New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-08

tage which the government has no right to give TO the
owner of silver bullion, and which derauds tg aI "Go
that If give free coinage TO THIS dOllar OF dnie
Ior value and put it in crcnlao Id we AMY 10 miles,
we ex ect the uniform and lnvarabe eHieIe'iud 81
other nations to be IN some nys,efiD"s WY nv ci run
1t will flow ont from us wt the certainty anu
f nnonnf during the crcu9ton the infc
ror currency OF the legal tender but mat was pcusc
there were great uses reserved by law Tor gold te
collection of customs and the payment OF interest on
The public debt But the inferior silver com Is isq TO
he Ised FOR these two reserved purposes then g0ld mas
no tie 10 bind il to WHAT gain, therefore, would we
make tor the circulating medium, II on ope NM tn l
gate for silver to How IN, we open sun woer gate ioi
If were to venture upon dicum on the silver ques
cannot afford to coin dollar as low as Apo grams
not afford to coin dollar 400 grains. If we con
low dollar before general reconciliation our GG
will How from If com too hlgh "a uOi.'I ~
general reconciliation silver will leave US. IT. Is o
cQuated value both before ana alter gehrG r u,
tization that VIII preserve both gold ana SILVER W US
EVILS OF AN INFERIOR COINAGE.
| Fcurth-Consider further what injustice womb oe
done every holder of lega-tender OF na''oni Jun
| note. That vast volume OF paper mOney-oVer @'oo'
600 900 of doars-is now worth between h'ctS oisn'
| md ninety nine cents the dollar in g0Id CON- INC
holders Of IT, who are indeed entire population from
th pooest TO the weahiest, have been promised from
the hour of its issue that the paper money would one
day be as good gold To pay silver for the SeehoacK
is a full compliance with this promise and TINS ODlsa
| IlOyidet
hitherto as good gold To make our silver com even
three per less valuable than gold inncis AT once
loss Of more than $20O00,000 on the holders OF our
paper money. To make silver dollar worth nut nnetH
two cents PERCENTAGES on the same class loss or Me
ngn For IF ' ibe eo%ry viii nk
10 its standard when its coinage authorized ana us
circulation becomes general IN the channels OF trade
| some one in conversation with Commodore Wander
bt during OF the many freight competitions OF the
snrcnt CARVING capacity to compete with Your great
line ~ "That is true" replied the Commodore, bnt
they can Tx 'e a nw to6av decarinS that every
esaI-tender note Naona6ank snail hereafter
a constituency the United states that would reclect
man that should support IL and IN many districts l9e
| merely minority vote. . . -,
And yet IT is almost INDEPENDENTLY domogStrahle lhat
the same effect will inevitably follow from the coinage OF
inferior silver dollar. Assurances from eprch ana
scientists IN finance that remonetLz atom OF me former
par with gold, must so for what they are worth IN the
face of opposing and controlling facts The first ana IN
slant effect Of issuing auy silver dollar that VIII pay Gus
toms dues and interest the plhlic dent viii undono'
edIy be ~ raise il to a practical equality with gold but
that condition vii! only last until the amount ncedul
for customs shall Ill the channels OF MS use; ana thc
overflow going into general circulation VIII apluy settle
its normal and actual value aud then The discount VIII
come on the volume ct me paper Gurrery whlch WI
made rcdeemahe. That reconciliation Will have con
siderable effect advancing the value Of the dollar -
beyond doubt. but not enough 10 overcome the differ
enee now exisng-a difference resulting from causes
quite independent OF our control ON TINS continent.
IiGh-rhe responsibility of rtstabiiSbing silver IN ~
| ancient and honorable place as money Ia Eurone ana
America, deyolyes really GA the Congress OF the I9rd
States II we aci mere win pIu1ence, Misi,ni 1iu 1
ness shall not only successfully Fcln0netze silver ana
bring into general money in our own country Dui
the influence of our example VIII De polcha dhoE All
European nations, with me possible eXfe'l3n OF l-'S
| land. Indeed our annual indeotmtnt to Enropc l.
80 great that il have the rg TO pay III SILVER we
necessarily those nations by the strongest on All
forces, sel;inerest to AID us III uho1ns me ta ga
! silver as money But II We attempt the EmonelIA"h
IA basis which is obviously and VIGOROUSLY below nc
fair standard of value az Il now exists We nruI an e
evil consequences OF failure at homo ana TIE POSITIVE
certainty Of successful opposition abroad We are ana
shall be the greatest producers OF sern me Wold, anu
we have larger stake III its complete monet zion thah
any other country. The difference 10 the United states
the commercial world aud lis destruction as money, VIII
poss bly equal within the neXi hail century me entire
must make IL actual noncy-the accented eqrd OF
gold 10 the market OF the world. Reconciliation here
followed by general reconciliation m Europe will secure
10 the United States the most stable sis Tor lts cfey
mat we have ever enjoyed. and Will ciectualy AID IN
solving al the problems by which our financial situation
| is surrounded.
DOUBLE G-ANDARD ADVANTAGEOUS.
StrLt-On the muchyexed and long-mooted question
OF bimetanic or monometallic standard my own views
are sufficiently indicated In t he remarks have made.
believed the struggle now going in this country and
in other countries for single gold standard would. sue
cesu produce widespread disaster in the end through
out the commercial world. The destruction OF silver as
money and establishing gold the sole unit OF value
must have a rulnous effect all forms OF property eX-
| cent those investments which yield fixed return in
| money These would be enormously enhanced in value
and would gain disiloportonae ana unfair adVIut
|
most reliable statistics affirm. there are nearly seven
thousand millions Of com or bullion in The world not
impossible TO strike silver out OF existence money
without results which viii prove distressing to millions
| and utterly disastrous 10 tens of thousands.
Alexander Hamilton, in MS aOe ana invaluable report
in 1871 on the establishment OF m,n declared th ~
abrdge quantity OF circulating medium aud II liable
The benefits of full circulation with the evils scanty
circulation. take risk In saving that the benefits
full circulation and the evils OF scany circulation
are both UNNECESSARILY greater today than ihcy were
wnen Mr.. Hamilton uttered these welghty words AWAY
provided that The circulation is one OF actual money ana
! not of deprecated promises To pay. .
In the report from which have already quoted, Mt
Hamilton argues al length III iavOro double standard
and all the subsequent experience OF well nigh ninety
has brought out no clearer STATEN NJ OF e Whoe
case, nor developed complete comprehension OF
this subtle and difficult subject ION the whole says
MIR Hamilton 1T seems most advisable not To attach
exclusively 10 either OF the metals because inns
cannot be done ehcctuay without destroying ie once
and of OF them money and reducing IL
to the situation OF mere merchandise" And then MI
Hamilton wisely concludes that this reduction OF elther
OF the metals to merchandise Il again quote his
exact words would probably be greater eva than Oc
casOua variations In the unit from the fluctuations In
the relative value OF the metals. especially II care be
taken regulate the proportion between them wit a
eve to tneIr average commercial yalue do not mink
that this country, holding vast proportion OF the
worlds supply OF silver in It's mountains ana It's mines
afford TO reduce the metal TO the situation OF mere
merchandise" II silver ceases to he used as money IN
Europe and AmeTea the great mines OF TIE r "a,
gigantic scale existing in this country cannot be carried
provide backs for loOkInggasses ana TO manuIac
tIre crea-ptchers and sugar6Owl9. vast source OF
wealth to tins entire country Is destroyed the moment
|
check that tendency and bring the Continent OF Europe
back 10 The full recognition OF the value O the metal as
| q medium of exchange.
AS TO PAYING THE DEET IN SILVER.
| SereaH-The question Of beginning anew the coinage
OF silver dollars has much discussion TO its
effect upon the public credit and the Senator from
Ohio r. Matthew'S placed this phase of the subject III
the very forefront of the Misunderstanding premaurely
and iogicay, think ON sort of judicial construction
In advance concurrent resolution, Of certai law In
fIo Iavy ia Inc
My this question be stated briefly.
believe public creditor afford TO be paid in any