Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1877-10-19

anu lut IiOlttNlNt lhttIt~tS III NulS
country, and throughout the commer-
cial world, nave been signslly disas-
trOus. and especially to the countries
which have recently d~emonetized sill
yer, or ia which a gold standard was
already established. In all CONNER
clal Countries the same phenomena
were simultaneously presented OF fall
ing prices of commodities and real
estate, diminishing public revenues,
starving the poor paid and unemployed
laborers. and rapidly multiplying
bankruptcies. These facts, existing
everywhere, must arise from the same
cause operating everywhere; and no
such cause II, or can be pointed out,
except d decrease of metallic supplies
from the mines, and consequently the
decrease of metallic money, caused by
the partial destruc ion of money
functions Of one of the prec-
ious metals. This distress dates
with the law of the United States of
February l2th, 1878, and the law of
Germany of July, 1878, giving prac-
teal effect to the previous decree of
that Empire of December 1, 1871, for
the establishment of a single gold
standard. The second question overs
the We points of restoration of the
double standard in this country and of
the hest legal relation between gold
and silver. The Commission econ
mend the restoration OF the double
standard aud unrestricted coinage of
both metals, but are unable TO agree
upon the legal relation which should
be established between them. The
third question relates To the policy of
continuing legal tender noes concur
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the effects thereof upon the labor in
dusties and wealth of the n
The Commission do not suppose that
it is possible to maintain paper ia ae-
iual current circulation with coin un
lesSs paper is made equal in market
value to coin by actual convertability
into it, and that auswer 10 this ques-
ton NAV be embraced in the answer
TO the fourth and last question, which
relates TO the resumption of specie
payments. The fourth question 10Y
ers the best means for providing for
facilitating the resumption of specie
payments. Opinions OF Witnesses ex-
amined upon this point, II views
upon ii which ara contained in written
communications addressed To the Com
mission, are various and contradictory.
The experience of other countries fur
nish little in reaching conclusions
which a command confidence The
facts in regard to paper money issued
directly by Governments and having
forced currency saenis To- be that it has
seldom been redeemed in coin. The
Commission has been able to arrive at
only the one single conclusion, that re-
sum ption in this country is not
practicable under the C rcum stan es
until existing laws making gold the
sole metallic legal tender are repealed.
Resumption. while these laws remain
in force, is the establishment of an ex.
elusive gold standard i'll the United
States, Just as in the English sum-
ton in 1871 gave effect To the English
gold law of 1916. That the TWO
precious metals together are adequate
to maintain the existing prices is male
at least doubtful by the fact that so
many countries have abandoned coin
payments within recent yearsand have
re>ortsd to paper money. The total
inadeguacy Of gold alone is apparent.
Germany. Great Britain and Francs
are the only countries in the world
which have any considerable quanti-
ty of it, and the maximum estimates of
the aggregate moun they have in
coin and bars will not exceed 81. 800.
900 900. 1t is not suggested tina there are
any available and disposabie quaint
ties elsewhere. In the opinion of the
Commission the total Quantities in the
world are much exaggerated. The
Commission believes that the remOne
tizatiun of silver in this country will
have a powerful influence in prevent
ing, and probably will prevent demon.
etiZalion in France aud other En-
ropean countries, in which the double
standard is still legal and theoretica lily
maintained. But, if notwithStanIi ny
RECOMMENDATION here, further European
characterization shall not take place,
the result for the United States shall
be an advantageous exchange Of com
modilies, which We can spare tor
money which We need. If the States
of the Latin Union and other coun
tries in Europe, abandon the double
standard after we readopt it, or be-
cause We readopt it, will be a policy
on their part through which great ad-
vantages will inure to the United
States, and great disasters will befall
them. II would inaugurate in the
United States a new era of prosperity,
based upon solid money, obtained upon
profitable terms, and under circum-
biit unnecessarily = oti
industry and commerce. Finally, the
Commissioner believes that the facts
that Germany and Scandinavian States
have adopted the single gold standard,
and that ON other European nations
may possibly adopt il, instead of their
being reasons for perseverance in the
attempt To establish it in the United
States. are precisely the facts which
make such an attempt entirely IN Drac-
ticable and r%uinous. If the nations on
the continent of Europe had a double
standard, a gold standard would be
possible. because, in hat condition,
they would freely exchange gold for
silver. 1t was that condition which
enabled England to resume specie pay
ments, in gold, in l72l. The attain
ment of such a standard becomes diff
cult, precisely in proportion to the
number and importance of the coun
tries engaged in striving after it, and
1t is precisely in the SAM proportion
that rumors Of the effects Of those
striving after 1t are aggravated. To
propose to this country a contest for q
gold standard with European nations.
is to propose to it a disastrous race in
/ raApcinu the nricos of lahnr and .om.