Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1877-06-14
= siIver's Place as Money.

At this time, when so much attention is be-
ing devoted to the silver question, and when
the President seems inclined to favor the util-
ization of silver in our currency, provided it
Can be done without injury to the public
credit or danger to the business interests of
the country, the second minority report of
the Silver Commission, appolnted by the last
Congress, which has just been printed, sin7
vested with greater interest than it possessed
even at the time it was made. This report is
signed by Prof Francis Bowen and Represent
tative Randall L. Gibson. The following are
the conclusions of this report :5ii s5i jAh =
First The great changes which have taken
place during the last year in the relative value
of the two precious metals are attributable al-
most entirely to fuctuations in the market
price of silver, since the prices of commodI
ties, reckoned in gold, has been comparative
ly stable. - -i--' - ~ ~. (, (,
Second. These fluctuations indicate con-
siderable fall in the value of silver, which has
been produced by three causes: 4. By the
great Iproductiveness of the silver mines in
the Comstock lode, which within few years
have doubled the average annual product Of
that metal for the whole world. Q. By q
great diminution within the last five years Of
the demand for silver to be exported to Brit
ish India. 8. By the .cemonetizxtien Of sill
yer, within the same period, by Germany,
Denmark, Sweden and Norway. and the limit
put upon the coinage OF it by Holland, France,
and the other States of the Latin Monetary
Third. These fluctuations prove that silver
has become entirely unfit for use as standard
Of value, and this action Of Germany and 9TH
er European States shows that they have be-
come aware of this un6tness, and hsve altered
their systems of coinage and legal tender &C
cordingly. :" siA- 7e! ssEiso .aH ,1s.s
Fourth. The question whether the, three
causes here alluded to have permanently de-
preciated the value of silver is one which
does not at present admit of determina'e an.
swer. Vague estimates and uncertain theories
afford no safe grounds for legislation
Fifth. The so-called double standard is ar
Illusion and an inpossibility. The prolonged
attempts made both by France and the Unitet
States to establish such standard have beer
complete failures, causing much confusioE
aud Inconvenience, necessitatisg frequenI
changes Of legislation, and resuaing only il
the alternate essablshnent of one or the othel
precious metal as the soul stanazpd NJ /,
3 Sixth Silver is further unfktsd to be th,
principal medium of exchange q. J through
its considerable weight and bulk in proper
tion to its value. being thus irconyensent 70
use in large transactions and settling iRterna
tional balances, and (a), through its constan
liability to loss by abrasion and clipping, til
corresponding loss in the case Of gold being o
small as to be almost impercsptible- 80 =
Seventh. I'hs proper pIacs for silver in
monetary system is that Of Subsidiary Q
token currency, which is considerably oyel
valued BY law and made Legal tender onl
within certain limits. These hmits being in
deseEmipate except by general consideratior
Of ofexpediency. thsre is no valid objession