The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-06-10
4 candid sideration OF the Gold
and-S.tycr Question.

From the Chicago Tmes.l
The broad and important question Of
BIZ metallism rs. recommendation is not in
yolved in the silver bill now pending in
the National House Of Representatives. 4
gold mono-metallist would oppose that
bill as a matter Of course, and so would
any Intelligent bi-metaliiSt. The inevita-
BILE effect OF the bill, if it should become
law, would be to establish silver mono
metallism in the United States. At least
such would be its inevitable effect unless
the people should choose to place their
contracts on the gold basis exclusively, rs
they would have perfect right to do,
and as the people Of the Pacific slope have
done all along, and thus make the law Of
no effect. AS there is every reason to be-
lieve that the mass of the people would
choose to pay their debts in the cheapest
legal tender, the statement that the pending
bill, if enacted into law, would establish
silver recommendation for the United States
requires no modification or limitation.
Hence, every intelligent bi.metallist will
oppose the bill. No intelligent man can
suppoft it unless be wishes to substitute
the cheaper silver standard for the dearer
gold standard for the purpose OF re-
lieying debtors and initiating prices. II,
therefore, any one supposes that all who
oppose the pending measure and all who
opposed the act OF February %, 1878, are
gold mono-metalists, he is greatly mis-
taken.
The question OF the monetary standard
is not national question merely. 1t Is
one in which the people Of all commercial
nations are interested, and one which is not
likely to be settled to general satisfaction
without the COOPERATION OF the principal
commercial nations. There is u 81 eat differ
ence OF opinion among those who take q
broad view, as opposed to Il national view,
OF the question. Some think that there
ought TO be but one monetary standard the
world over, and that that standard ought to
be gold. The number OF those who 90 TO
this extreme is small. Only one or two Of
the delegates to the last Paris conference
expressed this opinion, and they were rep
resentatives OF comparatively unimportant
States.
Others maintain that neither gold nor
silver ought to be universally discarded, or
universally made subsidiary to the others,
but that gold is best fitted to serve as the
monetary standard in some countries, and
silver in other countries, and that each
country should decide for Itself which OF
the two metals is best adapted to its own
uSc, Mls NUoSuSti, tttl ISIiSSGblu0
tive, took this view at the Paris conference.
He maintained that il the different countries
OF the civilized world were left to them
selves they would naturally divide them
selves into gold countries and silver coun-
tries in such proportion as to maintain the
stability OF the demand for the two metals,
and consequently the stability Of their value
relation. His idea seemed to be that if
either metal should fall relatively to the
other, more countries would adopt it as the
monetary standard, for the same reason
that the people in bi-metalic countries
choose TO pay their debts in the cheaper
metal, and ship the dearer metal abroad
for profit: and that as nations would change
from the one to the other for the sake OF a
small advantage, the stability OF the ratio
would be maintained without international
action. II country discarded gold because
silver was cheaper, the effect would be to
depress the value OF gold by increasing the
supply in market, and enhance the value
Of silver by decreasing the supply in market,
thus speedily restoring, and on the whole
maintaining, the same value ratio from
year to year. This seems to have been the
I.yiew which prevailed at the conference,
The great majority OF the delegates were
opposed to discarding silver universally as
a monetary standard, but they believe that
there was no necessity for international
cooperation, because the whole matter
would naturally be regulated in the most
satisfactory way2by leaving every nation to
act for itself according to its own view Of
Tits own interests. These delegates were
not :'gold-bugs." They were bi-metallists
as much as Seyd and Cernuschi are, but
they believe that bi-metallsm. could best be
secured by letting things take their own
course.
Still others maintain that bi.metaiism can
only be secured by international co0pera-
ton. They believe, with Mr.. Goschen and
Others OF his school, that, II silver should
be universally discarded as standard money
/ the value Of gold would be nearly or quite
doubled, and that tue effect would be prac.
ticatly to double all debts contracted before
the discarding OF silver, TO reduce prices
one hail, and TO produce the widest con-
fusion and the direst distress throughout
the commercial world. But, unlike Mr..
Goschsn and those who agree with him,
tney do not believe that independent
national action is sufficient safeguard
against the general disuse OF silver They
believe that IN some way a definite exchange
-