, 1877-12-19
TIE CURRENCY.
ssCOlN.ss

TO ne Editor " 7ss Tribune.
CHICAGO, Dec. ls.-f know that you rnuet be
lie .ilvsr qaes!!a;,, nd yet, Il ths FIX d II:
crcasinK yoslr discomfort, should like to add
few wur7s 10 what said In my lettrr of aasur-
day IN regard 10 the proper meaning Of the
there is any aucstlon ~ to the truth Of thcse
Btatemcnse, that the Government las cstab-
ttslcd q system Of money whereby ltselt anu us
people maT effect exchanges 10 measure ralucsi
that this unit finds esptession In both gold and
silver bet arkc Dt certain SUPPOSED ut real asl.
vantagcs resulting from this double sne.htM Of
expression. Euw, It seems 70 inc tliAttl mere
form ot expression Is subsidiary to tue thing
tiollar,-thc unit of values. Tho principal.
thing logically Is not the silver oi so many
grains, Or the xull of 80 maoy grains,
hut tho dollar. Which SHOULD BE- pronerlT q.
or el.e the tiorernments pretended double
method Of expression IL 4 mere cheat. The idea
Of the tlnde standard Is that the mcan nuctua-
tlons OF two metals Of value would he less than
TINT Of ono. aul that the unit of value, properly
cxpresscsi in the two metals and adjusted WITH
reference 10 tho mean fluctuultont would bc more
sta,,lc than II expressed in either ntone. Now,
the very seasol of The principle upon wh1Sh the y
ats npss r. ts
Of the doIiar. This consideration does not ex.
llIfit thu only iully Of tho tioycrntncnt u Il DID
not intend Wheh II established the "dnuhlc
standard" to keep the gold and a'lrer dollars
cqual 10 escl, other. When It hal cstitnatetl the
value OF each metal In terms uf the othtr and had
said that certain value OF gold and IN equal
value Ut silYer should be dollar. It. could
readily SEC that 2 relativs cl'angu in :he values
ol the two metals would SOON Ge inevitable Aru
we then to presume that It contemplated al ex.
pulslon of tue teArrr BY tie cheaper coinf This
would be absurd. IT. could only hare been pre-.
vented by proper adjustment, and this adj
justmcnt must therefore have been contcnplat-
Cd. II this il true, then " aay that the GOV.
rrunelt las neglected to keep LAc gold and sil-
yer dollar equal Il. value Is onlS to say that 1t
las failell to perform duty, and ot It, own
nre some muor considerations 10 fortIfy nnt
enforce this view, but, perhaps, enough has
| been kaid to pruye that It Is not absurd to say
| that the Government "a ln rensun bOutd to pAy
| lii the colu of justcel value. Nuw. Mr. Editor,
| whether gold hns appreciated nr silver de-
| prcciatcd 10 not cure, am only cortendIug
| ior nv p,sItion that the dollar nearest the
:. ata,nlard valuc " Ii tho proper dollar. md II
seems 10 mt that logically iny position ts not
| far from thu correct uie. ). ". u.
| lThe dollar that has last appreciated would
naturally gcem tu be the doilar nearest the
standard yalur'' Just now that Is silyer. Com
parcd With uli other property, gold has notort
ously appreciated since the panic. Compared
With real estate, It has nearly doubled IN tic
United States, and compared with labor and
manufactures Il lsas appreciated from q, to H
per cent Silver has not appreciated ueasly &C
much, and 1t Is, therefore, the prupcr dollar
III which to PAT debts mud measure Values
| Eu.1