New-York tribune., 1878-02-04

provisional ratiop
1t appears to be generally conceded that what
ever causes a depreciation of one of the precious
metals appreciates the other in corresponding de-
Therefore it would he unfair to fix the weight
of the silver dollar on the present market relation as
it would be to fix 1t the relation which prevailed
in 1870. before the great disturbing cause IN the
German money system occurred The average OF
the two would appear to he the best and most eduita
BILE basis which TO fix the weight of the silver
dollar and that average is 57la pence per ounce in
the London market. The equivalent of this IN
United States standard silver would be about 425
grains. With unrestricted legal-tender. the pur-
chasing power of such dollar would probably
prove equal to the gold dollar from the start and it
may safely be coined for private parties for at least
one year. and coin certificates be issued upon silver
bars deposited in the Treasury.
"When the present excited feeling shall have
cooled down." continued DR.. Linderman, - very
few will fail to the vital Importance of adding
to the circulation the large amount of gold winch Is
accumulated in this cOuntry-nearly two hundred
miliions-and retaining it here. and any measure
which results in sending this accumulated stock out
of The country and substitutes silver in it's place. will
soon become unpopular and call for leglS-
lative relief and believing the addition at an
early day of this large stock Of gold
coin to the circulating medium and its retention III
the country to be absolutely necessary to insure
national prosperity, am OF The opinion that even
a silver dollar of l25 grains shonld be receivable
for only half Of any sum due for customs
duties. and that the balance should be payable IN
gold only. The enactment OF such measure would
be more kely than any other TO reconcile me present
discordant views and feelings of the people inspire
confidence stimulate industry, and prove the be-
thinning OF new era OF pfospeTity In so so iaG as 1Ie
cOnsclenIousy believe that the tmc has arrived Tor
rejecting both god and silver as money, and adopt,
Ing. III lieu thereof, pieces OF paper stamped anu
mil mt
metal. they will of couTse prefer dollar OF weight
most likely to cxpel gold.
MINT CAPACIrY-CoIN CERTIFICATES.
"What is The real capacity of the mintsW
"Ihc Government can coin about 100000 of
silver dollars a month in addition to the necessary
gold and other coinage authorized by law. That is
the maximum capacity of the present mns. 1t not
practicable to work them more tban ten hours
day. They could not be worked at night
on account of the difficulty of securing experts
and the danger to machinery. The mInis are all in
complete order. Then if Congress should authorize
il, the New Orleans Mint could he in NINETY days
put in order to coin half million silver dollars
monthly, which could soon be increased to million.
New-Orlcans would be great point "A the entrepot
for Mexican silyer,w hch would undoubtedly to
the country III large quantities. During the war New
Orleans was the headquarters for the importation
OF Mexican silver. The capacity of the mints for
coinage would be limited, "a above stated. There
would be no limitation. however, as to the amount
of silver which could be put into bullion or stamped
as Mint bars at the assay offices in New-l0rk and
Philadelphia, all Of which, if necessary, could be
deposited at the Sub-Trcasnry, and coin certificates
iSsucd upon it, rs they issued upon gold COIN
and bullion"
Dr. Lindernan hero called attention to the law of
1863 which seems to have been overlooked entirely
by members # Congress, and winch, if the interpre
toton put upon il by DR.. Linderman is right, already
has almost the force of the Bland bill. The act of
March 3. 1868, authorizes the Treasury to receive
depo,its of gold coin and bullion and to issue
certificates therefor to 90 per cent Of the amount of
the coin and bullion in the Treasury, these ccrli-
Gates o be receivable at par Tor duties. Dr. llndcr-
man thinks that the Interpretation to bc gwen TO
the word bullion" would allow bullion TO be
placed in the Sub-TrcaSurlcs now, and ccrt,iicacs
ISSUED upon it prescribed by That law Upon TINS
point, Dr. Iindcrmnn sad further;
"Thc word bullion. IN this section, has been gen.
erally understood Ia mean gold ana SILVER III All
foln- One difficulty in tins act Is that the c"Tlt-
Gates issued are TCdecmlble at the NcW-l ork sub
Treasury only. Large deposits under thus law,
UouL BE- made az san Francisco and at the Carson
Mint. aud Il coin yrtiicacS lssned are only payable
in Nrw-lork the Government would be Obliged 10
transfer this amount at 1t, own oApcnSc ms point
Is overlooked IN some OI the pthuIhS diuehdlhehts
pr. Iindcrnan added: IF Congress should re-
quiIc the mints 20 be Inh at thcf Iiii mdAjIum ga
n,rty on the silver dollars for circulation the coin
ace OF the trade dollar for the Chinese market
would necessarily have 10 cease. This would cause
cou,drraO e DIS alsflct;on on the fncihc coast AZ
fine commerce with China IN rapidly increasing
"Nh hat amount 0f silver would be received under
tbc operations of the Bland bll T.
For thc first year II Is probable that S30OOO.OOO
would bc received from the United States mines,
JOOO, 900 from Mexico Tj,ODOOOo from South
America, and from $3U,oOOO0O 10 S35OOO,OOO.
utoia.ly So OOU, 900. from Eur0pc, mainly from
Germany. he amount to bc received from Europe
mignt vary glca,ly according to tLc action OF the
German Government. II there coud he an lnterna-
tional conference held within year which wonld
result IN the establishment ol common ialiO. that
would be very benchcial'
TIM BEST POLICY.
Dr. Iinderman said that If the country could
make use Of silver and not ruin everybody, h. would
be in favor Of it. lie thinks that the Resumption
Act should not be repealed, and that under the
coinage of such n SILVER dollar as he pro-
po.es specie resumption would bo voluntary;
that all kinds of money which are legal
tender would become substantially Of an
equal value. The only possible objection that can
be urged against a dollar of i2j grains, he said, Is
that under the Funding Act of 1870 the Government
has the option TO pay in gold coin or in silver coin of
iI2Is grains and that option many desire the Gov
crnmcnt shall not lose. This dollar of i2j grains
would be a fair compromise between the yalud-
tion which existed in 1870, when the
Funding Act was passed, and the valuation
which now exists. The dollar Of 12j grains would
be WORTH nj the present market value of silver bull
liou 97l2 cents IN gold. With such a dollar the
three kinds OF money would probably become equal
at once. . -,
Dr Lindcrman thinks that the majority OF the
ncople should settle the question, and that the law
upon which they agree should be Immediately eA-
eCuted. . ,
In conclusion the Dircctorof the Mint said that
there are now $l2J 900 900 IN coin and bullion III
the Treasury. fof which the law of 1868 authorizes
the issue Of coin certificates. Any amount can be
issucd al that coinnpe rate The option should be
with the Secretary OF the Treasury to pay either IN
coin or bar, he might not have the coin, but he
,rnnlI altNnNs hnYr tho hars EOmmcrCIlI banks