value of silver, which las t en- produced NY ee
causes l. BY the great prodrctiyene,s Oi ne sissg
ines in the Com'tock lode. which within rev years
nave doubled the average amaual pr0luc. oI it e al
for the whole world =. b. great dminutioh Wiihi1
tle last i've years Of tle dt nani Tor SILVER 20 e
British India 3. BY the Recommendation "a oliver
WITHIN tire same period by Germany Denmark, syeden
aud Norway, and the limit nat upon the collage oi 10 Dy
Leland France ahd the other states OF Tue Ii'n 'io"'
| tary Union.
Ihigd. These fluctuations prove that SILVER has be
come entirely unit Tor use ~ sdhu''u ~ 80" '.
Ills action Of Germany and other European sta' ssoes
|
altered their sya,ems OF coinage and legal tehoer 'oc'
ingy. -,
silver which does not az present adm Of deter-
inmate answer Vague e+tnnates ana uncertain theories
AT ri no safe grounds Tor legislation. ,,. 49,, .,
run: IAe sy-cailed double standard Is an llslon ana
France tie United states establish such stand
tfd have 'eu complete failures cau5h& much 'ohiuaoi
and Inconvenience, uere--itdtug ircGGcM changes Oh
be- zsaliOu and resulting only ~ the alternate estADs-
mrnt OF OF the other precious metal as the sole
S5H: silver il further untitled TO be the principal
medium Of exchange, l. tHiHuel ~ cyueleiap.e Wi-
AMI IN proportion its value, being thus neon
It'1nal ta,nr... and - through n. constant liability
o loss uy abrasion and clipping. the correspondents loss
900 toe ease ot gold being 80 small a. 10 DC "mO5' APo'
ser,f. The proper place for silver in monetary ys
that or q subsidiary or token currency Wihon II
considerably Ovcryaiutd by law aud made legal tender
ony Wiinn certain limits. These nHts being ndeteih
MAJ, except by general considerations or eApcdehcl'
tlcle yhid objection 20 80 far widening them a.
considerably 10 increase tne amount OF silver nov III car
cuiuou paper money being yithdr1 |n to an equiv aee
amount nG the sycr cons being made leii tender Ior
| ana, ,!.I not exceeding $50.
LiqfI: TIE proposed policy Of continuing legal.
enOcr notes cOncurrtnty With the etalht 'tanhafoS
would Dee in tho highest degree in0Hpedfne ana uiJu't
ns paper money SYSTEM having been tho chief case "
tht paralysis OF trade and industry under "hl1h the
country las aboIcd for last three years aud Con
-rrss having ae far blck 20 lsOy, 5oeHhy p.d,u tle
iil of the country for ne assumption oil specie pay
| ments al the earliest practicable moment
smith: tWcuist4 nces Al enr present tihe nav ultle
such resumption both prdcticaOe ana easy rtuh Verl
'u,i period tle paper currency having ,p2 Sle.uS'y
contracted itself AZ the average rate OF r0OOJOOJ q
month during tne last - months.
Ia osder to complete this very desirable result and to
make our monetary system conform u all important
respects 10 that Of the prosper0u, and best ordered
commercial countries Of Europe. the following measures
are respectfully commended for adoption By Congress
That dollar, DE coined each containing 30 grains
of pure silver which small bee legal tender for any 'nm
moi exceeding so and -hd. De- 5icd only III tXcndIgc
Tor oyer currency below the denomination % - anu
tLe 81 auI - ne,e. received in exchange sha ut I'M
-eGiattiy cancelled and destroyed These silver dollars
however, s.aH be receivable 10 9uy amount IN PdyId, III
oil any dues the JveIEWent, except Tor duile, on -
port Afi,r Jan l. 1873, notes below enc denomination
al 70 shall Das BE- paid cut either by ne treasury Of the
| ,lrts and shall uoi be p legal tender.
- Cold shall futUrc De cCihct only az me rate or
~ Grains II pare gold % the dOiar 80 tu&t the max
lie or - piece may be almost the rNeot equivalent or
,t.fliu; aud the gold col eel shall Dee l-al tender
.. aly amount: Pr vd.d, however, mat Tl deDts ana
rt- expressly made payable Only I'D god, asd GUS
t,pGu on n- date 81 rs enactment ,na4l o. Pad Hud
discharged uIy bg dollars, racu aiming o. = aiis
| - puse gold. or by tnclr equivalent
J. Gus ny Che paper currency received Oy the Govern
ur- In the collection II ts Internal revenue, sum not
xcrIug 5000 900 each month saaI not DO fcnS leo
li SNAIL DO. cancelled and destroyed ard any dehe!t
VIA. d uy thereby be- cea,ed IN the Treasury shall DE
SUD Ted ia the manner ailtaty du,IpFi-ed by law,
namely by le ,ae %. any OF the tulet states bonds
which the Secretary of Cue Treasury i now empowered
/ La f-I.