, 1877-11-14

a SIIYLOCK VIEW.
TWO REMOTE POSSIBILITIES.
Sptctat Uspasch to 1he Eato3oo Tribune.
New YoRK, Nov. 13-The Sew York Tina
OF to-day l,as tho following editorial on tue
silver question::
II money Or currency had no other function than
10 aseon,hioaase the eonvcnlenee Of the internal
e1cbanees Of Tue country: any token money. pro-
Government would put limit 10 tts Issue. would
tn all fespects anhwer The financial and commercial
nesas o. he ss out a. tf .a,.n r.:
tho world, TO .protidc against lhe anetuatlon u
The standard VI money bccunes TIM first necessity.
The last sixteen Jcars In onF uwn adaIrs. For
asd i 4 Ss,texss money eeio;s isl LII Thy promised
latter va. hetlol,, - silver do!lss 2. 4l2!.
necessltes OF wsr made the uo.crn,nent sa as,uao mo
the power Of issuing m ,r.cdecu,aole paper cns
Ecncy, which wis Aswsyf, and stIl H., below par IN
currency lecn1.enaes In NIL transactions and debta
payable. except lof duties md for interest the
stss we iuok advantage "t ill., T es.l ~ ight ' psd
HEAVY FINANCIAL rANALTr.
md, what ts btlll mDfc, was bTaUded as tlnhonest
1nsnat tint protnso I" pay money .nnicss 5ther.
wtsc strictly stipulated, shal bo redeemed tn that
standard u cola Or metal which has tho nurcst tn
only in colr, but In that cola which il ucknowl:
sfe a nas ssaeen o
unless W. placs our whole financial systsm IL
paco Ourselves It, :e srIctcst accord With tho non.
tuciaaitng, standard Of money assumed BY the
Tn4 sa ta uaon Which adops 81 o Taae
eeasrd 10 b. ruro aud simple blmetallic compact,
ia N1lf ktAk
silver "a prohibited: except for subsidiary coinage;
second: aisa"u2s tug i'anl: Of France holds 800,
s q anc yst .us y Ss ps
It IL feared II would dhmagc the financial aJstcn Of
TIC couutry.
VERT SIGNIFICANT FACT,
sshk u ftaned II iiat p!ace raid Ii. depo.iofa
ss ant & :'f1 T. IT, @ Sss t. a; d.
rho rxcu.a Of lilo LIle manager was. that IN 20
largo manufacturing town u was supposed that
~ l'rctdent Of tho n.nk q France was, that ir
o sFsf FSd 95 "os: sss . IL pi hs iS liz
elephant on baud which II cannot dsuoso Of. In
ths nlcan'iu,c. no further silver T. coined. II We
unlimited IL less1tcader, we 1nutt BE- Prepared 10
faee several very Important essngct. fTfti-We
lar. aud to that degree thcro must naturally be
depreciation Ut alipnb!c anA private Investments
that arc nuw held at gold par. Our tonds, lay tho
e. ne ss 10. IL e
although aerL0ns enuugh. would be followed by
THE GREATER CALAMITY
OF financial communities abroad not only refusing
all future hharca! transactions With us but rush-
Ing In to get d ot tho securities they hold against
VI, and ihcroey rsae'ns u tn etats u pane. Any
VIC would bu forced. through our own intetcai. 10
lrctiiy tho financial bunacs. yet when rcctidcd it
would take years for tho bud moral effect to os
S<cond-Pscscnte expeneneo has fully proved that
silver II 6uctuattng price. II this
by International agreement Of commercial nst,oRA
10 take silver At G1ed rate), The old deploraho
h "n9y 70 y, a, a.set =
large, but it il fact we'll known to every man On.
Gagged ln commerce, that tho con:aues pays aiways
In order to secure himself, rl!tts tbs price Of tho
urrm!um IN gold an! charges + oa his co1an,odi-
S. T. ~ IT, oay
NJ ID imported afsic!e consumed thai ]. not over.
chassed BY u least 8 per cent on account OF tho
5Htsa-It e law In commerce that tho cheaper
aes oat t1 d:.ss Ssa,,se an W
g b. srssa'T deprived Of any gold
ANOTHER VIOLENT buPP0SlTI0N.
but 1t IL argued that our rcmunctixng sllyer
would bring tito p1icu Of thls metal 10 jar with
go!d. The trouble Y. that the uncertainty Of tss
would nlon,ensar''y 10 left in . hnsnctal
ilemms.> For instances. tho prsent psIc9 Of
stlYer bstn9 bI4 pence PCT ounce. 4i.H.
grain stantnsd silver 1ullar IL worth fraction esa
than o.. esnts; but, II silver goes 10 6D psacc.
AIM .g.a!n dollar ID worth 81 gold. Now IL mar
happr That tl.rcE. ownR 10 tho demand for lndl7,
china, 4nd The United htstcs, uisy ~ 10 10 or vi
pence; the consequence would to that our silver
dollar bctug wusth 81 p3 to H. o. would bo In de-
nsnd, anil Grcry nation that held buHl OF sccu-
| rity against " would rush III and deprive Of
silver, aaa WI would lind ourselves In temporary
mouey panic when VIC ca4t expect and
when ther0 IL least reason fof II. Thus,
| then, tho danger Of this auttuatiu1 metal
il ~ much Ia ilx probable rtso ~ tn IL pres.
ent deprecated etAte- Again, tnu fsM0nstlGIny Ut
silver i simply the tadshnlte poaslUncment ot 70.
sumption III gold, whtIs Resumption u siiser
lug metal. There can ~ NJ deception iu thu ~.
m0nctxtng Of silver. At present 1t uieAns
VIRTUALLY TuH REPEAL or THH RESUMPTION
ACT
| of 1878. without ditect law Of repeal. There IL
ono more point that sauuld not be overlooked. Tho
rcmonetzlng Of stlver will nut m4ku iAoney n,oFe
plentiful. II future paper nUn+y II to hJ based
IN The amount Of silver to 10 procured 1t will 10
fund vcrg difficult 10 get $01 COO, CIV IL silver
| into tho tnited EtAtes End keep 1t, ~ already
stated. II, for tusianee. thIt enormous sum Ut
$500, zoo. uOo l. required and kept H. ths United
ststes the natural demand for silver for India sud
China will hr tar oalruu Tho pso.ueliou 0f tho
world - 1t II natural: hut We Woutl supply our
sel,ca with ss5, Ul0 0O0 Vt homa.pioductd silver
hEst. In that cass tho deMsrd Tor tives will s
great that the contingency Ut dsphtlou 0f silver
ln tho Cn!tcd States will settn