New-York tribune., 1879-05-07
THE LETTER.

come to silver mOnO-metailsm, our entire currency
in use then having the value and power of silver
and no more, is only question of time. As things
stand, we shall come to that whenever we shall
have coined enough of standard silver dollars to do
all our coin work; when silver shall be rendered 20
the public creditor and for private debts, and our
gold shall have gone where 1t will have higher
value.
For my purpose now ii needs not that l discuss
of private contract or Others for the Sc
curity of private creditors that may be attempted,
which might or might not succeed nor the conse-
quences to public credit or private interests and
industries or to the general welfare under the use
of q currency Of which the highest value for pur-
poses of foreign exchanges viii be the bullion
value of silver dollars nor the probable time when
this would arrive nor yet the question how much
silver money we can las now hold at par Of gold, as
France under similar legal conditions, now holds
some $500 600, 600 of ve-franC pieces at gold par
II is my sufficient premise that on the road we are
now travelling, without the acceeration of free
coinage of silver we must arrive at the goal silver
valued currency. sooner or later.
Free coinage of silver viii not be approved by the
President, and cannot be carried over his vetO II
Is possible we hope not probable that his
may be one who would approve a silver-free-coin-
age bill for there is yet deal Of ignorant madness
,
operation of the existing silver law we may have
enough silver coined by 1881 to bring to the sill
yer basis. it may happen TO be of no consequence,
in difference of conditions whether free coinage
shall then be established by law OF not.
THIS COUNTRY CLOSELY WATCHED ABROAD
France and the other states Of the Latin Union,
heretofore the strength of bi-metallism in Europe
land the world have suspended the coinage Of sill
yer. and hold an expectant attitude to observe,
as the French Minister of Finance last year ex-
planned to the French Chambers, the result Of the
silver legislation IN the United States. OF this
may assure ourselves: that if it were fully be-
Heved IN England and France that we shall come
20 a silver basis by 1sS1, either by free coinage
then OF by the operation Of existing laws ad IN
terIrn. il would be quite impossible TO induce any
step Of legislation IN those countries (nOr elsewhere
when they rofusel toward their reconciliation of
SILVER. j. e.. toward international bi-metalsm.
All Europe is suffering under business depression,
England and Germany the gold countries par ex-
ce.leuce most of all Merchants, bankers, manu-
facturers. and other thoughtful business men of
/ the classes who best and most practically under
stand all the causes of depression arising from past
ezcesses in production, trade of credit, and all
other causes contributing to the existing condition
of distress are awakened to recognize that when
all due allowance is made for these multiform and
weighty causes, there has been one cause
of depression mghtier and welghtier than
all others operating with resstess and accelerating
force since 1S73-the demonetization of silver,
winch, then beginning in Germany, has since be-
come general throughout Europe, except In
Austria, where II Is worth less than the lrredeem-
able notes Of the Imperial Bank.
These business men have moved. Their unan-
swerabe statements Of facts and reasonable deduc-
tlous therefr0m have brought to their and some OF
the many able writers on money ana currency. Inc
movement for remOneUZatlOn OF silver gains
progress, and strength with progress In conseTVa-
tive En- -laHG, where the gold standard 10 ntTehched
In prejudice and pride OF success under lts
rule. chambers of commerce and otLer com
mercial bodies have taken action. The LIy-
eruOol Chamber of Commerce, with great
unanImity. after full and prOtracted discussion,
adopted resolutions in favor of International bi-met-
alhsm. aud sent able delegation OF It's members
to lay their petition before the Government, praying
ITS adoption OF measures for securing an lnterna-
tiOual agreement by which silver may be restored
10 its legitimate share IN providing meJdllc cur
rcncv sufficient Tor the wants OF the world" and
"A liked ratio OF value between gold and silver IN con-
junction with free coinage and unlimited legal
tender of both metals The answer of the British
Ministry, though evaslve and tempOnzlng, was not
dIsc0uIagMg Occasional utterances ot LORD
I BeacOusGeld show that he is fully aware Of the
merits ana Importance OF this great pTODIeH-the
foremost economic problem Ot our day.
THE SITUATION N EUROPE.
The circuust ances appealing for relief in Europe
are urgent But relief in this form means in Eng
land a revolution in both currency law and public
opnion-its object to restore benefits which Eng
land and her Eastern Empire shared, under the
operation of French law, from 1916 to 1873; and
England is slow TO make great changes OF policy,
and especially IN this matter when so proud Oh her
achievements in arts, manufactures and commerce,
and OF her attainment of vast wealth, all I'M
der the gold standard, by many of her
people supposed because of the gold stand
ard. In tins England will yield, even to the
great influence of Lord BeacOrsield, only under a
sense OF imperious necessity for the Of her
immense material interests, suffering, and for
the sake Of her Eastern possessions. If then shall
be seen that we shall come 10 the silver basis and
thereby eXpe our gold by 1881, the assurance OF
adding onr $500 900 600 or by that date S4O0,-
600 600 of gold to the existing stock OF gold IN
Europe, would strengthen resistance 10 change ana
probably defeat remOnetzaflOn, at least Tor many
years. Tins would leave us 10 our silver fate and
very probably would determine France out OF her
expectaut attitude wholiyxO the gold standard, III
winch case all Europe muS 90 the same way
We cannot forget the satisfaction, more OF less
DISPLAYED and expressed, by most or the arstOCraHC
ana leading classes in England and France when
secession promised the destruction Of Union and
the tall of Nation into tragnentary confedera-
/ cies. We may not complain of such teelIngi II
was natural. At this time the Intelligence OF those
countries what evils must Defai us If we shall
become silver currency NatlOn--the only one then
among commercial peoples. Doubtless the evil con-
sequences, bad a. We acknowledge they would be,
magnlted III the anticipation Del Ond fea-Ondble
probability vet rivals would not De sorry 10 see
our industrial end commercial competition crippled,
and our condition once more of agricultural feeble
ness and dependence TO their great gain IN the ee
ments OF prosperity, by our folly.
TIE PRESENT OPPORTUNITY.
That our Monetary Conference at Paris last Sum
rner should altogether fail of substantial attain
mentI its special objects a foregone cOnclu-
sion. Yet the great good done by it, chiefly through
the discussions to which il led. cannot yet be COM
pufed Its value will depend upon what shall fol-
low do not kuoy that It COMFORTS with the self
resp CT and dignity of the United States to attempt
renewal Of action looking to International CO.