The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-06-29

The sherman silver Scheme.
In 1875 Switzerland declined to coin any
more silver. on the ground that it was dis
honest to put deprecated currency in cir
culation." In the early part OF 1876 the
same subject was brought up in the French
Senate. and there it was maintained in debate
that in the present state Of the silver mar
kct, it would be wrong for France to coin any
silver at all"
In our discussions n good deal Of stress
Is laid upon the proposition that we should
adhere to our old double standard There
IS no insurmountahlc objection to that. But
II we do this, we must do what we always
have done MAINTAIN the mferchmgodbildy Of
the tlco stonddris and her equirdl,m rdlue.
Thus, If a man has ten silver dollars, they
must always contain so much silver that
they will buy a ten dollar gold piece.
This is the state in which we have hitherto
maintained our double standard. The silver
has been kept equal to gold Now. nobody
rrctends that gold has grown more valuable
than 1t was of old. But silver has rapidly in
creased in volume, and has therefore depre-
GATED We cannot continue to use it hon
estly ms standard otherwise than by keep
MS Niih' A4t' N'lA VI WV lh'Nhl0.
So long as this is done, nobody will object 10
the double standard. The only objection
isagainst two standards which are not
equivalent and interchangeable. This is "A
thing We have never had. and We may safely
say we never shall have 1t would lead to
great confusion and embarrassment in trad
ing circles and just to the extent the one
kind Of coin was below the other in value, it
This country was entirely out of the sill
yer dincultya year or two ago; and We need
not have been perplcXed by it at all, hut
for the facility our legislators and imam
cers seem to have Of falling into every trap
which accident or design puts in their way.
We took care to call attention to this sub
jcct about the time OF the great fall in the
price Of silver in European MAI hcts. Then we
feliritatcd the country on the fact that the
probable future depreciation of this metal
would find Us In a much better condition 70
deal with ii than the countries of Europe,
because our circulation was 50 exclusively
Of paper But since that time our Bonanza
ritzcns, In Con4ro,r and out have found the
means to crowd our financial officials chin
deep into the business Of issuing silver; So
that We are fast getting to Dee a. badly oil a.
anybody else. Tho Administration has
ever since been engaged in putting out
silver rs though time was likely to be too
short 10 accomplish their work. The delrc-
ciatcd metal has been issued with all possible
celebrity, until it has quite supplanted the
fractional circulation and invaded even the
domain OF the grccnbacks and slill the
work goc- hrayely on, SO that when the
time comes for rc-uning coin pay
monts wc shall have as much silver money
aiiOat to conplicatc the question aud cm-
barrl-s trade, rs any active iu!latiou.st
need do sire. oar authorities have been
doing with eager haste precisely what Swift
2erland and France have declared TO be
d i-honest; and thcy have done II on false
prctouco,. for they have called it re-uming
specie paymcnts knowing all the time that
IL was merely exchanging one deprecated
currency for another
What advantage thoy promise 20 them
sclvcs or anybody else in thus trying to
iaston yet longer debased circulation upon
tie country IL is hard - tell from any huan-
cal POINT Of Wow We can see, however,
that they b pc the scheme Will work well
politically, and get innatloui7ts votes in
Ohio. Lut to achieve this wretched end,
It Is necessary H. be dishonest and pur-
sue tortuous and contradictory policy,
tending all the way through to defeat the
worry purpose they profess 70 cherish. They
minister to the great deusion Of the
iuAatilu.st-. that there is an advantage In a
doprcciatcd circulation; and they think to
excuse themselves on egrounl that to eN-
change silver for paper seems like resuming
and that, any way the actual depreciation
is not likely to bo SO very great. This indi-
Gates the temper which actuates the whole Of
this stumbling policy. II Is not open
and above board, but tricky and ins.n-
core, and deserving Of no respect. 1t is
the device Of politicians bent on personal
and party advantage first and above all,
and treating the financial question as Il
wholly secondary matter
For people who profess TO sct out with
high notions 81 reform in the methods Of adj
minl-tratlOn, this proceeding Is prominently
Rcaudalous No wonder IL loads 30 uncer-
taiuty and constant doubt and questioning
a TO the real views Of Mr.. HAYES aud his Sec
rotary Of tho Treasury They look one way
and row another. They profess to stem tho
current of iuiation, and yet on occasion they
throw themselves into the stream md drift
with Il. They try 10 avoid condemnation by
their professions ia favor Of resumption,
but their conduct bellies their professions.
II tho Administration would discard ita
political schemng in connection with the
finances, WE should have none OF these iuron-
fistcncics 10 expose and complain Of II
would clarity their own vision Instantly
Nothing ls palmer TO be seen than that sill
yer has lost much Of its quality AS stand
ard Of value through ito great fluctuations