New-York tribune., 1878-01-21
SILVER REHOVETIZATION.
INTERVIEW WITH PROMINENT FNANcIrR.


Silver remOnetzation seems to interest the publ C
largely at this time upon which will give you the
result of some of my reflections. | am for putting
into use the greatest practicable amount of SILVER
coin which CAN be done either of the two fol.
lowing plans First, by recognizing the dollar of
our fathers aud making II a lcgal-tender ior an
amount not exceeding IS. This would put INTO use
ali the silver coin that il is practicable for the bust
community to tolerate, as is proven IN Great
Britain, where silver rs leaaender for enc po,lnd
sterling ga 81 gold only and the writer traveinng
there several weeks last Sumper, always found an
abundant supply of silver coin: it was offered IN
larger quantities than IL was convenient to carry,
but not to be special nuisance Second, by
increasing the weight of the SILVER dollar SO a. I'd
make il of equal value to gold. and o legal,tender
for not exceeding $50. This plan would he likely to
require larger coinage than the other plan not for
direct circulation among the people. but the banks
would have to hold larger amount for possible de-
mands.
am decidedly opposed to unlimited rcmonetiza-
ton according to the Bland Bill il passed Con
gress or upon any other plpp. for the reason, hrs
the prospect is We are approaching period wbon
the increase III silver production will he enormous
The Sutro tunnel, that has been under construction
for several years III Nevada TO reach the lower level
OF the great COnlStock lode, Will he completed WITH
in the next few months, which promises to more
than double the product Of that great bonanza the
first year after il ia opened. II will not only VENT
late all the mines in that lodge, but VIII furnish
water transportation to carry ont the orcs, ana
power 20 crush them. The great discovery IN chm
by the construction OF tr hcigSS tunnel WIN o,nc'
conclusive evidences Of largely increased produc-
tioi III both North and South America vii Jiistify
the conclusion that the vans of silver will largely
deprcciate within the next two years which
would throw upon the country such an amounf as to
drive out all Of the gold and become nuisance be-
yond endurance. For instance. each OF the three
largest banks in Cleveland might find II necessary
to hold 81 30 900 in each of their vaults at time
This would make more than four and half tons Ia
weight, and w0ud involve the construction OF en-
tirely new vaults. The same trouble would occur
with the Government, custom. and revenue oilccs
If demand was made upon an individual for com
Ia the amount of $4,000 lie would have to get
drsy to haul his 600 pounds of silver or have sixty
pounds To carry if a demand for II 900 was made
upon him. and Inconvenience wOuld be the result IN
ways too numerous TO mention i'll our daily business
transactions. go,
A greater evil still would be relations with
foreign countries where gold is almost the nvariable
standard of value. Were established at tins time
upon gold basis, our manufacturing interests
promise rapid development IN the way OF exports
more less To all foreign countries. thereby EN-
pOying the idle laborcrs of the country but Wnile
the present uncertainty prevails no one With capital
Is inclined to put il into III enterprises OF that
character. Nothing is mole clearly proved III tbe
past than that stable currency founded upon goid
basis is for the true interest of tte abormg classes
and the masses OF the people. aud that deprecIated
currency, whether upon silver basis or any other
results to the of the sharp broker, banker
or noney-lender