New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-04

accuracy, ana PERFECTION OF tnc Nolh arc hlthl Ndli
factory The coinage Of gold and silver their relative
value each other and their legaender qualities, are
now the subjects Of discussion and legislation In all
civilized countries These questions arc especially I'M
poraut % the United States, al trans ton from 10
irredeem bic paper currency 20 mixed currency. re-
deemabic in coin, ANA VIII Justify the scretily IN
ncr presentation ~ these topics thln Is usual IN ms
annual report. The Resumption Act OF January
II, $50, provided Tor le tNchanse Hlu Sv1 w,
sliuuOn OF silver coin Tor ndcuond cure. cY' 10
fac hta.e THE exchange, the JOINT resolution al-
proved July %, 1876 provided inat such c1co o,Wlo
ne lssHet 10 M a"eHnt nov eNceedhs Si''v'v'''"'
i0, an equal amount 90 legal tender notS' A. aisY 81"
Ha,1 ins me az req, amount 2 Sun C, t any
time, $4,000 900. Thai limit would have Dccn Ieac.,1
rofc, issued and rot ceencI haO been held To- Ice ont
standing" l. well known. however intt N,iE
arec amount OF fractional currency ISSUED h'd ooeh o,
srye Cd ana could not DE PFC ied l9I i,i, o r.,
couli hardly h' he % TO be outs lni n-. 80.
and the Director az ne Mml con'ufed IL e'h
mating the an"uilj' so 10 aau '~,3'"' ylat
thlt Cpncres. intended 10 provide an aggregate
atou te Secretary directed The further issue OF SILVER
been TO-. and DESTROYED Il is submitted that The nmita
non uuou the amount of such fractional coin 10 b.
issued exchange Tor UBited States notes should ne re-
pcd,d TINS cola ie readily taAen, j, III great laNo. VIZ
experience has shown tnat there is dcuy In mani
tanning ~ al pr W4tA United state notes lIe sI
States u 1850, 40 imr with gold, VS. ~i3oo'ooo
Cleat Britain with n population Of 52,000,Og0 mann
tans lullIi1r fractional CON 10 me amount o. 49,
1853 500,' IL par with gold. and other nations maintain
Irg pr capita amount The true Huil oi slc1
tne demand that may b. maze Tor It's ISSUE ana
only issued in exchange for United httiC, hoes acre IS
no danger OF an excess beine issued by l.e C"lh-o
Act 1873, any person may deposit SILVER buhOh ~ h
mint o. Oe coined into trade dollars OF the Wei5h OF ~
grains troy. upon the payment OF the cost q" coihaIt.
III provision WAS made ~ q lame "heh such q corr
slime Tor tn use %! trade an Cna "herc liver W',
ou.y STANDARD. By thc joins resolution oi july -. 1876
- ssal vncn tne uddc liar ~ market value ad ailn
greatly below one collar IN sOli' ""s W, Ni1ed Wa. Is
Should NOS he Thereafter a leso.Ifnier an" the
Secretary OF the Treasury was aui.i1liz'd 20 Iint
tc coinage tiVIcN 70 HHcn on amount a. hc u',
deem suhcu 10 meet thc export demand Tor the same
Uudcr these laws The amount 81 traoe-doi.as issued
nanny IoI tAIoI talioh, Wa. FoO' A"iuV' . i ~ 49,
be. apparent tnd there was no luithef export
demand for trade-aolals, but deposits OF SILVER button
were made. add such dollars were demanded OF lie mint
lor circulation III tle United States, tAat the owner
bullion in the market and United states nO'rs. Al me
uc Tie minis fully occupied by tue Issue OF lrtc-
TusICioTc under Tie authority OF the law referred TO-
toe Secretary directed that 40 further is ue> OF trade
dollars should - made UBt necessary ag1B to meet IN
ot demand In case an 'her sver dollar Is a1l9T-
ld, the secretary recommends that the radcdoaF DO
discontinued
TIE PROPOSED SILVER DOLLAR.
The question OF the issue of silver dollar for circua
don as money has been much discussed and carefully
examined by commission organized by Congress,
which has recommended The coinage Of the Old silver
dollar With such legislative provision as viii MAINTAIN
It's current value par with gold It's issue respect
fully recommended gold coin OF the denomination Of
one dollar Is too small for convenient circulation, while
such in silver would be convenient for mditi-
tule OF oay transactions and is in form TO saty the
natural instinct OF boarding OF tire metals, SILVER is Of
NOS, general use for coinage Ii part Of every system
Of coinage even in countries whore gold IS TIE sole
LEGAL standard. II best measures the common wants of
lie, but from It's weight and bulk, Is not convenient
medium in the larger exchanges OF commerce It's pro
Gaction reasonably steady III amount. The relative
market value of lver AID gold is far more stable Than
that of any other two commodi,cs-stH it does vary
II is not in the power OF human law to prevent the Vaa
ton THIS Inherent dicdlty has compelled al nations
10 adopt ;he other the soc STANDARD OF vaue
or to authorize alternative standard o. either or 10
coin hoih metals at an arbitrary standard and b" main
tam one al par with the otlei 10y mlh- IT. amount ana
lce3-ienuer qaIlly ana RECEIVING OF Ie"c- ius IL 10
il mas been the careful study Of statesmen FOR many
years To secure oi-in' tl currency n3 sy ~ "
changes OF market value AMI H>teu that rOth Kinds
for COINS tine principle Of "rOdeemabliiy applied 10
silver aud paper money the amount nccued FOR D1s
ness and Wpmpt'y receiving or rcdcenng al that may
olI r, Ills ,oy tokens Of Injector infIipsc yajne ar
retaiy circulate DO deprecae below tue paper
, now in, .I i,tion loe he siver of ynira
composed is OF less market vaiae dian tine paper
money, pJ->tS readily among di classes oi people, |
ana answers all the purpose Tor wrira be wJs /
i signed And 80 the SILVER d0llai, II restored - /
coinage Womb greatly add 10 az" CONVENIENCE oi me
peoule But tns coin should - subject 10 the .1lc
rs % issue aud ByoriDiiy. otEer forms Oi mon
tho miitct iut OF the silver IN were loss ia 10 that
Of gold coin o. the same denomination, aud II were H.
suod m unlimited quantities and -2sllcudcr for
al debts, wOllG demunetze gold and drrrecae oar
of value is conceded by all. Since 1884 it has been |
practically the sole CON standard OF INC United |
ard OF Great Britain Germany Ia, recently |
adopted the same standard. France ana other Latn |
nat ons have suspended tue coa@e OF slVer ana IL is
supposed viii gradually either ado I tie sole standard o.
gold, 90 provide lor lne cont'rlpii'H VI 5n'Cr en- Oh
the demand Of The holder INTO goid com. IN the Cncd
States several experiments have been made with the |
We" OF lt'a,ola- o't -!u e 49, ~ vii,o,iioi;
- o. silver To ! OF gold, with free coinage Of both
ounce OF gold was worth more in The marAets Of the
world th u - ounces OF silver, AMI gold, therefore,
fixed at Is 10 l. hut IS ounces OF silver were worth in
te marc more than ounce Of gold, 80 that silver was
THE DEMONSTRATION ACT.
These difficulties in the adjustment Of gold and silver
coinage fully considered by Congress prior TO the
passage OF the Act approved February 81 1913. by that
act new and believed permanent policy, was
adopted to secure the simultaneous circulation Of both
silver and gold in the United States Silver irac
iOna coins provided for AT ratio OF II - in silver
10 III gold, ana only sSue1 in exchange for gold
coin The right of private parties to deposit silver bul-
Ion such coinage repealed and these CONS were
issued from bullion purchased 10y the Treasurer Of the
Mint only upon the account and for the profit Of the
United states. The coin legal tender only IN pay
ment OF debts for all not exceeding five dollars.
Though silver in this coin worth in ;e market 3l3
cents the dollar less than gold roin yet IFS
nienoe for change its issue 10y the Government
only IN exchange for ANA ITS practical c0nyerbilijy into,
gold coin maintained it ia circulation 1t par with gold
coin II the slight IN the ratio OF 1892 prevented
gold entering into circulation for fort five years.
and the slight 1857 brought god circulation
and bauIshcd silver until 1873, how much certainly
will an error OF per cent cause gold II De ex- |
ported and silver 10 become the sole standard Of value
Is 1t worth while TO travel again The round OF !
144 .lfl. 10th