The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-10-23

what can VIZ sherman no and nstor the
Day F,Ned fnr Resumpti,nt

Tfo.p Pho Tli.of ct.' NitnT
Within few days tho price Of gold has
risen from 1907 to l0l AMI iOl',. while at the
sumo timc the market value of silver bullion
has fallen in London to 5lad per ounce.
at which rate the intrinsic value of one
Of the new lcgal-tcndcr silver dollars is eNartly
so 1923 In gold. And still within seventy seven
DAYS from the present date the grccnhack pnper
dollar is to become On" equivalent in vnlu" both
~ tho gold dollar. which il now worth in pnp"r
lOi q cents. and uf the silver dollar, which NJ
this moment is worth, In gold not quite sGA
cents.
Ths il n remarkable problem. over which il
would not hn strange II Mr. John sherman were
10 feel a little depressed. II the movement that
hns lust begun continues the gold dollar will
have risen several per cent alOvr the vnluc ~
the paper dollar hy the LIST 81 next Jnnnnry, md
. strong desire to have the Inter redeemed will
he manifcstcd II IL true that sherman can
pay out silver dollars for the grccnhicks. but
ccrtainly not more than he has. and when his
supply ~ exhausted he will necessarily have 10
give eon. 70 the present momrnt hnrtly
10000 600 silver dollars have been coined. and
this amount can h. hggdly. Increased to more
whole ~ this lies in tho Treasury. Tho supply
of silver dellars. therefore. would not 20 far II
the grcrnhacks flowed in FOR redemption in
ANYTHING like considerable amounts. and when
II came to an end II would he necessary to
sort to- gold. That would he very good for those
who would thus receive gold dollars for their
grcenbacks, but the greater their number the
sooner would tho timc arrive ut which there
pay the interest on the national debt. and IL
would become necessary To meet that with the
silver that might have been coined in the mean
time.
Az soon as that should occur. the intrinsic dif-
ference in value between gold and silver. the
ellrot of which We have thus far been prevented
from feeling by artificial means. would mani
fest itself. We would then have To oifcr for
cignprs who have no reverence for the fiat "
OF Congress and do not understand how seven
eighths can DO called u whole. IA full dollar
coin that in th" markets of the world is worth
only cighty-s"ven one hundre,lths Of n dollar.
IL IL true they would have 10 accept il If they
could gct nothing better; but they would nutu-
rally consider themselves drfraudrd of an
eighth ~ what Is Justly due them. The puos-
ton would then. from u merely national, be-
come an International on'.
While up 10 this tim" the efforts of the United
states 10 maketwo coins whose intrinsic value
differs by , per cent. of equal value have been
smiled ~ abroad Ms "a fantastic dream the ncctl-
saii"n ot deliberate swindiing would then be-
angrlly hurled against us. To defend ourselves
successfully against this charge 1t would hr
necessary to convince the world. first. that il il
possible - max" sixteen ounces ~ silver equal
tu one ounce Of gold at "a time when one ounce
London or. ~ least secondly that Ia belief IN the
possibility of such "a thing has really and sin
cerrly been entertained.
II would hc Impossible to convince the world
OF tho truth Of either Of these things-surey
not of the first As To the second. we could at
best show only that majority Of the poottir and
their representatives had lost Themselves i'm tho
childish fancy mat Ia" reconciliation OF tho
SILVER dollar IN IN" United states would raise
That. however would establish nothing further
than that IN" r"mon"tXttion Of the silver dol
lar was founded upon a dcfcltful hope. II
would not h"lp 10 create belief in the honesty
~ ihO~r who continue 10 declare oven after tho
dissipation ot thclr houe aud after the iull Of
the intrinsic gold Vuu" " fhe silver dollar
within y'nr from 81 ~ Sc. cents that Il
n"v"rthel"se must De- received as the equivalent
of q gold dollar.
Thrown into the trndc - the foreign world
through interest payments To- creditors Of the
nation res ding abroad. ~" silver dollar would
fHN q a N..Nf.