New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-09
therefore gladly joins in the verdict which
Georgia jury has already pronounced.
ANOTHER SILVER SUGGESTION

ANOTHER SILVER SUGGESTION
Senator Christiancy has the honor OF propos-
ing a settlement of the silver dispute, not
unreasonable, impracticable or dishonest.
His plan is to authorize unlimited coinage
and stamping of mint bars, and the Issue
of certificates in unlimited amount for
silver bullion deposited, but to make
the coins and certificates lesal-tender
only for their market value. Then If the use
of silver in this country really advances the
price of silver bullion, as advocates OF that
course who ara not regulators believe
that it will, the silver and certificates
of deposit of silver will pass current
at par if not, they will command whatever
value the metal itself commands. No one can
object to this plan on the score OF honesty.
If silver can be used at ALL either as coin, or
in the form of bullion as the basis OF certlii-
Gates of deposit, this method will insure the
use of the largest possible amount.
The market value, it will be objected, may
be artifcially advanced or depressed. This Is
true also of every other commodity Wheat
can be cornered. Corn, cotton, petroleum and
provisions can be made for the time more
valuable in the market by combinations to
control the price. Why should silver, another
important product of this country, OF
equally extensive and permanent demand,
be more subject to such artificial or forced
changes of price 1t is very probable that silver
would beless affected by possible combinations to
raise or lower the price than any other product,
because of the wide and permanent demand
for it. Unquestionably, its use i'll this country
as currency, and as a metallic basis for circu-
lating notes, would help to arrest any depreci-
alton caused by demonstration elsewhere
Meanwhile, it is a very important consldera-
ton in favor of the plan of Senator Chris
tiancy that it does not contemplate any fixed
ratio of coinage. aud therefore does not
threaten the nations of the Latin Union, nor
tend to force decentralization of silver by
them.
Indeed, 1t may prove that this scheme, SIM
pie as it seems, will be found the lOng-sought
solution of the problem upon which mono
metallists and himetallists have vexed their
souls in vain so many years. If it could be
agreed by Western nations that silver and gold
should circulate as currency, without limit as
to either, but that the value in Use of the mi
nor metal should be determined by its bullion
valne rs compared with god. all nations
stamping silver bullion freely, but no nation
attempting to fix its relative value, it seems
probable that the greatest possible impetus
would be given to the demand for silver; its
price would he lifted as far as possible and
the utmost possible use of silver as part OF
the worlds currency, would be attained. The
suggestion certainly seems well worthy OF
very careful consideration from the students
of financial problems in other countries.
1t Is another and very important merit of
the plan of Senator Christiancy that it pro-
vides for the retirement of lcgal-tender notes
pa,i passu with the issue. of silver COIN
The process of resumption would thus be
greatly aided; the amount of lcgal-tcnder
notes to be redeemed OF " ii0ated" would be
thus diminished and in place of notes now
unredeemed and irredcemab.c, we should grad
ualv get into circulation certificates represent
ing certain amount of bullion actually depos-
tied, and these notes would represent the mar
ket value of such bullion. True, that market
value would vary from time TO time, but the
value Of the legal-tcnde in use actually
varies even more than that of silver bullion.
as has been abunlantly proved. 1t would be
immeasurably better to have the value OF
notes in circulation vary, not with the credit
of the Government, but with the value OF
bullion deposited, for there would then be no
motive to assail the public credit operating
with large class of citizens.