Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-01-18
Ex-senator Hunter on the Currencr

Ex-senator Hunter On the Currency.
Mr. r. NJ. 7. Hunter, ex U. S. Senator from
Virginia, and now Treasurer of the State, in
letter on the national currency, says
Il am very much afraid that our friends ara
about to make mistake in the manner of 70,
monetzlng silver. Rightly done it is prsat
measure, which have favored for long time
E1uate the val ne Of the silver dollar With that
ct gold-that is TO say, put in exactly as much
silver as will buy gold dollar-the Only effect
will be to Increase the specie value of the cur.
.ency OF the country, which to the extent it is
likely to 90 will be an almost unmixed te3e6t
ana hurt no one severely The process of spe.
ce reclamation will be far easier and the gene
raj value OF the paper dollar will be little BET,
ter on that account. Those who hold specie
largely Will lose little by small reduction io
me Vaue, put me people at large will be great,
~ benefited. II, on the other hand, to az ar
bltrary weight CT silver you attach tho legal
value OF dollar, without reference to the reIa
tive value 10 gold, you establish two currencits,
OF which silver, being the cheapest at present,
will displace gold, as silver will come in from
| abroad and gold at home will 90 abroad, The
| currency really used will be the cheaper, and it
may be great Injustice, certainly great ia
counts to it.
But what are We 10 do when the Two vary
| 10 value, as vary they will?
'App0lnt commission to adjust aud pro.
claim the relative value annually Of the silver
coin as compared with the gold and let it b.,
used at this value for the year and unit! an
other is declared. \ commission composed Of
| an appootee by the President Of the United
States, Of another by the House Of Repres:n
tatlVes and the Director Of the philadelphia
Mint might fix this relation annually rhi,
might sometimes BE- little inco1venicnt. FL.
silver dollar might be declared worth, say
nnety.tGo cous, aud other silver c5ios 10 pr1
portion.
"These symmetrical fractions might some.
what impair the facility Of account, but the gr-s:
end to be attained would compensate for liz:
| inconvenience. Silver would probably be u:ci
| to settle debts and account: at s declared va.ua
This would be grest inconven;e2c, and as
said before, the inconvenience would be fully
! compensated By the vast bench: OF 81 increase
Of legal specie to tho country. The declared
| value would not very much IN the course c: y
year-enough probably to make the process O.:
debt paying little easier to the debtor, but L.:
so losing and Wssteful to the creditor ss settle.
ment by bankruptcy.
Tho silver could not sink below the COS: O:
| raising, rethlng and coming. Ine:e Won
tend TO keep it nesrly equsl in value tor q ycar
l would make it as nearly as possible one cur.
rency by equaling the vs!uas although c93mpos'
| ed Of two metals hi: would rebound very
much to the advantage OF the county Blu: =
Law making two currencies Of two metals wou,1
no. last long a repeal, if forced by the inco2
venences Of is operation, would be exceeding
y expensive and inconvenient.
| Has it ever been suggested 10 mske coin o.:
gold and silver mixed? Half the qusn'i:y 0:
silver in value and half the quantity OF gold i:
tie present gold dollar melted together, wouiI
vary with the commercial value CT Tia two
| metals II large amount were used the re.rac-
| tons would not be- sudden and violent az those
Of the silver dollar slone; probably not mo'c
than hslf g. n uch in he first ca:s So the lat.e:
The commercial value CT this composite do!!s7
| would be the sum OF the c0mmercIa. vaues {!
the two metals il contains, les the expense Q;
Separating and refining them. This is a con
slant qusnity, subjec. only to chsnge arising CT:
of improTemen.s in the arts. Wha: would b.
the precise function Of this dollar in t:ada /
have not ve! considered.