The New York herald., 1878-02-08
all tn. problems BY which our financial situation is

al
TIE Bi.MrrALLc ARGUMENT
isztA-0n the mucn vcxed and long mooted question
Of q bi-metallic mono.metallic STANDARD own
views arc sufficiently Indicated in the remarks have
made. l believe the struggle now gong on IN this
country and IN other countries for single gold stand
ard would II successful, produce widespread disaster
IN the end throughout the commercial world ihe
destruction OF silver money ana establishing gold
as the sole unit OF vaiue must nave ruinous elect on
all forms o. property except those Investments which
yield hxed return In money. These would be snor-
mously enbanced In value and would gain dispropor
tonate and unfair advantage over every other species
OF property. H. as The most reliable Statistics affirm,
there are nearly seven thousand millions oil com or
tween gold silver, rs impossible TO strike silver
out OF existence as money without results which VIII
prove distressing TO millions and utterly disastrous 10
tens oil thousands. Alexander Hamilton, IN his able
aud invaluable report IN lIYl on the establishment o
mint declared that ITO annu the Use OF either gold
silver money Is 10 abrdge the quantity OF crcu.
ating medium, liable " all the obJecttons which
arise from comparison OF the bcneats OF full circu-
iation with tue evils oi scany circulation" tako
no risk in say Ing that the benefits of iu circulation
and The evils VI scanty circulation arc both I'M.
measIrabiy greater 70 aay than my were when Mr.
vided the circulation ono vi actual money and
and not OF deprecated promises TO pay.
In tho report from which have already quoted Mr..
Hamilton argues length IN favor oil double stan
dard and all the subsequent experience o well nigh
ninety years has brought out nc clearer statement vi
tho whole case nor developed more complete CON-
prehonsion OF this subtle aud difficult subject.
''On the whole" says Mr.. Hamilton, 'it seems most
advisable NOT 70 attach the exclusively
Of the metals, because this cannot be done electuay
without destroying the office and character Of one Of
them as money and reducing 1t 10 the situation Of
mere merchanuise."
Aud lncn Sir. Hamilton wisely concludes that this
reduction Of either OF the metals 10 mere merchandise
again quote MS exact words) ''wouia PROBABLY DO
greater evil than occasional variations IN the unit
from the fluctuations in the relative value OF the
metals, especially If care be taken u regulate the
proportion between them with an eye 10 their
average commercial value" do not think lnat III
country, hoding vast proportion Of the worlds
supply ot silver IN Its mountains aud Its mnos, can
Afford 10 reduce tee metal 10 the situation Of mere
lunr hn sAI ntiAv
Europe and America the great mines oil the Pacitc
slope Will be closed and dead Minin enterprises OF
the ggant scale existing IN this country cannot be
carried provide backs tor looking glasses 10
manufacture cream pitchers and sugar bowls vast
wealth 10 this entiro country IL destroyed
tue moment SILVER Is permanently dsuscd as money.
IL IS or US TO cneck that tendency ana Drng the con-
tnent OF Europe back TO the tuli recognition Of the
value OF the metal Us a medium oil exchange.
PAYMENT THE
Sepenth-rhe question oi beginning anew the coinage
OF SILVER dollars as aroused much discussion as to ts
elect the public credt; and the Senator rom OHIO
(Mr Mathews placed Ins phase of the subject in the
very forefront OF The dcbae-insisting prematurely
ana log gcaiy, think, OF judicial consruc-
advance, by concurrent resolution, OF certain
law case that law should happen to be passed by
Congress- Ny own WOW this question can be stated
very briefly. believe the public creditor Afford
be paid IN any silver dollar mat the United states
afford 10 cOin and circulate We have forty thou
sand millions of property In this country, ana u
wise sell.intcrest will not permit us 10 overturn
wherewith to settle tho dues and demands OF
any crodltor. The question might be different from
merely selfish STANDPOINT II. on paying the dollar 70
the public creditor, ~ would disappear after peror6
ing that junction. But The trouble ~ that the In
terlor dollar you pay the public creditor remains in
circulation, to the exclusion Of the better dollar.
That which you pay "a home will stay there; That
which you send abroad will come back Tho interest
Of the public creditor Is Indssoluby bound up with
the interest OF the whole people. Whatever affects
him Affects US all, and the evil that W. miypt inict
upon him by paying an inferior dollar would recoh
upon with u vengeance as manifold as the aggro-
gate wealth Of tne Republic transcends The CON-
parativey small limits OF our bonaed debt. And
remember Gnat our aggregate wealth IL always
Increasing, and our bonded debt steadily grow
ing less II paid good silver dollar the
paid IN an Inferior silver dollar he has tho same
grievance tnat Will be uttcred still more plantveIy BY
the holder OF the Iegatender mole and OF the national
bauk bi by the pensoner, by the day aborer aud by
the countless host OF the poor, whom we have with
always, and on whom The most distressing effect vi
Inferior money will be ultimately precipitated.
But must say, Mr.. President. that the specific de-
tor the pay nent OF our bonds IN gold coin aud
IN nothing else comes with an from certain
quarters European criticism is lcveled against US,
aud hara names are hurled ~ US across the ocean Tor
simply daring 10 state that the letter Of our law
declares The bonds 10 be payable 10 standard coin
OF July IA, 1870; expressly and explicitly declared
SO. and declared 30 IL the interest OF the public
creditor, the declaration inserted III the very
booy oil the eight hundred million OF bonds that
have issued since that date. Beyond all doubt
that public act Payment NJ that time would have
been acceptable and as undisputed IN silver IN
gold collars, or both were equally valuable IN the
European ~ well ~ III the Amcrcan market Severn
eghtns VI all our bonds. owned out OF the country,
are held Germany ana IN Holland, and Ger
many has demonetizod silver, and Holland
been forced thereby 10 suspend It's coinage since
subjects OF both Powers purchased our securities.
The German Empire tho very year alter we MADE our
specific declaration ior paying our bonds IN coin,
passed Jaw destroying 80 lar as lay IN tbeir power
The value Of SILVER as money do not say that II was
Specially aimed at this country but WINS passed re-
gardless o. It's elect upon US, fol-
lowed, according 10 public ana undenied state
the German sovsrsment IN our bonds. with view, II
was understood, oi holding them as a coin reserve
Tor drawing gold irous 10 ad In establishing their gold
standard ~ nome. Thus, ny one move, the German
government destroyed, so lar as lay IN lis power the
then existing value oil silver money, enhanced
sequenliy value OF god, and got into position
TO uraw gold from Us ~ the moneat oi thor need,
which would also DO the moment oil our own s0rtst
distress. do not say that the German government
IN these successive stops did single thing which Il
had moi perfect right 10 40, but do say that the
subjects OF that Empire have no right to complain Of
our government Tor The initial step which has I'M
paired the value OF Que oi our standard coIns Aud
the German government, by join ng with Us IN the
in old position ana make II as easy Tor TINS govern
TO pay and as profitable Tor their subjects "
ceive the one metal as the other.
rihE NATION.
Eighh-Whcn we pledged tne public creditor in 1870
that our Obligations should be PAID IN the standard
com oi thut date silver buiuon worth the Lon
don u traction over sixty ponce per ounce it's
average for the past eigh months las been about hy
pence, tho price reckoned IN god in both But
the largo difference rs due parity TO the rise Ia gold
well the tail IN SILVER. Allowing Tor both these
Causes and striking the difference II will DO found,
country perfectly safe to issue dollar OF 426 grams
standard silver ono that, anticipating tho iulI and
lrgItimate Influence OF reconciliation, Will equaie
itself with gold dollar enectually guard against
OF gold during the lime necessary Ior in
teriatonai conference IN regard TO tho general re-
establishmcnt OF silver money when
that general re-establIs hmcnt shall be effected,
with coinage oi lever grams, tho dollar
which now advocating Will not cause loss
embarrassment 10 any one The MINER OF
the ore, the owner oil the bullion, the holder o tho
government that Issues It VIII all in turn
be benefited. 1t viii yield profit recolnage and
WIN bc advantagcously employed IN our commercial
relations with oreign countries Meanwhile II will
insure aborers at home iull dollars pay
doliar's worth OF work. Ana think VIC owe this to
the American luborer Ever since VIC demoneliZed
the old dollar we have becn running our minis at lulI
speed, coming new silver dollar tor the OF
Chinese cooiy and the Indian parlnh-a dollar
tanning 420 grains OF standard silver, with It's superb
ority over ancient dollar SYSTEMATICALLY engraved
OH side. 10 these 'outsde arbarians' We
send this superior dollar, bearing all our national en-
bleais patriotic devices, our pious inscriptions
goddess Of liberty, our defiant eagle, our Icdcral
UNITY, trust God TINS dollar
nd hul NOR iiv Than