New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-27
N CERNESCHI ON SILVER.

NJ CERNUSCHI ON SILVER.
Once more extremes meet. NJ. Henri Ger
nuschi, the ablest living advocate OF the
double standard, in his latest pamphlet, de-
mands as a positive necessity that the com
age of silver in this country he stopped.
He not only recommends, but most conn
+ IDENTITY predicts, the repeal OF the silver
bill the precise course which, for very
different reasons. the opponents OF the
double standard urge. 1t cannot be expected
that his arguments will influence those who
| are camoring most loudly for increased com
age here. They have neither reason nor IN
formation. But sincere advocates OF the
double standard, who have no selfish JOB IN
hand and are capable of rational discussion
will find in the pamphlet of NJ. Cernuschl very
strong arguments and earnest appeals adj
dressed directly to them.
The United States WAS right, NJ. CernuScm
holds, in declaring in favor Of SILVER coinage,
and In asking conference with the European
Powers on the subject. But the conference
has failed. True. says NJ. Ceinuschi, 1t has
shown that bi-metallc doctrines have made
great progress. But nothing was done.
The utter inability Of any one nation
TO restore silver to its proper place.
he claims, has been demonstrated. his
can he DONE he insists, but only 10y
concurrence of nations sufficiently strong
in commerce. Any one nation, attempting the
restoration of silver alone, merely helps Eng
land and Germany out of their difficulties.
German industry is Frustrated, ana Prince
Bismarck is proposing new and extraor-
binary measures for its defence, be-
cause il has been found impossible to
sell the silver Of Germany, and I'm
possiblc TO resist the tide OF accumu-
lating disaster so long as that silver remains
upsold. England is prostraied in all its COM
merce, because for years its enormous traffic
with India has been conducted mt constant
loss. Germany would be very glad to see any
other nation buy German silver. England, as
Mr.. Goschen allowed it to be understood al
the recent Conference, would be very glad 10
have the United States or any other nation
buy the German stock OF silver still unsold,
and render that metal more scarce IN INDIA
But what should those countries do winch
really desire restoration OF silver to It's
former place in the worlds currency Ac-
cording TO NJ. Cernuschi, France should stop
silver coinage altogether. And this France
has now bound itself to do for six years.
According TO NJ. Cernuschi, Italy should
no longer be permitted ito coin sill
over destined for France" This also
has been arranged; Italy is to retire ITS
small notes, and after this year IL to suspend
coinage Of legal-tcnder silver. Again, accord
ing to NJ Ccrnuschi, Austrian coinage Is
"watched with approval by England. France
should advise Austria to discontinue It,"
Finally. as to the United States, Nj. Cernuschi
says:
The United States have n grand revenge {" take on
England II was England who made tho Conference
mscarry Let United States coin no more silver let
them repeal the Bland bill England Will be In con-
sernation The Bland bill. judicously amended by
Senator Allison. provides that the Federal Treasury
.ha expend every month from two to fouI millions OF
dollars IN purchases OF silver for the purpose oil coinng
dollars Ching 4l2ls grains. The .ysfem or limited
coinage was thus recognized Congress ala well TO rec
ogu,ze H. but IL would be wrong to maintain
H. IL did we'll 20 recognize 1t. because an
American vote In favor OF SILVER. producing
great impression In Europe. might have induced the
Paris Conference TO institute international bimetalsm
II would DO wrong 10 maintain It, because heneeIorth
the purcssas silver effected by the FoderH! Treasury
have no other effect than that OF helping Germany 10
get rid OF s silver. OF burdenng the currency OF the
United states with non-aulomatic homeopathic
money, OF studying the convenience OF the common
enemy, England.
II will be perceived that this most eminent
advocate of the double standard holds that it's
worst enemies are those silly persons who are
clamoring for more silver coinage. Exactly
the same advice, given long ago by THE
TRIBUNE, was treated by them with great
CONTEMPT. But NJ. CernusChi believes that
the situation is now such that it will force
them 10 cease silver coinage. For he says:
al not naf % hay will do
what the Latin Union has done after four years
perenco like It. they will suspend all purchase OF sl
YER and the present will not coin single piece OF
that metal In hoe sgnO As soon as the United
States expend more the millions they are expanding
every month purchases OF silver the price OF that
metal will undergo terrible crisis at London. the
rupee will be dcbased. that tired of and to
cue the value OF silver, England will ask to negotiate
ON the basis Of international bi-metalisn.
These are not oracular prophecies they mathemat
zeal predictions, like those Of astronomy
II is hard for those who are wearied with
the inconsequent, vapid and pointless utter
arces of many pretended champions of
"silvern in this country to realize that there
is ANYTHING in common between them and the
eminent writer whose words we have quoted.
For he knows what he is talking about He
clearly understands that this country can only
| waste its money, debase its currency and tar
nsh its honor by an attempt TO continue the
coinage of silver after the Latin Union has
ceased. Whether NJ. Cernusehi is right or
not in the belief that England will be con-
| PEELED by its relations with India to urge
| international agreement in regard to silver
| coinage, this, at least, il certain-no good
thing can be accomplished by the United States
| in continuing the purchase and coinage of
metal which cannot be exported, which can
| not possibly be forced into circulation, and
! which accumnlates in the TrsssWy, q useless