, 1879-05-12

an 10 prevent as far "a possible ,ts cxportatton.
It has bect continued from yenr to yrar to the
preciaston. Third. to tho dullncss OF. trade tn
india. Fourth. to thc apprehension that other
na'tona MAY follow !llc example Of Germany
mud ad9pt the gola sta!Mlatd. Al os these
istIng degradation of silver, and II ia surprislnx
tlIr degradation hAs not been greater. souc Of
tl'ean cnslscs VI! bc permnnent but u ID obvious
!!.a. oh.Fa VII bu tcn'porat,. It may bs tl.at
thnlt int Of gold. hut is not likely, BESIDES,
lie decline III TIN, value nf silver must In
cv'tany tetd to retlucc. production, for there
nru many mines witch could be worked
pru!ltnblc u silver sscre at certain prtco, but
could not II It were lower. If. however, there
BE- good Rsuuud for TN: apprehension tf,at tic
gold supply Is to be- steadily diminished, ulen,
unless the tfcMaHl for metallic mnnoy should
practIcabIlity OF thu general dctnonotizattnn Of
silver must ho obvious to eyerybody. Though
silver has been demonottzed In Germany for
inaby }cnts, The wurk Is not yet completed.
Ncrnany ts stilt seller oi tttvct, and when tlIe
crtnl cnllscs Of the degradation Of silver will
disappear. Germany would not hnvc n,ndo tic
attempt when she did but for. thc payment Of
~rn s TffGs s enas ess ss s !" sH rcn S s sf las s
piuce ,eraclt alongsiie Of England. A
great ,niAtaka WAS made In the attempt
to slddGnly. aemonclso, silver through
ont ali Emptru cuillnosc1 ri 9tates In
which silver had beon previously alnlost the
sale eoln III Use. Tie Indemnity which Grr-
iliaily reretytd WAS The reverse uf the bc,tent
Witch It had bcan expected 1t would br; ani
Herlnnny Is undoubtedly III worse l1nanctns
c,ntltiolt t!,an she would hive been II no nancy
Indemnity had becn demanded. Great Britain
Is Gbln TO maintain the single standard beeansa
u iier great wealth aud her supremacy rs
creditor. It Is not 40 with Germany, md TIM
difficulties n the way Of accomplishing what s'o
Ina undertaken llaYu hecoTv moro nl'a nIore
cvidcnt. urrnt britain has alone been III sue.
ceaslu! eilost to lctnorctizc silver, but even sho
dent that lie exumpIe ot Germany in dcn.onctiz-
linz s!vcs will tot 1t followed by uttlcr natloas,
nni when alle ccascs to sell silver ono VI the
chief REASONS for. the limitation Of silver
3, S9nngs " Tug h; Lstin up'on VII BE- removed.
following the revival which Is observable Iii
Thy United States, al!d then there will be Wider
t!ot Tor ei!vcr. Nations ate 50 close together
ilOw thai tho troubles Of ono Affect the others.
Il Is . nlistaken notion that any loss. oy one
country eali permanently benefit anothcr. As
far as trade fs CONCERNED, tlcre Is such brother
hood tl,nt no great financial trouble eau tnko
plnca Ill one Country without being felt IN
others.
THE roL10Y or THE UNITED sTAras.
What, then, should bo the action OF tho
United Statcsa Should we continue tho double
standard without limiting the colruqe Of silver,
no!wtt!1standing thu adoption Of the gold staikl-
nrd by dermat'y and the policy Of limited COIN
age Of silver followed by the nattuns Of tho
Latin unfon7 This wo caunot afford to do.
There are frequent fluctuations In silver, and
they Will continue MS, long as silver Is c01t1-
lnnlisy In Great britain Mliu Germany and lin
ite st,. n sSlnngs b. the Latin un,9 As the
intcrest IN thu use Of silver, but not
enough to compcnsate Tor the loss which would
bo suffered from separate effort to maintain it
hs money. We cannot without. tho c0-opera-
ton Of the leading Powers ot Europe make tho
two metals comparatively equal In value. Ono
Or the other wtlf 10 Abroad md that one will
De gold for ctrtain period ut lcast. We might
al money. Tho Silver act ot 1879 rou1d be
practical decentralization OF gold but for tho
very favorable condition Of our foreign loans
mid TIL discretionary powers which aro left In
nations must be divided Into those who adopt
tle gold standard Of tlic gold standard with
silver used under restrictions, or tho silver
stMtdart1. The United 6tntes must take It's
choice. While under existing circumstances 1t
Is perfectly clear tl,at tls United States, whIio
nj mhntAlutllE the double standard. shoulu limit
tho u,nount Of silver In circulation, It Ia also
truo tlat It ought to e1crt In itsclf to make b.
metallic money tho standard. Auattun which las
to pay balances agnlust Itself in currency. .supe-
rior TO its own clnnot fall to b1 loser. Tie
commerce Of tlletwoFld il rapidly growing, mud,
notwithstanding tbs enormous transactions BY
hills ol cxchanEe, there inuAt be steadily In
creastnE, doga1!l for money. ;Can this demand
DO satisfied blythe use Of a single metal, or BY
tho use OF guld:'by uno 'kct Of I1atfoha md or
silver b7 auothert 1t Ia question nh!ch arratly
interests gil nations, and upon which statesmen
arc divided in opinion. The Indications point to
b!.1nutalic money without restitution upon thc
colnsge Of sil.cr The interests Of commerce,
the GrowlnEsfc!lowshlp Of nations, require that
al unnecessary barriers should be removed.
The ti1crclce in their curtGnctes Is one Of tl,cae
barriers: II might presume to do 80, | would
advise Congress to SO laE1sfato that ait noscs
less than IS should within one year be With
drawn, nld In two Or three ycata oil IS notes !,
that tile coinage Of 81 gold pccea should bn dis.
continued; tlns tho coinage OF silver, according
to tlIu ratio Of European countries, should be
continued until the country Is fully supplied
with silver. wotlldadvtse that TIM policy Of
Franco DO initiated, and tllat tho coinage Of
be nIat,e to hold ita place. There ts no danger
Ut EXCESS, for the need ut money grows viii,
the tncrcnsc Of business. Tho alarm nver what
Is called thy excessive production III silver in
Tire United HtAtcs Is lsr1,lndlcss. would 3D.
visa that tile Secretary Of State open al onco a
correspondents with the leading nations,
through our representatives, for TIC PURPOSE
nf mnking combination for tho uso of b.
upon. II he should succeed in doing this ha
would aeautre worldwide reputation, In com
Parison With which h!s triumpls at tlIu Bar Art
" tho ialls OF council would bc Insignificant.
stngln standard. 1t "a frequently necessary for
tho Bunk Of England to clatIgu tue rate ol tu-
terest. to tho great unsnttletnant OF business.
ln lSsRi the sale Of SIC, 1000. 900 in guild by tho
whicI. went 10 Eugla!u, saved tho bank from
suspension. WlInt II that guld bud como to
tbt United States tho last twO ycurs Instund of
uur own bonds, to satlsty the bnlanvu Of trauol