The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-12-11
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..r,,,ss,r,sEspA /. $. DEeEMBER II, 1878.
T,aa, CuLrr,eney,

= rz
i, acknowledge that s silver dollar Is rs
,-,,uah,e rs ! cold one win be sure to fail OF
Their PURPOSE unless more coin pc put an.o.
fine silver dollar. or some provision pe maze
Gar reaeea,ing it Id gold. Congress conia'
a.s,,y make silver dollar that would be as
valuable as q gold one, by requiring more mol
silver to be put into 1t. But that Dody
seems disposed to find some other way Of.
accomplishing the end. The redemption
OF the silver dollars by taking them for
customs duties will tend to keep up their
value until there shall have been enough OF
them nut into circulation TO pay all those da-
ties. or until the Government agrees 70 take
greenbaeks for those duties. whenever
This shall be the case. the difference De-
tween the value OF the gold coin and the
silver coin must begin to assert itself, un-
less prevented by redemption in some form.
we are not afraid, however, OF any infia-
ton that could result from that state OF
things. Gold would disappear from tue
scene entirely, or appear only as the sup
ject Of special contracts, since every man
msses it a rule to pay out the cheapest ana
noorest dollars that he has and keep the best
ones in his pocket. Thus the expansion
caused by the comparative cheapness OF fne
silver would be in some measure counter
acted by the contraction caused by the dis
appearance Of the gold.
But silver and gold both pass in France,
we are told. Undoubtedly; and for good
reason. Redemption in some form or,other
is all that can regulate these matters. the
French Government nedeems its silver COINS
In gold. It receives them Just as it Goes
gold, 1t redeems its paper-money IN goio
on demand. Consequently France mas
currency OF gold, silver, and paper that
cannot be too highly praised Tor It's excel
lenee. Why cannot the Government OF the
United States follow this good example :!
Study the French system. The smallest OF
our coins might be redeemed in silver when
presented in sums Of fifty or hundred
dollars. The subsidiary silver coins might
be redeemed in silver dollars when pre-
scented in sums Of thousand dollars. The
silver dollars might be redeemed in gold
when presented in sums OF ten thou
sand dollars or more. The greenbacks
might remain redeenable in coin, and
the bank-notes in greenbacks, as now.
Some way must be found OF keeping our
several kinds Of currency at one value.
We do not know what that plan will be or
ought to be; but there must be plan
found. The banks cannot be bulldozed
into receiving silver dollars and paying out
gold ones so long as the latter are more val
liable than the former. They would much
prefer to 60 out Of business. II they make
special contracts as to gold, they are de-
;nounced. II they do not, they will either
have to pay out the gold to men who depo-
sit silver, or else will have to hoard their
gold, and thus render it useless to them and
the community. Dir. HEwITT's bill Intro
duced into the House OF Representatives on
Monday is doubtless. intended to remedy
the inconvenience OF having several differ
emf kinds OF currency not OF the same
value. If he can solve the problem OF the
financial situation, he will earn the graft
tude OF bis couDtrymen.
Since writing the foregoing we have come
upon a copy of bill Of Mr.. BUcKNER's,
which contains the following among other
provisions:
"Any owner Of one hundred standard sill
yer dollars, or any multiple thereof, may
present the same at the Office OF the Assist
ant Treasurer Of New York, or at the Mint
at Philadelphia, and at such other minis and
offices OF assistant treasurers as may be de-
signated by the Secretary OF the Treasury,
and on demand shall receive therefor like
amount OF gold coin at par. And the Secre-
tary of the Treasury is hereby directed in
all coin payments by the Treasury to make
no discrimination in favor Of or against gold
or standard silver CON-"
That is based upon the right idea; but
the sum is TOO small. 1t is not necessary 10
redeem silver dollars in small sums, the
only object OF redemption beingthe keeping
OF the two kinds Of coin at par with each
other.