The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-12-03

rather than hindrance, but II
issued in excess OF such demand they will
at once tend to displace gold and become
the sole standard, and gradually, rs they
increase In number, will fall TO their value
as bullion. Even the fear or suspicion Of
such an excesstends to Danish gold, and,
II well established, will causea continuous
drain Of gold until imperative necessity
will compel resumption in silver alone;
The serious effects OF such radical
change in our standards OF value cannot
be exaggerated; and its possibility Will
greatly disturb confidence in resumption,
and may make necessary larger reserves
and further sales OF bonds. -
The Secretary, therefore, earnestly in
yokes tho attention OF Congress TO
this subject, with view that
either during the present or the next
session the amount Of silver dollars 70 be
issued be limited, or their ratio to gold for
coming purposes be changed.
Gold and silver have varied in value
from time to time in the history OF nations,
and laws have been passed to meet this
changing value. In our country, by the
net OF April 9, 1902, the ratio between them
was fixed ut one OF gold to fifteen Of silver.
By the net OF June 2S, 1884, the ratio was
changed to one OF gold to sixteen ofsilyer.
For more than century the market value
OF the two metals had varied between these
two ratios, mainly resting ut that fixed by
the Latin nations, OF one to fifteen and o
half.
VALUE OF TIE TWO METALS.
But we cannot overlook the fact that
within q few years, from causes frequently
discussed in Congress, a great change has
occurred in the relative value of the two
metals. It would seem to be expedient to
recognize this controlling fact-one that
no nation alone can change-by a
careful readjustment OF the legal ra-
ito for coinage OF one to six
teen, SO as to conform to the relative mar
ket values OF the two metals. The ratios
heretofore fixed were always made with
that view, and, when made, did conform
as near as might be. Now, that the pro-
ductlon and use OF the two metals have
greatly changed in relative value, CORE
sponding change must be made in the
coinage ratio. There is no peculiar force
or sanction in the present ratio that should
make us hesitate to adopt another, when,
| in the markets OF the world, It is proven
that such ratio is not now the true one.
The addition OF one.tenth or one-eighth TO
the thickness OF the silver dollar would
scarcely be perceived as an inconvenience
BY the holder, but would inspire conf
dcnce and add greatly to its circulation.
As prices are now based on United States
notes Mt par with gold no disturbance OF
values would result from the change.
| IA tNa nj afff nc a
Paris, invited by us, that other nations
will not join with us in fixing an interna-
tionitl ratio, and that each country must
adapt its laws to its own policy. The ten
dcncy OF late among commercial nations
is to the adoption OF single standard Of
gold and the issue OF silver for fractional
coin. We may, by ignoring this tendency.
give temporarily increased value to the
stores OF silver held in Germany and
France until our market absorbs them, but
by adopting silver standard as nearly
equal to gold as practicable, We make a
market for our large production OF silver,
and furnish a full, honest dollar that will
be boarded, transported, or circulated,
without disparagement or reproach.
1t is respectfully submitted that the
United States, already SO largely
interested in trade with all parts
OF the world, and becoming, by its
population, wealth, commerce and pro-
auctions, q leading member OF the family
OF nations, should not adopt a standard oil
less intrinsic value than other com
mcrcial nations. Alike interested in silver
and gold, as the great producing country
OF both, 1t should coin them ut such ratio
and on such conditions as will secure the
largest use and circulation OF both metals
without displaCing either. Gold must
necessarily be the standard OF value in
great transactions from Its greater relative
value, but 1t is not capable ofthe division
required for small transactions; while sill
yer is indispensable for multitude Of
daily wants, and is too bulky for use in the
larger transactions OF business, and the
cost OF its transportation for long distances
would greatly increase the present rates Of
exchange. 1t would, therefore, seem &c
be the best policy for the present to limit
the aggregate issue OF our silver dollars
based on the ratio OF sixteen to one, tc
such sums as can clearly be maintained al
par with gold, until the price OF silver in
the market shall assume q definite ratio tc
gold, when that ratio should be adopted
and our coins made to conform to it; and
thcSecretaryrcspcctfully recommends that
he DO authorized to discontinue the coin
age OF tho silver dollar when the amount
outstanding shall exceed fifty million dol
lars.
The Secretary deems it proper to state
that in the meantime, in the execution o.
thelaw rs it now stands, he will feel It &c
be his duty to redeem oil United States
notes presented on and after January !
next, at tho office OF the assistant treasurer
OF the United States in the city OF New
York, in sums OF not less than fifty dol
lars, with either gold or silver coin, as de-
sired by the holder, but reserviHg the
legal option OF the Government; and L
pay out United States notes for oil Other
demands on the Treasury, except when
coin Is demanded on coin liabilities.