New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-06-14


figures facts and arguments that the decentralization
fsilver has had disastrous effect upon the CONNER
cial manufacturing and laboring interests OF the
nations deprived of 50 per cent Of th cir purchasing
| power" If Mr. Williamson's article could be re-
! published and generally read in this country, IL
woud correct errors, remove prejudices and create
| a wholesome public sentiment. The following ex-
tract shows how conclusivey this writer disposes OF
| objections to silver
Objections TO b-metallism sometimes made on the
ground that perhaps there may he very large uevei
Of the other Our answer isthe more the better TOT
world mot Whether the the co World De hs ample
for the employment Of much more money ,han "
our views that as this Is question Of supply and de
! mand." we somehow contravene the principles OF
free trade in contention To this oe)ecton We rep
it entirely question Of law and not OF demand
and supply. Where law prevents the use on meta, Ia
the monetary system of anv country there can DE no
mand for II, exceO for Manufacturing purposes; me
principles Of free trade rather contraveDed by the
nnovators who osered the propaganda for universal
goli currency in Europe, tie injury caused ny WHOSE
teachings seeking To counterfeit by TINS pea
for n return 10 the worlds old conservative method OF
bssne sta currencies ON both the precious metals gou
and silver
Other reliable statistics prove that the relative
quantities of gold and silver, in our own coun
try. are constantly approxImatlng. The Nevada
mines, II has been ascertained, produce silver and
gold in about equal proportions, the silver bullion
containing from one-ffteenth TO onesiXtecnth part
in gold This confirms the early view took of the
question namely, that Providence in its munihcent
wisdom supplies the void with the precious met
ais in quantities sufficient to advance the interest
and to promote the welfare of our race. Nor VIII
that Providence tolerate wanton violations of ITS
law Nations cannot with impunity strike ont OF
existence one of the two money standards which
harmonicuslv existed from the beginning of civili-
cation. Silver is the single standard in more than
equally with gold standard with the other half
VIII sensible, rejecting men say or think that fifty
per cent Of the coin by which products are meas
ured and labor is rewarded can be arbitrarily oblit-
Grated without violently and disasrously affecting
the prosperity and welfare Of the human family
The to this question is already coming To rs
IN the financial reverscs of the Latin States in the
paralysis of business throughout the manufacturing
districts Of England and in the walls of distress
from their operatives. Nor zee exempted from
the iniuriOus effects of the partial demonstration
of silver-efects aggravated in the reputation OF
silver by our banks. How long after the American
people learn that the prices of their manufactured
and mechanical articles and implements, their ag-
rcultural products and of their daily labor are to
be rutblessy diminished expressly and avowedlvto
increase the purchasing power of gold, will this
great wrong be endured7
FX-sFCRFTARY M'CUILoCH's CONVERSION.
The most gratifying change, however, comes to
Ms in q lecture recently delivered bv tho Hon.
Hugh McCulloch. ex-Sccretary Of the Treasury.
who is generally recognized as an authority upon
financial questions. After struggling so long ex-
perence a grateful sense of relief TO find my views
adopted by gentleman whose opinions cannot fail
TO arrest attention at home and abroad. In the
second of a series If lectures delivered by Mr. Nc
Culloch at Cambridge, Mass. he devotes his best
thoughts TO the silver question The Boston Adr@-
tiger in which find report of the lecture, says:
In closing Mr. McCulloch referred the that he
had held and expressed contrary 10 those given
his lecture. He had given .he subject much careful
any opinions nc might have formed or expressed
not pleasant TO be obliged to acknowledge pub
cly a change opinion very important subject,
but he soed himself with the reflection that there
was hut little in constancy 1t better to be right
than 10 be constant
This is alike courageous and creditable. Would |
that some of our influential journalists. by whom |
the public mind has been misled like eX-Secretary |
McCuloch revise and review their opinions and |
utterances on this subject. In answer to the argu
ments that silver was demOnetized because intrn- |
scally it was less valuable than gold Mr.. McCulloch
made q statement of the value Of silver as compared
with that Of gold at the price in London each year
from 1857 to 1873 from which it appeared that
from 1857 to 1873 the silver dollar of 41212 grains
was worth more than the gold dollar, Then it
declined rapidly till in 1873 1t was only worth
Sc cents In seventeen years during the period re-
ferred to silver was more valuable than gold for
five years less valuable
Those who read my former letters on this subject
will remember that gave as q reason for maintain
ing a double standard that silver and gold were
both needed to promote and preserve the industrial
and commercial interests and relations of the
business world. Here again / sustained by
Secretary McCulloch, who says:
It's very obvious tSat there is not gold enough in the
for the demands of trade without such increase
Of IT'S value would the price Of everything
the same time the burden Of debt would he Increased IN
the ratio. The universal demonetization Of II
must therefore, be regarded mpractcabe. 1t could
be demonezed by other nations. as II has been by
Germany without consequences too serious TO be con-
tempIa;ed If there debts be paid In
rrucy valuable than that IN uss at the time they
were contracted the GOLD standard might be so elevated
as TO make gold equal 10 the wants OF mankind without
prejudice to anybody or any interests except that IL
would diminish foreign trade. But AS the world IS
covered All with debts, great an appreciation OF
the value Of gold that winch would result from the
general disuse Of silver would be overwhelmingly
disastrous.
These words are most ftlv spoken. Seldom. in
deed, have L seen great truths more clearly and
forcbly expressed. That Higher Law" appealed
TO by Governor Seward was never more manfestly
or munifcenty displayed than in providing in just
and due proportions silver and gold standards by
which the products and industries of the world
have been and must be measured Men may
embarrass Obstruct and disobey but they cannot
nullfy repudiate repeal Divine laws.
THE PURPOSE TO INCREASE THE PURCHASING
POWER OF GOLD,
The Latin League happily disclosed its purpose in
its characterization of silver " That purpose was to
increase the purchasing power of gold" The effect
produced so far has been disastrous TO labor. In
Germany, where the gold standard was expected to
work financial wonders, business is paralyzed, and
tho distress is 50 general that serious popular out
breaks are only restrained by military power Her
policy has proved injurious that Prince Bismarck
has stopped the sale Of silver. In Holland, for the
frat time In centuries there have been heavy and