New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-11-13

! has been urged by Mr.. Walker Mr.. Horton,
! and NJ. Ccrnuschi, all eminent advocates OF the
double standard, the adoption Of this ratio by
| the United States would go far to insure the
Abandonment by France and other nations of
the Latin Union Of the ratio OF 15i2 to l..
! All competent authorizes agree that the dif-
| ference of nearly three per cent in valuation
would prove fatal to the attempt to maintain
the double standard. Yet many members oil
! Congress make haste to vote for the remohe-
tizatOn of silver at that ratio either because
they know nothing or care nothing Tor the
consequences or because they believe that the
mere act of reconciliation by tins country
will make silver worth, all over the world,
not only all that THEN law contemplatcs, bat
even more!
On such presumption as this, men are
asked to vote for bill which would affect
the credit of the United States as to every
bond outstanding and as to every dollar OF
interest payable. What right have we to
stake the honor of the Nation upon any mans
guess rs to the value of silver in certain
events? On that guess. however, men are
asked to provide that all customs duties may
hereafter he paid in silver, thus leaving the
Government without any source whatever from
which it can draw a supply OF gold. Men
who oppose these views have never asked the
Government TO take so Stupend0us risk. On
the strength of that belief, ii is proposed to
make all municipal and corporate debts, all
deposits in savings or other banks, all losses
by insurance companies, and all other forms
of investment, in which the contract does not
specify "gold" instead of "con," payable in
silver now worth less than 90 cents-Or, since
it is not proposed to retire any of the legal
tenders, in promises to pay at some indefinite
future time dollars worth less than 93 cents.
1t is the theory that German sales alone have
depressed the price of silver, and that AmeIi
can purchases will moro than restore that price.
How many have duly considered the fact that
the United States cannot possibly CON more than
about 500 600, OOO or 500, 900 600 of silver in a
wear? This country produces much more each
year. All our minis cannot use up the Ameri-
can product, and the surplus of Germany Will
still continue to press upon the market. For
two years we have been taking from the mar
ket over $15,0O0,O00 each year, for cir
culation as subsidiary coinage. No one
has claimed that tie price has been
thereby affected materially. What reason
is there for supposng that purchases
of $5,OOOOOO more each year would reyolu-
tionize the worlds markets Germany would
still offer silver for sale by the hundred mill
lions. Our mines would probably he encour-
aged to greater production. 1t would he
strange if, under the new stimulus, they
should not increase their yield as much as
$4,000, 900 yearly. But if so, the mints
Of worked
capacity. would draw but little more from the
markets Of the world than has been drawn
fer two years. in the issue of subsidiary coins.
Is it not a rash and wild guess that this step
alone will make silver worth par in gold I
But upon this guess men are willing to stake
the prosperity and the honor of the country.