New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-09-06
PROF. JEvoNs's PAPER on SILVER.

1t is evidently impossible to discuss the in
Vulnerable facts Of the Silver question n bnef paper
like the present Ny purpose must he restricted almost
entirely 20 expressing tn conclusions which force them
selves upon au English reader OF Che recent discussions
In several official publications-in tne excellent minor
its report OF Prof Bowen, the works Of Mr. Blake NJ.
Ccrnuscl Mr. s. Dana Horton. in Ir. W. /. Fdweetts
ueful American Handbook OF Finance" and in numer-
Gus minor books or arceswe have abundance OF facts
We are not likely at present to ge information Of
importance. and task therefore to digest what We
have, and go interpret It's outcome wieiy.
The general result il appears 20 an EuglishmaD. is
that the United states shouid not rather cannot,
aeopt the double STANDARD II the attempt be &c. it
must be made either with without the similar action
OF other nations But the FIRST suppOsiton is easily dis
posed Of The notion Of NJ Cernusch That there might
be congress Of nations and that the leading CONNER
cia States might be induced u unite in adopting BIZ
metallic money, is chimcucal Several Uf the mOre i'm
portnt European have for the present no hope
of usng coin whether gold silver. Germany II only
now establishing excellent currency on gold basis,
and Is most unlikely to abandon 10 without further trial
Tie scandinavian Kingdoms have no reason for fejract-
ing their late adoption Of gold which has done no harm
Eycn France which has s the law Of the double stand
ard in nominal existence shows desire 20 put it into
operation again. having experienced the trouble Of
alternating standard and a heavy silver currency.
As 10 England there j. not the most remote chance
that the proposal would be accepted entertained
here The present English system OF metal &c mouey has
nowcXsted almost unchanged since C, and has work
cd 20 satisfactorily most respects that II would require
very strong reasons Tor making fundamental change
Even were there considerable weight OF evidence IN
favor Of tine double siapdasd it would probably be found
impossible to persuade the House OF Commons to accept
e. In nothing Is the English nation conservative
IN matters Of currency.
To show this by instances may mention the
question Of decimal money. Nothing j. apparent
Than the superiority % decimal system, like that Of the
United states or France / 5. d. The subject
has been discussed sd nauseam, for forty or y years,
and some Of the ablest such the late Prof De
Morgan wasted great labor advocating tho obvious
form but nothing has done, and are, perhaps
further from success than Again. there is absolutely
no sensible reason against the OF Onepound notes
which have in constant circulation in Scotland from
The first oridn OF the Scotch banks. But an English
Chancellor Of the EXchcquer would not venture TO pro
nose their use in England. when il shown few
years ago. that the alteration OF the pound sterling % the
extent OF two pence would probably lead 10 the esab
lishmont Of international money, financial wiseacres
decided that it could not be done. What, then would
be the reception in England OF proposal 70 subyert our
standard aogeherl So long, too the mOhercOuntrg
retains the gold standard there would be chance Of
the Australian and South African colonies abandoning H.
~ then the United States were TO adopt the double
standard they would throw into confusion the monetary
reatons OF the foremost commercial nations, while the
universal bnetaism essential TO the success Of NJ Ger
npscbps schemes would be as far distant as over.
~ indeed the adopted legal ratio OF gold and silver
sra sueb as TO enable gold TO circulate Ia the United
States then no effect the value OF silver would be pro
duced and all the discussions would end IN nothing II
the legal ratio were 15la TO 1, as proposed then null
weight gold coins could not circulate aud Tie currency