New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-29

had heretofore,
Germany or by Great Britain, roth peing Wholly
r,sn Of rafive gold Two OF our States, Texas ana
California aTSag ss mo- oS S than gold No
rses oyerwbslm their wellf0unded industries; lew aus
sfers hauptn to their trade anu they may well leei
nS Of their SOLID and uninterrupted prosperity
Storms may come and the winds may how out eolo -
Ions state in The Union has already provided by her own
esisafivc action, happen what may elsewhere re-
1s7a aud all taxes and canal tolls 10 be paid In gold
and ali after that date ere to be payable IN
coin Ia there any other State that assemblies more
legislative wisdom, or that has deeper interest N ne
u pFO 1S sT of forth s o Do &"
though ii may be stied by the jinging OF the silver BIZ
None states maintain an exclusive silver st
ard without immense loss, but TO the cotton wheat anu
corn-growng States IL would be peculiar ndi,sn,p:
the price OF the surplus exported. they have direct
interest in maintaining money standard IN hai ,uo'
The stock Of gold IN he states
ing to not less, am confident, tlan wv io
domestic production with the balance " trace uit
very recently. long ana immensely IA our % ano,
nnnavoidabie Within the List ten wears we have re,
have actually sold for paper 100000 in gold at
profit Of over sioO,oo.6oo Our wheat and corn cot,
ION aud petroleum Will alw command gold, as Will
our bonds With nants in active operation Tor SIX
we could hardly produce as mucn sver con- a. e
payments in gold are nearly ready; out for resump
lion n silver We have not the first dollar Certainly we
have the right to do foolish thing but interest
TO do Can it be wise thing 90 Danish gold
GOLD CHEAPER FOR THE COUNTRY.
The gold standard, IL may confidently De assefteu' lie
practically cheaper than that Of silver 40 not IN
sst upon having gold standard but If we are 70 nave
but one think that The expense oil maih'h-
ing metallic is OF course greater 'hn ''' vi
paper: but 1t must lie borne in mind that paper
t the viii Of the holder into COMMAND no ono
asks for than that A metallic currency currency Is
the annual wear ana II is s 9,e c nnI h mos}
know which metal g9s or svf S OF The SUb
ict conclusyey shows that the loss IS nearly III lropor
non length OF time coins have been IN clfeulatio
and TO the amount surface exposed although email
coins, being handled with less care suffer most me
twenty-five to keep silver adoat than 1t does
to maintain the same amount IN gold TO s ,so
cent for abrasion but that OF gold would not ex-
coed onetwentieth Of per cent THIS Is Troublesome
standard 1t also he borne In mind tlat the mint
cost o. aneuSt in gold More than sixteen tons II
silver is required the equivalent OF one toh OF eOid
As cold matter fact, silver is neither the best
the cheapest standard II far dearcr 10 plant and for
ever dearer 10 maintain.
The proposition Is openly and square!y made 20 pay
the public debt al option in whichever metal goG or
silver happens to he cheaper and chiefly for the reason
fhat SILVER already happens to be 10 per cent the
cheaper 1873 to have paid the debt in silver would
and then there was unwingness the part OF the
present non-contents TO pay III gold Silver was then
TO sell than to pay on debts III. roro.s,
equivocai LEGISLATION is nor dhIe 10 sew .at ie
great enduring interests of the Government ana the
people To begin with, IL wGnid cost IA o. percent
nnalIy or 10 per cent every tsa years, maintain
wone be ac'1 G must lie " tcr i ons time to
come, a borrowing nation, not expecting 10 pay
our debt se in silver is only destructive Of our own
credit; require lower rate of interest or debtors
and cannot afford proclaim tie house-tols, now
and forever that Will pay debts when they mature
in just the metal that happens TO DC o. the least
nav have discarded. Tie option, involving ~
pns and gq 8oS Bs % r. Se G
about the value OF the medium of payment woud have
TO be too largely discounted ana mpensated 10y higher
rates OF interest days labor Will be required
pay debts in silver to earn any surplus; IMAM TO pay
hard will have abundant reason to depiore tie passage
sound economy dictates the funding of the presen; Ma
tionai debt at a lower rate of interest which
EASILY he done by Keeping our monetary affairs
condition and our money standard in harmony with that
Of leading nations OF tie world where u was pac-
tically when commenced oar borrowings 0n "a
iarce scale Our per bonds
The process of being rapidly retired and replaced
by bonds bearing interest at per cent wiieh the
Rland Bill has promptly arrested and tie in 10 olir
Government that would have relieved 1nr people iro
millions OF annua! taxes must De apuuoheuli He hi!
goes unamendcd by the Senate Tie holders OF our y
per bonds will rejoice should The silver M pass as
that will deprive the Covetment oi an power 70 suos
tut bonds paying 1913 per cent less interest Is IL not
better financially, therefore, TO consider whether more
vantage ground would not be lost tiah gained DJ any
peinaturo optional devices =,
I'm silver and then TO the SILVER il the payment Of
pubic debt whenever that metal III its cieekcrcd ior
ONLY violate true spirit OF our public debt
contracts ana the original expectation OF all ihe
treated before9but would result, to the extent
OF the difference III such a 1uctuating rduc
lion Of The ariff as would receipts Of he
Treasury without discrimination aud be striking boon
tuddenly granted TO foreign industry without auy I'D
yantageons equivalent unless II should 1e held dvan
tageOus TO inflct lerhandcd blow upon American IN
dastry Neither the Treasury nor the people are pre-
INV deepest convection that would be far easier
pay public debt in gold than TO maintain huet,l-
atIue standard for even ten years. aud the taeii
tsaforded for broader and safer enterprise to people
where the luxury repOse is unknown would create
wealth With Immensely greater Idpidlty, II allowed 10
base their credit system on standard Where gold shguid
not be excluded That would INSPIRE confidence Silver
should beware OF the tale which Tie derenuai cen.
of silver may hereafter unfold No business
industrious enterprise can Withstand the present III
stability OF silver.
FIXITY OF VALUES COMPARED.
The stability value Of gold to be only
slightly affected by large increase decrease Of its
volume in any particular quarter at any moment Of
time IL is enough that it is to be had when wanted and
n comes forth from any hiding place ready for service
ready to Itscosmopota but where most
wanted said to have brought into circulation
from 1850 TO s5S wle slightly undertaking silver 5000.
100000 without ripple 10 the moey-cei,irss OF the
of nearly one-aif whole worlds production the
preceding $50 years. The Bank Of France III 1874 in
$1,000 900. without any disturbance OF the
monetary affairs Of commercial nalio1s, and In 1876
the bank ADDED TO its stock OF gold 450O0O,GOO francs
or about $iOo0O0,O00 There exported from
England to the Hanse towns IN 1871, 49, and 1873
over $4,000 900 iu gold, with otIer effect than
trDg rise at Inc Bank OF England in The rate or inter
parts with about SlOOOO0000 annually In the ordinary
course OF trade much as was Held prior 10 CeOo by
In fifteen years. from 1851 to 1866, $500 100000 of
gold went from tie United States across the Atlantic,
and met ia Europe by 5000, 1000 from Aus
tIaa; but this Unprecedented Influx did not seDs5by
affect the ake:, while much smaller movement OF
silver strikes il with paraysls. Even silver Conf
mission admit taat surius ol silver in The L9ntlon
market Of even small amount sl00OO,O0O might
cause a serious depreciation in Its valnC."
Germany, in changing her eurtoucy rom silver to gold
erected no scarcity OF g1ld Dnt heT mIieay laa heen
TO nd herself OF superabundalt silver Other European
paous, during the same tlin avoiding silver appear 10