The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-11-29
Continuation Of Ex-Sccretary COx's
Discussion of the Silver Question.
From an interview reported in tho
Commercially

From an interview reported in the Cincinnati
Commercal.J
Reporter: What do you think would be
the effect upon the industries OF the WORLD
of fixing the units Of value OF the several
nations in gold alone, and OF making all
silver coins subsidiary?
General Cox: believe that since by far
the greatest use he.world has for silver and
gold is for coin, that to demonetiZe either is
in great measure to destroy the value OF the
stock Of it on hand and to enhance greatly
the value of the other .Iaccept the estimate
that there is about $4,000, 000,00 worth OF
silver in use in the world. believethat to
stop using it for standard coin would take
away half its value ut least. That alone
would make an item Of twenty-five hun
dred millions for the world to pay for
the doctrine of mono-metalism, to be-
gin with. But this is the smallest
part Of the cost. I think the authorl-
ties. in political economy I have already re-
ferred to are within the mark when they say
the value Of gold would be enhanced at least
one quarter. This means that all the public
debts OF the world, all the railway mort
cages. all long mortgages on land. and otter
long RAINING obligations, are to be paid in
Il coin so much more valuable than it was
when the debts were made that the burden
will be increased twenty-five per cent, and
this increase is to be made by direct legiSla-
ton. Il estimated last year, and see no rea-
son to change the estimate, that the cost to
the United States alone in the items I have
mentioned would not be less than sixteen
hundreds millions OF dollars. So much the
people Of the country are asked to pay to
save themselves from finding the silver too
heavy in their pockets g!
But the change involves the continuation
OF the change in values, which has already
begun, until not only shall silver be of little
value, but until all kinds of property shall
feel the same effect ard prices OF al kinds
90 continually lower for years to come, for
it must take years to root out the silver and
reach the maximum increase in the value OF
gold under this system. 1t means a still
further heavy scaling down of tue values ef
all the farms Of the country, and OF all
kinds of property except bonds ana notes:
IL means the incnsase in value OF all nrsI
mortgages on railroads. to the destruct,oh
of Junior ones, and of the stock. In snort'
il means s' bear operation !" OF unpIece-
,dented yastness, the stake being, as | nave
said profit or loss of sixteen hundred
millions in the United States alone. with
sueh' stake, gamblers on the pubic credlt
can afford SO make strong contest, ana
haze their case strongly and piauslDiy ad-
Fyocated, as one can easily sec.
Reporter: Is there, in your opinion, any
reason to apprehend that silver will be de-
monetized in British India2 .s5- ID.
/ General Cox think not. but do not feel
entirely sare OF the fullness OF my infor-
nation on that point. My belief is that the
hest financial heads OF Great Britain see that
fha example OF their own nation is working
mischieyousiy now TINT others are follow
inc il. whilst they will not retraet in Great
Britain proper. think they have no desire
TO zee characterization Of silver extend to
the colonies. ana informed that such men
as MIR. Goschen take this position, aud even
admit that 1t Ia not for the interest OF the
world that we should adopt the gold stand
ard. The financial troubles OF India and
the destruction OF business there are 30
plainly connected with the revolutionary
changes OF coinage in Europe that their
effect upon English opinion may be ex.
pected to be conservative.
Reporter: Is there any probability. in
your Judgment, Of q change in the silver
law further restricting the coinage OF the
dollar or changing its weight or fnepess 2
General Cox: 1t seems to me that as the
coming session is short one, Congress is
not likely TO make any effort at legislation
materially affecting the present coinage laws
in principle. ! think there Is general die.