The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-02-06
The Dollar of Silver.
The Director of the lint speaks His Mind
with Reference 10 the silver Question
Gold as the Money of Payment with Sill
yer as an Adjunct.

d.. Linderman, Director of the Mot, has
explained his views in reference to the effect of
the Bland Bill, 10 correspondent of the Trib-
une. He favors dollar Of 425 grains and an
International silver conference; and says that
the % cent dollar would drive gold out of the
country. He thinks the 5000 OOO, 900 of gold in
this country can be brought into circulation.
"The indications are DR.. Linderman said,
"rhat the Bland bill, which provides for the
coinage of the dollar of 412a grains with full
legal tender power, will pass by a decided ma
jOrity. 1t is of course, possible, but hardly
probable that dollar of different weight may
be substituted, but L think there will be no
limit placed on its legal-tender quality. ma
jOrity of the members of both houses seem to
favor another trial of the double standard, with
the ratio established in 1884,
"But supposing the Blaad bill to become a
law" said the correspondent, "what will prob
ably be the effect of it?" ''That, answered
Dr., Linderman. sis broad question. Ii it
should not be followed by the restoration sub
stantialy of the relative value of gold and sill
yer which prevailed with only slight variations
for many years preceding the change in 1870 py
the German Empire from the silver to the gold
ftandard land that think very doubtful) sill
yer would undoubtedly soon become the actual
tent, and gold would command premium and
be exported. If the balance of trade should be
decidedly in our favor, the loss of gold would
be slower than if the balance of trade were
against u.s."
'.But suppose the pending bill should be
amended SO as to require the coinage of silver
to be made on account of the Government;
would that prevent silver from becoming the
Standard" "No sir; that would be of no cou-
sequence except that it would give to the
Treasury instead of to owners and importers OF
silver any gain seignorage that might arise. L
am 10 favor of gold as the principal money of
payment in this country, and the largest prac-
ticabe use of silver as an adjunct; and believe
that our people would not long consent to the
use of silver to the exclusion of gold as money
On the latter point the question will ultimately
turn and it is of much more importance than
now appears to be considered. 1t appears
to be generally conceded that whatever
causes depreciation of one of the precious
metals appreciates the othsr in a correspond
ing degree. Therefore, it would be % unfair to Fl
the weight OF the silver dollar on the present.
market relation, as it would be to fix it on the
relation which prevailed in 1870 before the
great disturbing cause in the German money
system occurred. The average of the two
| would appear to be the best and most equitable
basis on which to fix the weight of the silver
dollar, and that average is 574 pence per ounce
in United States standard silver would be about
425 grains, with unrestricted legal tender. The
purchasing power of such dollar would prob
ably prove equal to the gold dollar from the
stai.' auu IL may Saiely pe colueo IOr private
parties for at least one year and coin certifi-
Gates be issued upon silver bars deposited in
the Treasury. The Government can coin
about 100000 silver collars month in addition
to the necessary gold and other coinage author
lied by law. That is the maximum capacity
of the present mints. 1t is not practicable to
work them more than ten hours day. They
could not be worked at night on account of the
difficulty of securing experts and the danger to
machinery. The mints are all 10 complete
order. Then, if Congress should order it, the
New Orleans mint could in 80 days, be put in
order so as to coin half million silver dollars
monthly, which could soon be increased to a
million.