The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-07-04

rear 1s5o ,t,e yte,d was s1s2. 00t. 900, aud 10
iss3. sIn5 600. oeo. From the year 1907 20
1871, inclusive. the yield of gold was so,-
ia f,OD.ys}( acainst S1.34f,600,0 600 silver.
The Weld OF silver has always been nhore
nnisorn, than that oil geld. I can ma no re-
fable estimate OF the loss of gold, but u Is
said TINT 20 per cent. OF The production OF
rold will cover all the loss by abrasion ana
The amount used IN tue arts, and loss oy
SEA and on land.
Assuming the above estimates to be cor,
rect. IL will he scen That the amount 81 goid
IN SIGHTS annually increasing, White that
n, si,yer Is the reverse. The large exports
os silver and the diminished amoeln's IN
circulation, in both Europe and tue united
States. nave made place for the Increased
supplies Of gold. Silver has been scr1hcea
in the interests III gold. Its demohetizaiions
BIZ Germany and Che refusal OF the MINIS o. o.
Euros,e and the United States 10 con- IL
have made on Increased and unnaIhrai oe,
mand sfor gold and temporary giuI oi
silver. But in the end principles almsss
yindicate themselves. and me great inctease
OF gold Us compared WITH tllat OF s','eI nus
sooFapr or later csuse decline OK the former
ne ,oamnared with the latter. It's doubtful
whether the present ratio OF is to can ION"
he maintained. In the year lGOe the ratio
was about 10 to /, and the present pro
1ue.ion being maintained it mas tend TO-
wards that ratio again.
The recent frghtfUl commerclal ai2sters
of the world are traceablc III large Hsa-
sure 10 Legislative action destroying tne
,erM yaiue OF siNer. England IS fearning
that it is Impossible to maintain the anama-
Ions nosition Of manufacturing Tor s00,0O0
GOO ef people whose money is only silver
and depreciating the money her merchants
receive for their wares. At this distance IL
seems as il England was sacrificing her
commercial supremacy to her gold theory.
While boasting that she has Drospered only
urI iISr gulu stant;uru, fiiis sire Hot uitu HUN
1916 to 1874 the entire advantage OK
bi.mctaiIic currency, owing to her ciose
proximity to France. Germany, ana otlcr
bi.uetalIie nations. which preserved Tor her
the equilibrium OF gold and silver! But
when Germany and other nations OF Europe
domonetized and the Latin Union declined
to coin silver. did not England then. Tor the
first time since 1916, experimenting evils OF
only gold standard?
McsSrs. Chittenden and Morton seem TO
indulge In q nervous fear, IS though
rrightful danger was impending II we part
with some OF our gold in exchange for low
priced silver. Surprising we do, will 1t
bring usany harm 10 buy some silver cheap:
We have been parting will! our GOLD 1or
years in exchange for perishabie goods
such as silks, satinS, wines, cigars, DC.
Which is the more profitable for us, to part
with our gold for such results or for silver.
which has an Intrinsic value and puTcilaS-
ing power in every part OF the void! we
have exported over and above oar imports
since 1850 to 1877, inclusive, ST02, 40i .254 Of
gold agains. S2IS, G30.043 OF silver, yet our
treasury is full OF gold against small amount
Of silver. Our gold IS product OF the cart II
the same as silver. only it is obtained Iii
greater quantities. Could we retire our pa
per, which is without Intrinsic value, we
could easily float 5000. 100000 Of silver, but
to obtain one fifth CT this amount would
place it at premium rs compared WIN
gold. Its q question to my own mind If
we have not followed too closely the teach
ings OF British and German financial writer's
till we have ceased TO respect our own npln-
ions. AS we have become or soon will be
the greatest financial nation Of the world,
would it not be we'll for us to free ourselves
from our preconceived views and hold those
Of our own; which would best promote
American, not British or German interests?
Silver and gold have gone side by side like
twin sisters for forty centuries, and it is not
in the power OF legislation to divorce them.
I would not deprcciate the importance of
gold, which is bankers currency, yet sill
YER, which is the peoples currency, has
some advantages which gold does not pos
sess:
1t is the universal and normal currency
OF the world.
II has always been unit of value by rca-
son of its universally.
Silver has purchsing-power in every
nation, while gold is restricted in its circu-
lation and power Of purchase to about one
third, not exceeding half the WORLDS p0pu-
lation. =. s"tt .,.. J.
Silver is, but gold is not. essential for anv
natioa. A nation can do without gold, but
not without silver. I do not ulluGe to those
nations which only have paper currency.
Both silver and gold have an intrinsic value
which is inherent and independent OF all
legislation, while paper has no intrinsic
value. JAMES L COLGATE,
Al Wall street.
Nelr YorIc, June o..