The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-08-16

has happened in regard TO the commodity
called coin. The dcmonetiZing OF sill
yer has practically put out OF use one
half OF that commodity, and hns pro-
duced insolvency throughout the land.
Coin is not only commodity, but IS
the best measure, of the - value OF all
other commodities. Therefore an intcrfer-
ence here is followed by consequences more
disastrous than in regard to ANYTHING else.
Reduce the quantity Of coin in country,
and you reduce the value OF everything else
In more than geometrical ratio. Land,
mineral productions, iron manufactures,
labor-everything dependent for values
upon home demand-falls in price; and
wall OF distress and bankruptcy goes up
from the. whole land. "Equiyalents are
still given for equivalents" You can still
buy as much land with given amount OF
iron manufacture as before, as both have
fallen relatively to coin, but not to them
selves. And we see everywhere through
this broad land homes and farms that can
not be sold for one half or one fourth OF
their value in 1873. Is this not varying
the contract with vengeance, TO the
prejudice OF the debtor class? Is Gov
ernment called on to bring ruin upon
its people because OF some slight incon-
Yenicnce resulting from the slight, the very
slight, variations in gold and silver? The
variations are acknowledged By all writers
on political economy TO be extremely slight.
They vary back and forward to the same
point. One OF thcm-Prossssor Francis
Bowcn-says: "To maintain both gold and
silver as measures OF value is as hopeless an
undertaking as trying TO make two CLOCKS
the standards OF time. Though they should
L f. -.,.E Ipnf al
still their varying rates would soon create a
slight discrepancy between them, and then
no one could tell what time OF day it was"
Is this reason for the destruction of all
but one clock for the whole country,
for the whole world! My watch serves me
a very good purpose, although it Is far
from being as accurate as the best watch
at Tiffany's. Are we called on TO cut
off our left arm because it is not equally
strong and effective as the right? Shall we
Dut out one eye becaase OF some supposed
or imaginary infrnity in the other! Would
you advise the ploughnan or teamster who
Is with difficulty succeeding by the aid OF
two horses to progress with his work to dis
pense with and kill one OF them because oe-
casionally, from sickness or other temporary
cause, he flags in his work This is the
whole of the argument OF every writer
araipst the double standard. You cannot
with the two coins have at all times Il posi-
tive, certain. and unvalyng standard or
measure OF value. But the two have
served the world from the time that
memory runneth not back TO the con-
trary. England used both as standard
down to 1916, when it adopted gold as
the only standard. But it still uses silver
Yor its laboring classes. Silver Is still ne
cessary for the smaller transactions, the
payment OF wages, and the like. At the
same time gold was adopted rs the sole
measure OF value Parliament enacted that
silver coins should be legal tender to the
extent OF forty shilings-about equal to
ten dollars. II the argument against sil-
yer is true, somebody is cheated by this
arrangement. and. not to put too tne
point upon it, it is clear that the pilfercd
sufferers are the great masses. Surely
this is wrong. The political economist
must practice justice; he must reform
his system. He must use but one
metal as coin, or If convenience, necessity,
and the wants and wishes and affec-
tions of the people require two, he
must seek some means OF so read
1usting the values OF gold and silver as
to make them both measures OF value. 1t
has been done once, and can be again done.
Bowen says OF the law establishing the ratio
of one to sixteen "This answered admira-
bly for awhile, the two metals circulating
side by side, and the coins from both being
in good condition." But in 1851, through
the great increase in the annual product Of
cold from California and Australia, gold
was depreciated and silver rose in value.
Congress resolved in 1853 that there should
be reduction Of 6.91 per cent. in the grains
Of silver to be put in q silver dollar: and
thus the ratio OF gold to silver in our coins,
Instead OF being to 15, as 1t was up to 1854,
or l to 1G, rs it was from 1884 to 1853, Is now
about to 15.G. But the best adiuster will
he found to be to let the two coins seye-
rally alone. The operations OF COM
me1cc will be, a. they have been in
the past. the best regulator. II silver
from its relative cheapnesS drives out gold
from circulation in one country, the excess
OF gold will bring down again the price in
the country to which it has been exported,
and there being also greater demand for
silver to supply the place OF the gold that
has been exported, silver will again rise,
and gold will be imported. And thus the
impossible problem solves itself.
The Hon. Mr.. Jones, OF Nevada, has de-
monstrated by copiouS references to the val
uations OF gold and silver at all ages OF the
worlds history that the relative changes in
each is very inconsiderable, and there is q
perpetual tendency by the operations OF
known causes to correct these changes anu
restore the equilibrium.
Commerce, agriculture, manufactures,
need money enough to enable them to per
form their peculiar functions. "The world,
up to 1878, certainly this country, req >lred
the entire stock OF silver and gold as basis
for its commercial exchanges. Since 1851
the advance in improvement, Ethc growth
OF business has been simply marvellous.
In the sane period, or down to 1870, the
stock OF these two metals has increased
from about 81, 900, 100000 Of gold and 3d.
900, ,000, 900 silver to about S3,656, 100000
gold and 1880, 100000 silver. These arc
the figures Of Ernest Seyd in his Fall OF
Silver Gold has increased nearly forty per
cent. This addition to the worlds money
was one OF the influences resulting in stimu-
lating productive industry during the period
in question and up to 1873. 1t was all IN use
and required to carry forward the COM
mercial growth then in progress. SO, too,
it is now required, il the same growth is to
be further continued" This is the lam
guagc OF the Commercial and Financial
Chronicle Of June 9, 1877. While concedlng
the advantages of using both coins il such
Il policy should be adopted by all CONNER
cial nations, the editor suggests that it is
quite different question whether this coun-
try should attempt 1t. But why hesitate
when convinced that the policy is right?
Other nations will be compelled to adopt
the system that works we'll with us. At all
eynptS IL riuht LET lis ldOpt it