The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1877-09-21


gold. Ii is rot T. ccs-2TE that | should
say H. this discus - What disoTe ioi
ought 10 be exercised hy the Govern
ment in the u-e oi silver or god coin
IN tie payme..- OF bonds which may
have been taken under assurances thai
they would be redeemed in gold Our
Government will. undoubtedly, act in
the highest good faith, and will not
permit purchasers of bonds to be de
ceived as To the medium in which they
shall b. Fa!i.
Congress could, by express enact
laent, provide for the issue and sale Of
bonds payable in gold. But all that is
material 70 this discussion is the con
clusion thst there i no constitutional
or legal or moral objection to the pro
vision by act of Congress for the coin
ing and putting into circulation the cid
silver dollar, and mixing III an uuliIn-
lied legal tender il payment of debts.
But aside from the question of con
stitutionaI power there is nothing in
tile history of the country, nor even in
The legislation of the country, that
ought TO create the expectation on the
part Of creditors. National or individ-
ual, that silver should be permanently
excluded from the currency of the
United States. All changes in the
standard of values affect the relations
between debtors and creditors, and
should not be made without clear and
urgent reasons. They are sometimes
unavoidable. But how much more
-. - -
old place now, as we are about to enter
upon the resumption OF specie pay
ments. than it was three years ago 20
exclude itl That was an incipient
wrong, which has done more'by its in
fluence abroad to depreciate silver than
by any actual disuse at home, for the
reason that our currency in circulation
has been in paper. What influence
our legislation against silver may have
had in its depreciation we shall not
know until it has been restored. But
IN the great warfare of England against
the exclusion of silver. we find our
selves UNEXPECTEDLY, and against our
own interests, ou the side OF England.
1t is claimed that silver is so cheap
nov that il would be sort of repudi-
alton to pay our debts in medium so
much less valuable than gold. We
have seen how it has happened that
/ the value which has been taken from
silver has been added TO gold. By re-
storing the silver dollar il is probable
that it would SO far regain its old value
a. % be equal TO gold, which il exceed
/ ed. when demonetiZsd, by three per
cent. It's urged by some who advo-
cate the double standard, that the old
ratio OF sixteen to one, which was
adopted by the act OF 1884, isolates the
I United States from the rest of the
world and will drive gold out of the
country.
Mr.. Cernuschi. who was called upon
70 testify before the United State:
Monetary Commission, and who ha,
written Iearnedly upon the subject, in
sists at the ratio 0t fifteen AID one
half 20 oue, which is the ratio adopted
by France nud the Latin Union, should
also BE- adopted by the United States
and he goes SO far as to ssy that uE-
lnss we adopt that ratio, it wOuld bt
better TO maintain gresnbacks.
am at loss to understand now b,
could entertain such an opinion. Ba
he is, after all, citizen of France, on;
of the creditor nations OF the world
and not concerned as debtor in tht
payment f inte national debt. lii
seems 70 overlook the vast iuteres
which tie United States las as a deb
tor TO England ami France aud I,
Germany, in tire discussion OF this sub
ject, while hc confines his attention t
the matter Cf exchau -es, and the ques
ton Of what coUntry shall have tn
most gold in circulation.
1t is not all probable that the act
demonetizing silver would ever hav'
passed, if the use of metallic curreEc
had not been at The time suspended
1t is remarkable coincidence tha
England was led into the same meas
ure while under suspension of Speci
payments. This also accounts, ia part
for whatever of financial distress fol
lowed the resumption. few years a;
ter, on gold alone. We Go not pro
poss to fall into the same mistake.
There are many reasons for retain
ing silver as n standard of value. Mr
Crrnuschi makesa good argument il
favor of England's returning to the bi
metallic standard, and shows how rnuel
better it would be for her East Indi
colonies, that use the silver standar'
alone, and by the present depreciation
of that petai are made to deal witt
England at a ruinous loss. Yet Eng
. land is inllexible. He shows how mucl
more convenient and fair it would b
TO use both metals. and looks to eithe
a general agreement among nations il
favor of the remonetiZation of silver
! or Il concurrance OF the Latin Unior
. consisting of France, Belgium, Italy
s aifzar!aUd and Greece. with th
United States, to Withstand the influ
ance of England and Germany. i
all this speculation concerning the sur
posed parliament Of man" and in til
prediction OF failure unless we ac
with the Latin Union, and make til
, rario of our silver coin fifteen and one
half to one, Instead of our old dolla
, which is sixteen TO one. he evidently
looking to the reasons which shoul,
influence Frenchman, rather than :,
Those that most interest the Unite
States. Undoubtedly it would faci.ii
, , ate international exchanges to hay
the same ratio adopted by all nations
aud If not by all nations, by as mau.
as practicable; but the great reasoI
!, that is aud should be paramount witt
US is that we owe moneys al home AM
ab. Dad which We have agreed to pa
in silver or gold, with the ratio of six
teen to one, which bears differentl.
OH France, which is a creditor with N
foreign debts TO pay. While we ma.
well go TO France, therefore, for he
experience and advice, we may not fol
low her advice too implicitly. EGG
land and the United States have DIS
tiLctive interests on this subject, no
only as creditors and debtors, but ais
as producers of the pre- cious metals.
Gold at present ia chiefly a Britisl
product, as will appear from the 10!
lowing estimated annual gold produc
of the world at latest dates for whlc
the statistics are sttainable in the va
rious reports:
The United States, 1S.j..... $2G,0)0,0
! Australia: etc, IL JS.U ~
., British Columbia. ....... 2.0JO,G9
Canada and Nova Scotia 80. JJO,CD
Other British possessions and
! British Isles. 1.5CO.00
Total British possessions. S63,OO0,0O
. Balance OF the world. .... $4,000, %
Total world. .........-..S Slle, ,OOo,Ui
! From this table il will be observe
: that, of the S11S, 600, coo which repre-
sent the annual product of the world
t ffry two and one-half per cent we
( Obtained in countries over which TIA
{ British flag waved, or were subject t
British domination.
Silver, on the contrary, is at presen
= chiefly all American product, as wi
APPEAR from the following estimate