, 1877-03-05


MANS Resumption bill was formally post
poned in the Senate till the next regular ses
sion of Congress, in view Of the fact tha
there has been no agreement as to the re
monetization of silver. The session Of Con
gress just closed has been so much engrossef
by the Presidential controversy that it has
not been possible to secure for the finances
the consideration which they ought to have
| Senator SHEnMAS's scheme for resumption
authorized the funding of groenbacks into
| per cent bonds to the extent of 800, ,O00,.
600, under the limitation that not more than
$25, ,000, 900 year nor more than 81 ,000, 900
amonth should be thus retired; it also au.
| thorized the increase of the silver coinage
from $50, ,ooo,0o to s0,oo0, 900, providing
| that the new issue of silver should be in ex-
change for the greenbncks of the smaller de-
| nominations, which should likewise be re-
tired and destroyed
Senator SHEharAS's scheme was in the
right direction, but the objection to this OF
any other scheme for resumption at the
present time is, that there has as yet been
no provision for remonetizing the silver dol
lar. The Senate did not agree to the bill
which passed the House, the hitch being On
the extent to which the silver dollar should
be constituted legal-tender Any scheme
for resumption at this time, therefore, would
be on the single gold basis, which could not
be brought about without serious contrac-
ton and great danger to the business inter-
ests Of the country. It is as well, therefore,
that definite and practicable plan for re-
sumption be postponed until it will bring
into circulation the product of the silver as
well as tho gold mines Of this country. This
will be the principal work for the new Con
gress to accomplish at its next session, and
it is the duty OF members-elect to give it
their special study.
The Silver Commission, which reported
day or two ago, agreed that the spasmodic
and temporary decline in the value of silver
was owing, not to increased production, but
to the demonstration in Germany and de-
creased demand fog silver coin. It agreed
that the double standard is the only safe
basis for resumption in this country, and
that thereby we may avoid the depression
which followed resumption in England.
The only point upon which it was not able
to agree was the relative proportion of
weight which the silver dollar should have as
to the gold dollar. The weight of the
American silver dollar some time previous
to its demonetization in 1873 was ut the
rate of sixteen ounces of silver to one
ounce Of gold, and this made it SO
much more valuable than the gold dol |
lar that it disappeared from general circu- |
[ation. At tho present time it would not be |
out Of proportion owing to the depreciation |
Of silver, but it is question whether the
of silver in this country, md |
the demand for it as coin, would not soon
give the dollar Of TINT weight too great
ralue, which would result, Of course, in its
from circulation. At al
,vents, it is certain that for thirty years
previous to the demonstration of silver in
Germany and the United States, tho silver
md gold 5-franc pieces of France, where
be proportion wns 15t ounces of silver to
Of gold, were constantly at par, and that,
ghen one temporarily became worth more
han the other, the demand for it very soon
estored the equilibrium. This is the only
question to be decided in regard to the
emonetization Of silver and free coinage Of
be silver dollar, and the course of silver
throughout the world will enable Congress
, determine it fairly at the next ses sion.
hen, ho for resumption!