The New York herald., 1878-01-17


RIcHMoyD, Va, July Ii, lS78
Hon. X. NJ. 7. Hunter now Treasurer oil Virginia, a
former United States Senator. who was. for
ber years, chairman oil tho Senate Finance Commit
ee has written the following ettor giving expression
70 his views 10 10 tho emonetizaton Of silver
al very much afraid that our friends about 10
mako mistake In the manner oi remonelizng silver.
Rightly done It Is great measure, which have la
vored loo u long time Equate tho value OF The silver
dollar with that Of godtnat Is TO say, put in exactly
much silver Will buy gold dollar-the
only elect viii be 10 increase the specie
value of tho currency OF the country, which
to the extent II is likely 10 80 Will be an almost
unmixed benefit and hurt no ono severely. The pro-
OF specie redemption will be Tar easier the
general value OF The paper dollar Will be little better
on that account Those who hold specie largely will
lose a nltis by a small reduction In tho value,
but the people al large VIII DO greatly benefited II,
The other hand, arbitrary weight OF silver you
attach the legal value OF dollar, without reference
to the relative value in gold, you establish Two cur
rencies OF which silver, being the cheapest at pres
ent, will dispace gold, as silver will come from
abroad and gold at home Will go abroad. The cur
rency really used will be tue cheaper, and It may be
great injustice, certainly great ihconvenience, TO
adjust oid debts and old accoun,s 10 It,
VARIABLE VALUES
'But what are We To do when the two vary In value
as vary they w.ilY
..Appoiut commission to adjust and proclaim the
reatve value annually vi The siyer coin Inparol
with the gold ana let IL be used AZ this value Tor the
yoar ana until another is declared. commission
composed OF AN appointee ny The President OF Tho
United states of by the House Reprcso
and The director oI The Philadelphia Mint mig
hx tDis relation annually. fhls might sometimes
little iuconveuienL Tue SILVER uoliar might be de-
clared worth, say nnety-two cents, aud otner silver
coius Ia proportion.
.slhcse unsy u,etrical fractions might somewhat
impair the facility Of account but tho great end to
be attained would compensate Tor lItle incouv GU
SILVER would probably be used TO sottle debts
and accounts at a declared vaiue. ms would bc u
great Inconvenience and, as SAID before the ipcOn
venienCe would DO iay compensated by the vast
benefit ol increase OF legal spcc to the country.
Tue declared value would not vary mucG in The
OF year-enouxn probably TO make the process of
debt paying little elscr 10 The debtor but not los
Ing pnu wasteiu 10 the creditor as settlement by
bankruptcy
.lno silver could sink below the cost OF raising
refining aud coming. these would tond To keep IT
nearly equal III vaiue for year. | would MAKE IL ns
neary as possible Que currency Uy cquaing tho
values although composed oi Two metals. This would
rcdounu very much 10 tho advantage ol the country
But law making two currcnccs OF two metals would
not last long. repeal I, iorced by the Inconven-
fences ui MS operation, would be exceedingly expensive
ana iLconvenent.
MIXED DOLLAR
"iias II ever been suggested 10 make coin OF gold
ara SILVER mixeuf Han the quantIty OF silver IN
value, and hall Tho quantity gold IN The present
gold dollar, melted together, would vary with Tho
cUmmcrciai value OF the Two metals IL large
amount were used the Tetractlon would not be 30
sudden and vocnt as those vi the svtr dollar alone
pouaniy not more Than haii as mucu The first case
as the attcr.e The commercial value of tbIs COM
rostc dollar would be The sum oil the commer rcal
values OF tho Two metals IL conlaneu, less the cx-
penso Oi separating and refining them. Ihis II a
constant quantity, subject only 10 changes arising out
oil improvements IN HE arts. WAT would be the
precise Junction OF this doar in trade have not yo;
considereo."