New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-11-01

being all that country needed To TIE paper issues
conditions Il may issue SIS. 100000 Of paper money
without having any coin behind II and upon coin or un
coined gold in any form OF bullion IL may issue h9es
without limit only tBat, but Is compelled by law
10 buy any amount OF uncOined gold OF ~ carats nue.
which may be presented and to pay for it in paper at
rate OF 43 l7s Cd per Troy ounce and the seller u
the bullion who has received tho notes can forthwith
convert the paper into soyeregns without leaving tne
bank If the holder Of the bulion chooses TO wait 20
have coined mint will 10 " without charge anu
give him at the 93 IFS 1Oat per ounce but
penny-bapenny would emily be saved ON come Sl9 the
interest aud Inconvenience OF delay Is OF course cn
greater than the small difference, and bahk notes
are ya GGG oo e S wbos god behind IT, the
bank pays the Government about t2oO,ooo per aunu,l
ssnsI secured IN this way-eleven millions or II Is act
ually owed TO the bank by the G"vernmeht, anu lle
other our millions secured by investment IN exchequer
mis- bearng per cent Interest other safe interest
bearing securities, salabe at all zines Ia case OF run
could be exhausted the four million OF the securities
above could be converted into cash anu the ee'eh
million which the Government owe the bank could De
| converted INTO per cent Government STOCK Dy the
Chancellor Of the Exehequer, win which me Danh
buy taudng notes redeem them Win
| the proceeds Of the National stock a., -,
Thus the sl5,O00.OOO Of paper issued oy the pahh
with no gold behind IL invested in safe securities Dar
ing per cent interest when the bank GELS anu these
security for the redemption or tho paper mc s
our Government bonds security fOr the currency
Issued National Banks Hence there Is a-ouiey
OF coin and Bank Of England which may be pnt IN
circulation except as before inCnt0ned Dut IL Is All
regulated By the higher law ot trade
On the lat u January the Secretary of the rreas
ury will have abundance Of gold with which TO resume
and maintain specie payments unless prevented by 'he
Silver Bill. Very little gold would have been heedeu
for actual and more would have been drawn
Now danger is imminent, that the alarm caused by
making deprecated silver dollar legal tender, Will
make a run upon the Treasury ana clear 1t OF
gold. There Is question, that the Secretary
desires faithfully to execute the law as expressed
In the Resumption Act and in the Silver BIZ,
and to gold and silver dollars circulate on par
but of course he sees that no such equal ccIaoh ~
possible. Avowed enemies OF resumption. with cOnsu-
tact helped the silver Bill through foreserna rs
tney did what powerful hindrance 1t would he 10 any
resumption The plnclpIesOi thht pl WIZ hioTi5
mature their fruits For while the mschleyoJs ID
com accommodates, and long before 1t reaches s20OOOo
must arise in currency which VIII be serl0us. -
The present value OF pure silver to pure RO IS hp0ut
as a. g. Silver has fallen largely since the beginning
of the year, ana promises iIrtner ec'ie. Inc IN
silver dollar Is 1S cents less IN value than the @o
Stamford currency OF all the great commercial nations
with whom most deal, we cannot lshCre lhe Ernosai
1t have escaped your nOtice
that great changes rave occurred III Tue monetary
standard Of Europe II 10 now some Sky d siueI
the coinage OF silver except for subsidiary nse 10y ho
Act OF 1916, passed IN the reign OF George IL g0 w
lings The states comprising tue Great German Enpiro
The Latin Umon imposed OF the two or at States OF
France and Ialy. adding the three smaller states OF
uary 1874 limited their silver coinage in effect to sub
sidisry coins In Holland, SILVER coinage for general
circulation ceased in 1870 and by law, IL ceased III
Spain except ON Government account. in 1876 In Den
mark sweden and Norway silver ceased 10 be the
Turkey, Brazil and the Argentine Republic
Thus silver, celsng to be coined Us monetary
standard in all the great commercial nations OF Europe
aud the annual product beng large. We can see why
diminished IN value. ana why II VIII decline sun
The Silver Conference. invited by the United states
for the purpose trying 10 establish some h&ed raiO
value between gold ana silver met IN Paris last August
but the object was soon FOUND TO Do utterly impFhc
tlcable II you get dollar in gold and hnd that you
can sell il to broker for dollar and twenty cents IN
slYer knowing that under our law you caa Ill charge
any by silver you will OF course sell The god ANA
everybody will do the same. aud gold VIII disappear
from circulation. -.
period OF eightytve years, we had coined OF legal
tender silver only $90O0,00O, while during the same
period we coined above $3.50 600 OF gold In pTaC
teal fact gold has awtys been our standard and silver
which had already demoneuzeu lise ny nuc estOns IN
discussion, unning through three years demonetIzed
by tue law of 1873, and 80 remained until the present
Down to 1858 the total amount Of coined silver dol
lars which remained as legaLtender for not
exeeeJIng FIVE dollars was only two aud half millions
Between 1906 and 1887 period OF thirty years not
legal silver dollar was coined IL Mas never used
as tine standard Of value nppreeisbe amount OF IL
ever remained clrcuaton ana after 1854 UP 10 TINS
year money OF commerce as well as the standard OF
value gold. Indeed the standard silver dollar has
not been found necessity, or even IN our
currency during single OF the present cenrIry
silver dollar occupies twentys-ven times the space OF
gold dollar purse which twenty aiiyef dollars WV
you pack two hundred millions OF silver I'D the usual
Will eight hundred cars 70
them from Philadelphia to New-fork
GOLD IHE WORLDS COIN.
II has been supposed b. some men that we must have
silver currency aud above the subsidiary CON- be-
cause there ia gold enough III the world to do tue
IL that true then surely ought to have
a double standard, q duadrupe, II need be. But II
show that for than twenty years last past gold has
in fact been quite OF used in the great busi
mesa OF the Christian world must conclude that with
he large annual product Of That metal ge along
In he future
On the 10Th September 1877. before the Convention
Of Bankers held Ia the City OF New-York the nWms
GroesbecE Of read able and elaborate
mani strongly condemning inoOnverble paper cur
rcncy lie expressed himself In favor OF having gold
each otner He said The production OF gold through
out the world s greater than that OF silver 80 also,
d IN Enrone ana the West is more than twice az large
stock Of silver and he eites reliable tables 70
preceding 1876 was far more than twice tue pro-
Daring the period above named the production Of
Gold in round numbers, three thousand millions VI
d nns ami mons OF this silver one thousand millions
! was clipped TO India and China and once DIVIDED
into currency personal ornaments and other srsisc
work very little returned This left OF tho entire
nine millions for subsidiary coma plse. ornament ana
| In the various srts Hence we nave eohciusivo
| But England the great commercial nation OF the
business with silver standard countries, India and
China than all the European naous beside, has during
tnese sixty years coined no standard silver shaeyer;
and England, after long experience shows not tho small
est dir position 20 return 20 the double standard.
But let us whether the United States does not pro-
duoe more gold from mines than she needs for
her currency Since the discoveries In California. We
have produced round numbeIs fourteen hundred mil
lions dollars in gold and the rest OF the world mas pro-
duced more than Thus yanlshcs the failacy that
tnefe is not gold enough with which To make the only
commercial standard OF value There Is no greater mis-
zppre hensiOn than that which leads men to suppose
neces salty large amount OF coin or other eKal cur
reacy IN order conduct the most varied and cU
lossal transactions / favored, by u most reliable
banker, long experienced IN finance with table show
| ing hOv fallaciOus Is the idea.
I fLD( Of Ynrk