, 1879-05-12
\ Change In Ills Views on Thnt Subject
-.-11e Now Atlyocntcs Unircrsnl
Bi-Mctalllc Money.
English Movement for establishment
Of the Double STANDARD Of Inter-
national Agreement.
The United States urgod to Suspend
Temporarily the Coinage
Of Eilvex.
Ex-sECRETAaY N'CULLoCn.

SttA eA0} }1fkA fit,,u ~ r
tn Sanders Theatre, Harvard University, lsst
Question:" as l,is subject.
.,aI,, - ,n,.a as,n 49,, . a,, :" ~. us''E,
spokc o' coined eo'a "!et silver III con'tEtust''g
what may DC called iolnt standard Of hcnsirc
OF yaluc. but experience has shown that It Is
,,ntIowo for ,t,o III. ~, ~. s.,.
.t W. tsts oH'tsu e'A'ee W E'fa ""ni MY
th1's ltko pronortionate value which Will cnn-
bic tfosn IL work hartnonnuAly together. All
thcv h,yc ,at constant ,ondoncr r., t,,,.h aa,.,
a,,,o. .,,,. ~ .,s..,,...s.s =" pae' wv"
o''cE out oi efealafio''' circumstances have
becn constantly occurring to mike aoMetinlcs
et hoiuo or abroad, and to cou,c
n, sxno,,.,sn,, ~ t,,at .s,,,,,, T., "1. .,,.
W" eAp"Fla''o'' VI .hat WHICH 1oF tle
tlme neing possessed tho Ercater co'1'merc!at
vAiuc Thia difference in comparative valuehas
,,n ',.nt.,ss ~ s,.a,,.'r , =, '","'s v,' ~
,No a"n"|.'e' u's,u'su ""' t'''eu' ohfer
mas beeh encapahea by 'l'c large yields IN Mex
ico nnd South America, a1.d gold M conrarrd
with silver, by tile production In California.
Tim prrsont tilfrcrrnrn i, ca,,sod n,rtIy hv ,,r,.
,,.s.;".s 49,. ...t'.,. =. ..st,.u..... ~ "
ouet'of, Jul ha'h'y W co"o'natlo'' oi olhcr
circumstances.
stLvEu LEa1sLArIoN IN TIN UNITED s7ATEs.
Let ,,s 1oolt nt ammo Of ,o cI1urts nf fin. f,ov.
.xa.a..,. -, ,,s, I1..,.sa CO. '.... Nv wv
.in'he1s VI NV ou'lco o1u.ss W s'eo ~ at,sso
lnothle comparative equality OF value. Tho
first Coinage net, passed In 17D9, liked the ratio
of stIvo, r,,ta ratio corro,ron,,,, ~ ,,a t,,,,s
..,,.,A ~. ,..,! '.n ...o ~ .'c .'l''o
"tn the 1e'ntiso sasue o' the metals IN ttloso
countries In which both were In use. 1t WIS
eoou discovered, however tint this ratfo was
not corrpct nm t1,nt nm n,,,,cc ~ ,onl won,,,
su~,1,'.s -, a,h," ~ .. 80" .', "oa
pu'e"u'o mus ~. ot''e' so""'''ts ''Ns'' Aatceu
ounces of silver. Consequently gold
was exported and silver rcmaipcl ut
home, Under this law tlrra .waa n s,rstv out.
no,r ~ t,1, ,,,,,t1 tur,, ,,.,,a ~ s,.,. ~,
~" ,, " Ep1 u"s" ".u,' ,r, 'Is "ot"t VI ''o
so'o caEle was 9eaaceu' Inc elaoees however,
proved to be too radical, null silver then be-
camc cptnparattyc1y more vnluable Al mn article
~ o1nort 1Jov,wr !, oro,,nr ,,,,.,to.,,,, -,,,vo,
T., e,hn. t ~. ,,a.. , ue"st
III o'''er eoun1f'oa !!ah a. hotno' slsef was ef,
the weight OF the silver dollar mas reduced, but
mt cno,,r, In trol,n nm tbc tlffcrcntc. In ;e59
though tic silver dollar Was not dcmonotizs,i
or reuertj In weight itaf.lo,jnrs sn,l tI,r sn,al.
or rntns worn rrdi,rcd nrnnurttonnfniv md ia.
ciaecd to be lccultc1,lsr to ti.. aU,ount Of oniy
sS ,,o To,inr ~ III. fotnsrs @ ths h.,'a,a - oy
solctc. md ruii 6rcamc nrncsirntIv ti,o st.uG.
ard, will, silver as d hubsjiary cGrrency. pro-
yious to tllc passngo OF this oct the Government
had not been purchaser Of bullion; the busI-
such bullion Of foreign money M might ho
brought to them. After tho passngo
OF this net, and In conformity With Its
provisions. the Government bought md
no transaction Of lhs business OF tbs country.
By tic act Of Feb. le, ls773,, the legal-tculer
character nj nll silver coin was. limited to as,
mil thus tlle ailvor dollar was practically de-
!nollotszed. Therefore, had It not bcen for tie
United 6tatcs notes, tcru would have been in
the country sllglo stn,ard ony, and t!lnt tic
gold standard. I3y the act Of Feb %, 1878, sll-
yer dollars, tie colnugc Of which had been dis
continued inter tllu act uf 1853, md tho legal
tender quality Of which had subsequently been
limited 10 IS, were n9ain nutlp jcCnl.tent'cr nj
Their nominal value, whtrl, was 10 Der cont mora
tAau their real value. Tie sumo act required
the Secretary OF the Treasury to pllrctaae
bullion, ut,l coin It no to certain anosIut, Up
to tits time tlIe nttcnlpt had ai,ynys brun tna1,e
to make ti,u intrinsic yaluu Of goEd and silver
dollars the satnc, bat now this policy was r.
ycrsrtl, ut.l The silver lojar. worth univ nnety
cents, ucc|areu to be Of cn,tal yuluu with tl,o
gold dollar, worth loo cents, II, nlI tho
cUlnugo, acts uu 10 1859 tilu ain1 Of Gun.
grcas was TO establish tic yatuo Ut coins Of
each slnss TINT their nominal yMjuo yould