New-York tribune., 1878-02-18
LETTER FROM GENERAL DIX.
AN OPINION FROM loKoHAMA-BONDs SHOULD BE
PAID IN GOLD, But IN OTHER RESPECTS SILVER
SHOULD BE AN UNLIMITED LEGAL-TENDER.

LETTER FROM UENERAL DiA.
AN OPINION FROM YOKoHAMA-BoNDs SHOULD BE
PAID IN GOLD, But IN OTHER RESPECTS SILVER
SHOULD BE AN UNLIMITED LEGAL-TENDER.
TO me EdttOr or The Tribune.
SIR: The conflict of opinion in Europe and Amer
lea in regard to bimetalic currency, and the
earnest discussion of the subject in Congress, with
view to the settlement of the question with Us,
should. to unprejudiced minds, render acceptable
onv fair and good-tempered contribution to the
fund of the argument on either side In the spirit
of this conviction send you an extract from let
ter addressed to Inc by an American abroad, who
ag few superiors in intelligence or in familiar
ouaintance with the commercial and financial affairs
of the United States and the countries in Europe
and the East, with which we have friendly inter
course paper from the same source,
published in The TRIBUNE in 1876, at
tracted good deal of attention and contributed
perhaps III some degree, to the prevalent belief that
in following the lead of Germany i'll prescribing sill
yer money we committed a serious financial bunder,
and that we should repair error by substantial
repeal of the act of 1878, which restricts 1t TO 50
as 4 legal-tender.
The vital question connected with the settlement
of the pending controversy with us is whether we
will pay our bonds in gold. On this question the
opinion of my correspondent is very declded-not
because the DOnuuOlucls hdNc ilSIiI w ut-
mand payment in that coin, but because they took
our bonds with that belief aud were encouraged. if
not warranted in doing SO by our legislation making
silver coin lcgal-tender to the most Insignificant
amount.
This point being conceded by the advocates of sill
yer money he thinks there unanswerable reasons
for making it an unlimited egal-tender-obviously
regarding its present depreciation exceptional,
resulting from the hostile legislation of Germany
and our own Inconsiderate adoption of policy of
extremely questionable wisdom financial meas
ure for any community, and positively injurious to
our own interest as q silver-producng country. Ii
NAV be fairly questioned whether Great Britain or
any other European State. would have prescribed
silver as money, if that metal had been one of its
own products. 1t has been suggested, metaphor
cally, that a country which has swallowed legal
tender paper "camel" with gold at premium OF
$50 per cent need not strain at lcgal-ender SILVER
"pnatu only 10 per cent below the standard OF gold
especially some OF the most aStute scientists
and experienced experts are confident that tne IN
limited adoption of silver money VIII gradually
diminish and eventually oblterate the present dlf-
ference between coins of the two metals.
But did not intend to enter INTO the discussion
of this question and leave ii with my cOrreSpOn-
dent and your readtls. J' a. ~
Ne.r- Yoik, Feb. II, 1873.
YOKOHAMA, Jan. 13. 1873
have read carefully the silver Committees re-
mort and think it almost q demonstration or the
expedency for us Of restoring silver as an unlimited
ega,ender IN country. II do not do so, we must
think have hard times for many years II we do IL, we
shall soon have times and the European nations
who are not creditor nations will surely follow our ex
annie England will probably refuse, as the interest OF
,be governing classes make money scarce and dear
But Germany will probably soon repent aud try to
repair her folly, and France will adhere to silver II
We do.
1t appears to that every days experience is sup
portng what wrote you in 1876 about silver as money
for America But in regard to bonds which were in
tended to and expected TO be paid in gold, we
had better pay them gold for the sake of saving in
interest as Mr. Hayes well argues In his message we
shoud than to rrtate creditors for the sake OF he
small gain shall make by urging our right 10 pay III
silver. II Is question OF expedeDcy only not oi ao'
sract justice; but such 1t must be clearly ana prompt
ly decided for gold. We are fully agreed on this'
Thanks for tue Bland bill think any limit 10 the cir
cuaton OF silver in the country VIII DO injurious anu
will make one money tho rich and another and pos
siby, inferior one. for the poor Silver Is good ioi
monaY. Il viii serve all GanmsrGia needs Just "