, 1877-07-06


Tho latoas contribution to tho discussion
Of tho aiiver question IL that furnished by
Mr.. DAVID A. Wills In letter to the Gin
cinnati Commercial It pnoscssod In begin.
ming to demonstrate tho smpolioy and tho ma
tional calamity Of making tho silver dollar
siugly, or even with gold, legal tender, but
before tho writor Eeached tho ond of hlB ori-
clo ho haa furnished tho stroueost and best
argument yet made against all tho objections
to tho demonstration Of silvor. Mnny years
ago Mr. Wx1ls, % Special Commissioner of
tho Rovenue, began Eeries Of animal reports,
resting on tho assumption that Protection
was Indispensable 10 tho financial salvation
Of tho nation. A he progressed In thaso re-
ports, ho being an omineatly just az well as
m able md practical man, his arguments bo-
cano moro aud moro hostile to Protection,
until at Inst he reported Protection Ito be
tho baue Of our reyenue System. It would
seem TINT in this lcttos on the silver question
Ms, Wits, as he progressed In his argument,
discovered tho weakness and fallacy Of
the gold theory, and with his great candor
and forco o1poaod these crrors and inconais.
toncies, aud himself fur1ial,cl many REASONS
why silver should ho rcmonetizod Altar
careful and studioua review oftho whole buai-
ness. tho only substantial objection ha has to
urge Is TINT silver dollars will weigh si1tsen
ti1nes a. much as gold dollars, and TINT
$1,000 will weigh fifty pounds.
It is hardly necessary to say that intesna-
tioual oxchang goa, ind exchanges betweon
States and cities, and oven between indIvid-
uals, arc not ua&le by the transfor OF coin In
lasge suma How far tho handling Of gold
and silyer enter into the business OF foreign
exchanges, It ia only necessary to give tho
figures Of our foreign trade. We glvo the
exports aud Imports Of the United States for
the years 1876. 1876, md for ton months of
1877. and the proportion of. . coin and
bullion.
Ydtu< ef In. Cola and bull.
a., porfs and ~. Ion. Imports
1sss s:' ys5s: s. 900 siat sss GUSTS; & 10
ls77 ttea nouth.j ou3. 9sG sal ii, 4so, 0oo
1t will be aaeu how snall q proportion Of
coin md bullion Is nooded to balance our In
ternasional exchanges, and, dospfto AIr.
WxI1A' argument, very large proportion OF
our exports was in the weIghty silver, both
a. coin aud bullion. In fact, gold and silver
are not counted In largs transactions; they
aro weighed In all large institutions, and a.
ways when the amount IL large ona. Mr.
Wxlts' lament over the time wasted In
counting silver dollars. aud in tho thousands
Of millions which change hands overy year, u
hardly sustained by facts. Ths worlds CON.
naeres IL now dono by bills Of exchange, and
only small percentage Of money Ia needed
to settle balances. Thix Ia % truo at tue
domestic commerce as OF the foreign. Tie
means Of transportation for coin ars now 20
great and 50 general that the mers difference
In Tho cost Of transporting silver aud gold is
Of but tEiding importance.
Ms. WILLS doyotes considerable space to
the discussion of the evil effects Of q de-
prociated silver currency; but, - no one
fayozs permanently appreciated currency,
aud as no ona expects to have such q cur
rouey, and ~ ths restoration OF silver TO il
standard relative value with gold il enc Of
ths ends soughs by tho xamonstizatIon OF
silver, Ill this part OF the letter u hardly
pertinent Ill. WxL1a himself ooncedas this
by saying:
Silver Il now Deprecated undoubtedly By reason
Of temporary eau4ea. Ths dftk Ut opinion, With
political economists aud tho4s who have made the
subject study, u that ths preseat depreciation IL
not pe1M2nsnt aud h2s beeu produced axcluairely
by kla Scklop Ut curtain pl tha Governments OF