New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-16
A PLEA FOR SILVER CURRENCY.

VIEWS OF EX-SECRETARY &CULLOCH.
LETTER TO THE TRIBUNE INTRODUCING ONE RE-
GENTLY ADDRESSED BY HIM TO MEMBER OF
CoSGRESs-rHE SMALL MOTHS SHOULD BIZ RI
TIRED To MAKE ROOM FOR sILvER-THE NEED
OF INCREASED METALLIC CURRENCY.
To the Editor Of The TrtbuRG
SIN: Herewith hand you copy of letter adj
dressed BY me. ON the 9th inst, to prominent
member of Congress. The subject to which d.
rected his attention is interesting and important
one. the consideration of which by Congress ought
not to b. postponed.
Tier, is no merit in mere consistency. but IT will
be seen that stand where stood years ago. upon
the subject of imitation. by the following extract
from my report as Secretary Of the Treasury IN
1856:
There being hn5 one universally recognized
measure of value and that being value in itself
costing what il represents in the labor
required 10 obtain 1.-THE nation winch
adopts. either from choice or temporary
" necessity, inferior standard violates the
financial law of the world. and inevitably SUI
frrs for its violation. An irrcdeemable and con-
sequDnlv deprecated currency drives out of cir
"culaticn 4 currency superior to II Z and If made
by law legal tender. while its real vaiue Is not
" thereby enhanced. Il becomes q false and demon
"aiiziaq standard under the influence of which
prices advance III a ratio uispIopoFtioncu cNch W
" its actual depreciation. Very different from this Is
that gradual healthy and general advance 0fprices
which is the effect Of an Increase of the precious
metals. Tie coin obtained in the gold and silver
districts. although 1t al first effects prices within
4" such misunderstanding the course of trade
'' and IA obedience 10 its laws-soOn finds
Its way L. other countries and becomes
"a part of the common stock OF tue IA
tions, which, increasing IN amount by the regu-
lar prolucts of the mines. and IN activity. by the
growing demands OF commerce, advances the
prices of labor land commodities throughout
the commercial world. Thus the productions Of
"the American. Australian aud Russian mines tend
"irst 10 advance prices ia their respective lOca-
ties bat the operation OF trade distr butes
ia -r pr0de tlous and enterprise every where feels
and responds 90 the increase the universal meas
"ure Of value. Al. this Is heaithfui because slow.
"aerrnanent aad universal. The com obtained IN
.any country Will he retained there no longer
than its productions and sales keep the
balance # trade IN It's favor Is soon IS II
becomes cheaper if this word can be properly ap-
Piled to ire standard Of valuesl IN the country in
which n De- Oh aimed than IN other accessi Die coun-
" tries--or rather when IL wlu purchase more in
" other countries han III that in which it Is oh
tanned or when It n required 10 pay balances due
"toother countries-it flows to them h. law which
is As certain A. gravitaton. Hence. although the
precious metals are obtained IN considerable
"quan,ties in bat few countries. they affect prices
" IN all" etc. etc.
thought this sound financial doctrine thirteen
years ago. l think 40 still. Respectfully.
Ncc- York Dec ID, 1879. HUGH McCUILocH.