Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1878-11-20
Gold and Silver.

Some apprehension is occasionally ex-
pressed that there is not enough gold ahc
silver to furnish the money required Tor
the wants Of legitimate business, and that
therefore, there is a necessity that some pa
per money should be based on something
else This calls for some consideration oil
the probable supply of the precious metals
The director of the United States mint
estimated the amount of gold and silver
coin and bullion, in the United States IN
NAV, 1875, to be about Sl4o, OOO,oOo' oil
which about S2O,O00,O00 was silver. Inc
same authority estimates the amount on
the 3lst of October, 1877 lat S207 ,OOO,Ooo oil
gold and $50, O0O.O in silver. an increase
if the two estimates are correct, oil Sllo'-
600 600 in seventeen months. Secretary
Sherman in his recent letter states the
oold and silver coin in the treasury al
s932 600. 900. 1t is known that the annua
production of gold and silver in the United
States for the year 1877 was SS4,OOo'ooo'
of which S45,OO0,OOO was gold, and $751;
OO0, 900 was silver, and that the imports Oh
l cold and silver exceeded the exports. these
= estimates are approximations, but they are
r no doubt, sufficiently accurate Tor Tue
n present purpose.
o From these data it is undoubtedly with
It in the facts to say that the stock'oi gol'
and silver, coin and bullion, in the Unite
y States is now $350,0O0,000. Probably no
> more than S50,0OO,O00 of this is in actua
IS use rs money, or rs II deposit on wh'cI
p paper money is issued, leaving $3o0'ooo
er 600. as the amount that might now be use
e. as basis for paper money Of eqni
of amount. The present volume of our pape
money is IL little less than S70O,ooo'ooo' c
S4OO 900 900 in excess of the amount
the precious metals. If it be concede
ct that the legitimate business OF the countl
IF demand so large an amount OF money IN
EXCHANGES. it will be seen that the produ
of the gold and silver mines of this COUNT
ID alone would supply $4Oo,oOO,OOo in h'
80 years; and any change from the prese
paper money system to one based doll'
J.. for dollar on gold and silver coin, won
~ require that time to get fully into opel
,or ton.
~ A correspondent suggests the iollowi
~ further objection to a paper money bas
of wholly on coin:
~ | can hardly agree with your idea
lor l;mitifo the currency TO the amount
gs- coined gold and silver Cor, still worse
Co. cold only) in the country. 1t seems to
,e- That this practically makes every hole
Of coin n member of corporation,
us property of which consists of the o.
thing that is legal tender for debt; L
is a great privilege, and liable to abuse
think it has been greatly abused IN
past, and the justification OF usury ID
an lies in the fact of the special privilege
yav corded to such money as the only le
' tender. 1t is certain that the conditi
con of trade are very different now from
Of a time when gold and silver first began
be used as measure of value. liner
,b;S no very close relation between the qua
tv of rold and the demands OF trade
money.
ms Any money, which is legal tender
'n''' liable to the same objection; only, 1t
nerh be said, the more there is of it, the ca
Will it can be got. No holder of a paper It
tender can be rightfully obliged to
'S9'' with it except upon his own terms ell
very as to rate of interest or equivalent IN
la' " ne. Indeed, all property, including Ia
" is open to the same criticism; the
. VI who has it has the right to fix n prlc
it, and to refuse to part with 1t under
price and anything that abridges this
I'd on is an approach to communism as resi-
lroad property, and slavery as respects Ia
/. by Nearly all the money of England, fr
was and Germany is gold and silver, or
n of on an equivalent amonnt of gold "n'
while yer on deposit, and the rates of interes
hurt lower there than in this country
l ties money is no harder to get
while G. w.