The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1879-07-05
THE SILVER PROBLEM.

IS the Congressional financial world as
id the regulation of our silver coinage al
IN circulation Indeed the average legiSl
id tor appears to he destitute of the Sligl
of est perception of the inevitable results
ID the adoption of the monetary theories
Ill advocates. and it is too plainly apparc
If that most intricate problem is t,ie
s. hands of men incapabl IT'S Successful
III solution. - instance. the supporters
st and coates of the Bland Silver Bill
.=zv. never dreamed that its results could
possibly be what they have proved. since.
as was anticipated. that measure has not
Hooded" the country with silver. TO
their illy-concealed surprise, the thirty
three and one-half millions of 'dollars
of the fathers the Government has
coined since the reconciliation of silver
in 1878, the Treasury now contains over
twenty-six millions, and if the coinage
proceeds the vaults of the Government
will soon overflow with n currency which
the people do not want. What then is to
be done with the silver? In the recent
debates on the silver question. to us the
most sensible view taken of the subject
is that held by number of representa-
tive Republicans. that the coinage of sill
YER should be stopped altogether. \
synopsis of the opinions recently eX-
pressed in a speech delivered by Mr..
Morton. of New York, will convey to
the reader concise idea of the view ell
tertained by men who really comprehend
the subject i'll all its phases.
He argues that the credit of the Gov
eminent will be seriously affected if its
vaults are filled with silver which the
people refuse to take, until it is necessary
to redeem maturing bonds in deprecated
coin. The bill which has now passed,
making the legal tender silver dollar ex-
changeable for the trade dollar. is cx-
pceteh tG bring home the 30,000.000 of
our 36, 900. 900 Of trade dollars which are
now in circulation in China, as the Chi
nese will not be slow to exchange Il de
preeiated coin for one that brings dol
lar In gold. It certainly is not strange
that Mr.. Morton opposed ti.c passage uf
Il bill which will give the Chinese 81. 0O0.-
600 to $1,000. 600 as Il premium. while it
aids III tile accumulation III the Treasury
of some a95, DJo, Dyp IL silver within the
next year. Mr. Morton cited the sienlfi-
cant fact that. within few weeks. the
German Government has withdrawn its
silver irons til.' market He believes that
the United States should Fest not its C0in-
age of silver until, in cooperation with
European nations. double standard is
fixed. The attempt to establish such a
double standard without joint action of
the nations must be disastrous u oar
Government.
Other men equally reputable financial
authorities confirm the opinion of the
New York Representative. that the
United States cannot wisely adot,t d iiQu-
bic standard without cooperation with
other nations. Tile result of the attempt
would be to drive our gold to other conn
tries, leaving us to depend for a circuiat-
ing medium upon the silver which We
estimate at a higher value than other
nations aTe willing to pay for it. 1t
seems, moreover, that the influence of
the United States in favor of a bi-me,ai- .
lie standard has produced profound
impression in Europe. A distinguished
financial writer has declared flat if the
United States would now coin Ho more
land would be i'll CONSERVATION, and slr
would be forced to beg for the double
STANDARD which she rejected in the none
tary conference uf The nations. 1t is
known that the recent discussion Iii ia"s-
land and Germany of the reconciliation
of silver has been tho cause of an adj
vance Of the bullion yaiue of oar stand
ard dollar from eiehty=four to eighty /
eight and one-half cents. This fact /
makes it easy to infer what would be
tho advantage to this country of a joint I
action of tho great nations in establish
ing Il double standard
If there be any force in the opinions
thus advanced. it would seem plain that
ti,s caiNage of silver should be stopped
until England, detI.ai,y ard France
unite with us in establishing its rank II.
relation to gold. 1t is apparent to all
hat the vast production of silver from
mi,.e., gives the United
States profound interest in the serIis-
ment Of this question. We all are inter
estsd in the advance of the price Of sill