New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-06

OF the gold and silver coin and bullion in
seven cee ' years has oqacd ISL 100000 francs
Such estimate OF increase - perhaps excessive:
that there are now ai least 300 francs less OF
silver France than there were In 1870 while the
amount OF gold coin and bullion at least 33oOo0oO0o
greater. The tendency steadily and Enthusiastically in
the direction. The Government has declined TO re-
ceiye more silver bullion to he coined on private ac-
count urquestionaby with view OF reducing silver to
the condition of ubsdiaIy coins
with Such examples helOrc us, shouh the Ohlteu
States not hesitate before entering upon course of
action which TO- reverse the example Of al other com
mcrcia naonst For 10 'a or England ana France IS 10
be added that Of the German Empire The causes which
led 10 the revolution there precisely OF the
character which led 10 the dtmcneuzaton OF SILVER ID
the United states and Great Britain and its practical de-
PEELED TO slowly than the Others
FROM The TACT that mp 70 4 recent f na.e
while the amount OF this metal TO be disposed of FAR eX
ccedcl that held by any other nation lrance was ied
into the financial revolution she l. now undergoing ~
no desire ct change nor ior te SAe OF any
advantage She had. on the contrary every ndueeheht
retain silver as her chief currency. Her silver coinage
was one which her people had been always acemS-
toned and with which they we're wholly content Ihe
competent management through series II years that
displacement OF one currency by another should IN
Tho success achieved well illustrates the tranEcendent
ability OF that people financial affairs The Bank Of
49, NJ t d,fcnv SILVER which formerly constituted
reserves, has given place in great measure 10
Eo; ~ Tod i $50 Men IL ,si Entered ron tie
great undertaking, only Sll $4,000 were Of gold OF
the ttaI reserves H. Ol9 5Os OJG francs held by 1t
tbc 936 of Jure 1s7tj fGS 600 consisted Of gold.
~ %Sc 80 h1a ~ sii,-,r ~. a.sumutini, tjat after
a the sacrifice which that country has made by which
she oe safely transferred herself with all her industries
from one monetary baos the other, she is to eiaco
enjoyed. X not for moment 10 he entertained.
HOW SILVER WAS DEMONET!EED.
During the silver agitation in this country the memo
ril says:
Nearly three years elapsed from the Introduction
Of the proposition demonetzing silver untl It's ina
passage During Ire whole period every possible means
was resortcd 70 30 give publicity and invite whatever
opinion or criticism could aid in coming to wise and
temperate conclusion IL constantly and cmrhai-
icaiy urged b. Secretary OF the Treasury. The hui
was CONSIDERED al Length by the Finance Committee
OF the Senate aud tac Coinage Committee OF
the House during five different sessions OF
Congress- IL wac repeatedly read in fun in BON Iousea.
II vas printed in fu with lie amendments. 10y order Of
Congress different times. and twice IN addition,
nm re- rcnor. made Nv thr Deputy Controller OF the
Currency The debates upon ~ mi III NE senate oc-
cupy sNtv-siN columns OF ;lc Congressional Globe, ana
those ia inc ilorst seyeuty-rght columns. DrAE tus
pe1od every shade o. opinion both III and ont Of Con
sress. invoked and challenged. Never was
measure fully, nteligcny, conseIentouGy and cx-
haustivclY considered. Can anything De more IL
credible than that IL the faceof all ts tie assertion
could be fabricated aua ptliap3 peeVtH ~ tii' CO.
suit OF conspiracy 81 capital AGAINST 9oor; tHat IL was
gotten up a0d s1lrcpt9u5y worked through CONGRESS,
advantage being taken OF The confusion and lcoheTeuce
always incident to the close on session. th't ~ Nt'
monSuoHs courage upon p"puti ipeIn tn"t II re-
sricted the people in the use OF their ma dga Eone ani
"A % ia,
that the StQS IN gro, which existed previous 10 Us pas
sage, SHOULD be fully and completely restored!
EVILS or A SILVER STANDARD.
Having shown the necessary tendency IN ali COM
mercial countries the with the increase Of their
commerce and wealth. Of gold in the place Of silver
money and having given a brief sketch OF the change
from silver to gold it took place both in this
and other leading nations. the momori"i.stS pre-
coed SO show the Inconvenience and loss that viii newt
taby result reversal Of the action and pfccedcGts
.i1,... oit1 anna.
any value as the standard Of values and esatender
ior ralimitcd amounts. They say:
Y, fact is more universally recognized than that, OF
two curreudc Of equal legal competency tire less Naiu
ton. The passage Of the pending BILL consequently,
must Danish gold from the country, and leave us hui
exceptional For whatever Fcope our eXFs - or silver
may DC intended, they must, AS at the present time,
Grs pass on their way through London the commercial
centre and clearing house OF the world The STANDARD OF
England is now practically the standard of the world
II oHr exports Ot silver consequently, must then be
sent 10 country merchandise ana so FAR as dents
are concerned be nonetzed in It before they can he
nSod II w0ud be precisely il We mad had no other
mode OF having our foreign balances bat b. shipments
yncIc our payments were to be made For such pur-
poses silver woUiG lot necessarily nave any preference
over pork or honI; IL would constantly nclnie, liAe
these articles, 80 that an American merchant ehStSed ID
foreign trade could never trH low ne 'IlG! @, t.e
amount means for the payment OF his dcotS
Tie very fact that these were TO be PAID al certain
dav and that large amount Of silver the money 81 his
country, bat oil no othcl WIN WhSh ne was HcdnnI'
was to he thrown upon foreign mIIket W0uid cAct
UInrnrr
price 10 Whlcu IL was Oi'ini ny 5u"yN'' .Hi.'
be no demand for SILVER at the ume ana place 0 pay
mrnt or those deerOus Of purchasing might combine 20
IT, Oh The other hand, the debts OF the merchant were
TO be paid in gold the creditor would DC compelled 10
accept specific sum II our own currency were OF
gold, then tie specific THINK that would pay the deDl
could be forwarded and the creditor would be obliged
to accept il at its nominal value. 10 matter now
great the plethora of Monty might BE- ana hGW-
unpaid for the sake OF the accrung interest TO adopt
therefore q money exceptional bonn as 20 kind ana
mo
throw away the very agency CHIEFLY lnsiI umen.al III
building up commerce and wealth. and CIVILIZATION So
full Of the comforts, amenities charities, and virtues OF
life SO FAR cur foreign commerce il concerned u j.
not OF the least consequence whether our money be
coined AT it, bullion value, or al ony oheaf Oh shc
value 1t VIII. III al foreign markets, circulate only ~
its yaluc-hai - not at iS legal tender vue, Du AZ lS
purchasing power 1t will circulate at home only at Its
value except in DE payment Of such debts a. may nap
10 per cent les than its actual value 1t % be
discount II the Length OF ayaIaSilck sH3u DC Ieu,G
0nehird, the material measured ny H. though called
yard, would have its value reduced onenrd Money IS
not scale of valuation, mode OF computation retained
Nv one OF the parties TO sale but one OF the things cA
posed to coin silver al liz actual value, the whole qucs
non would De Instantly discharged Of all the heat and
on all sdes as deliberately and temporarily as il were
Il question III Mathematics or chemistry.
The proposed biz therefore. by making standard OF
l 6I i Tie fCt ~ throw, ms out of relations with all
oar whole commerce with them VIII then be in the form
Of barter with all the isolation which THIS Implies We
snail at once take subordinate position N reference to
a Il and this. too, the very moment when our own,
among other nations. laborrg so pcrsst"n'ly and
earnestly 70 unite all IN closer bonds by system OF
coinage ard standard common 10 all.
silver standard Will he mlschicyou5 in the domcs-
tic the foreign commerce OF the country Us Naut
Will be determined not by the Use 20 which 1t IS pul at
home by the price OF sAycI bullion a. mcrciandise
in London the great market % SILVER tor the world me
daily fluctuations there viii be The daily fluctuations
here The result viii be that no one could De certain
mat the value OF the standard would be the IN
two transactions. Every one, consequently, would AZ
WAYS enicIvOr protect himself by demanding an eE
orta price fer what Ut had 10 sell IN order 10 meet
the fluctuations in the value OF tie money Inc was 10 re-
ceye II Is in this way that with huciuatIng stand
ard al the operations OF society speedily reduced to
fur hazards 0f speculation or of games Oi chance