The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1878-02-01

SOihuSG 10 hCNVA oOuSub aU wi
Other millions are also used annually in
the arts and for decorative purposes
without ever seeking the mInts.
We may also safely deny anoth-
er of Cernuschps propositions-that
'all the old silver Of Germany would
be brought to the American Mint" This
statement would imply that Germany
has no longer any use for her silver.
And this we all know to be untrue.
Her silver coinage is in large demand
Tor all mluor monetary transactions,
and scarcity is even now complained OF
as an inconvenience among her people.
But, suppose we grant Cernuschrs
statement, that "the old silver Of Ger
many" would flow to our mint; then,
how large is the reservoir 10 sustain this
flow2 Germany is non-silVer produc-
ing country. So is England. So is
France. When her silver Was demone-
tized, it was estimated that Germany
would have $2Oo, 1000 of silver to dis,
pose Of Subsequent Investigation
showed that Germany would not havc
over S., ,O00, 900 to dispose OF as not want
ed in her coinage; and even that
amount has been since diminished by
estimate.
But, granting that Germany would
have even $1000O0,0 0)0 of surplus silver,
how much Of that would ever be brought
to the American Mint? Mr.. Cernuschi
should have remembered that we would
not be the only silver-using nation in
the world, by any means. The whole Of
Asia is siiver-using, and only silver
| The immense trade of all that vast por-
tion of the globe is conducted entirely
on silver basis. During the three years
1872 73 "A, England exported, for her
trade alone, from the single port
Southampton, to Asia, $52, 100000 yearly
in silver, being $l56, 900, 900 in three years.
In the past year, 1877, England's exports
OF silver rose to $97, 900, 900, not one dol
lar Of which did England herself pro-
duce. The exports Of silver from the
Mediterranean ports of Venice and
Marseilles were also largely Increased
to supply the AsIatio trade with France
and Continental Europe. So that, were
IGermany anxious 10 Immediately sell
her surplus silver for gold, even to the
extent OF $l0O, 100, 900 all she can spare,
she has ready market tor it all among
her own neighbors at home withoul
lrelghting it off across the ocean to an
American Mint. Mr.. Cernuschrs state
ment in that regard is therefore obvious
y absurd.
!, Moreover, we are to consider that
when Germany has thus disposed OF her
eighty or hundred millions of surplus
silver, whether in Europe or ASIA OF
: America, her reservoir is exhausted
The outward flow must stop. Now, o
what appreciable consequence woulc
the propulsion OF that amount of silver
out of Germany, and into the genera
trade of the world, have on American
finance? 1t would not be felt. And yet
Monsieur Cernuscni tells US very
positively, that because OF all that
"the United States would become
a silver monometalic country
just the same as English India" Ant
granting still further, that the whole 0
that amount of silver were poured GU
into this country alone in exchange fol
our comm oditles, even in single year
we do not presume that it would pr
duce financial cataclysm in this coun.
try. We fancy that suoh deluge would
not be unwelcome to our people.
, But, Cernusehi informs US also that
| as a consequence Of our proposed re.
habilitalion OF silver, call our golt
: would be exported to Europe" AS il
all his other statements, this Paris bank
er vouchsafes us no reason for this faitl
I that is in him. We may therefore prop.
erly ask it's wherefore? 1t would seen
: that Cernuschi assumes that such woult
/ called ''debtor nation" But we re
r ject the assumption. We deny tina
: ours is debtor nation. Certainly, WI
a have a great national debt. But Grea
Dlltdlu3 III uCi SUfot hlhC Nv bVhuS3 10 AL
= debted TO more than twice the amour
| we are. Yet she is commonly called
'creditor nation" Why? is it becaus
her bonds are chi, fly held at home? s.
are ours; though not in so large a pro
], portion as hers. Yet in neither cas-
5 dues the locality or the nationality o
. the holders make particle OF difference
A in the nature or terms of the bonds is
!: sued. A nation is neither more nor les
i. IN debt by reason of it's bonds bein
D neld at home or abroad.
0 1t is commercial indebtedness, no
e bonded Indebtedness, that is to consti
: ute "debtor nation" England ant
France are called "creditor nations,
not because they are out of debt (whicl
: is not true), but because they preduc
,. and export more than they buy and i'm
: port. America is now doing th
, same, to the extent of over $10O,0oO,W
+ annually. That is the amount of ou
1 trade balance In our favor; even NOR
e than the yearly balance OF trade ia ia
1 vor of either England or France. How