, 1879-05-13
LIGHT ON THE SILVER QUESTION.

"etA"A - tA'A REPRESENTATIVES, III NuuBAosa1- :
-
LIGHT ON THE SILVER QUESTION.
Ex-sccrotary Mc0uLIooH, who haa boen
recognized on both sides OF the ocean M an
authority Oil monetary affairs, has recently,
In an address Mt Boston, expressed some very
strong opinions to tho effect that bi.metal-
liarn, or gold aud silver currency, Is necas-
sary to tho existonos Of commerce betwoen
nations. As Mr. A1cCuhIocn has heretofore
beon strong advocate Of tue single gold
standard, and in favor of demonetiziug Sill
yer, and Ats authority las been widely
quoted during tho silver discussion Of 1877
'78, his frank admission TINT he was thon in
error gives to his present evidence
In favor of tho double currency ad-
ditional force. Mr. McCu1Locu still
talks about tho net of reconciliation in 1878
as grcat mistake, and hints at the Justice
OF enlarging tho silver dollar to be equal rs
bullion to tho valuo Of tho gold dollar; but
whom no progresses n little further in the
light that has newly dawped upon lin he
will 500 that these are really in,natorIal mt
ters, In fact, he confesses rs much when
lie comedies Tint the decline in the bullion
value Of aslyer is but temporary, aud that,
with tho exhaustion Of the depressing caused
Of the docliuo, tho bullion valua Of silver
will recover It's ordinary relation to TINT Of
gold. Why, therefore, enlarge tho silver
dollar to 1noet It's present equivalent
with tho certain rise in the value
Of silver, tho present silver dollar will DO, as
It hnd been sinca 1897, . per cent too
woighty? 11o further insista that bi.metal-
lism is tho only true policy, md that Ger
many made great and costly mistake IN
1879 in dcmouatiHiug silver. Why WIS 1t a
less mistake for tho United States to do that
aame thing in that same ycnr; md why was
It mistake for tho United statos to reFnon-
csizo silver in 1878, when hc urges that Ger
many shall practically rcmonetize or restore
tho silver Btaudard in 1879?
.. Mr.. AlcCuLLoou asserts now what was so
often repeated in The Tribune In tho silver
discussions preceding tho act Of 1878, that
gold does not cxiat in sufficient Quantities to
furnish tho world with money. He Ia frank
enough to admit Tint at is obvious that
tloro la not gold enough In tho world to
fulfill the legitimate purposes Of money
without such an increase in its Talua that
prices ,wotfd bo greatly reduced and tho
burden Of debts Increased in tho samc ratio." :"
He claims tint tho universal demonstration
Of silver il i,npracticablo, because it could
not bo domonotized by othor nations as It
hos beon by Germany without cntailing con-
sequences too serious to be contemplated.
1lo adaa TINT If there wero no debts to DO
paid the gold standard might DO SO elevated
rs to mako tie existing amount Of gold equal
to tho wants Of mankind without much
harm being done, but, ns tho world Ia COW
cred nil over with dobts, 20 groat an opprcci-
ation in tho value Of gold as that which wonld
result from tho general disnae Of silver would
10 overwhelmingly diBnstrons." Silver, as
money, therefore, il worid-wils necessity.
Without it gold woutl attain an enormous
| increase Of valuo ut tha cost of other forms
of property. Debss would bocomo mcre
writs Of confscation.
Mr. McCuIAocn's conclusions are that tho
interests Of tho Unitod States demand TINT
oyery offor! bo mado to mako bi.metallio
! money tho standard, without a restriction
upon tho amount Of silver to bo coined. He
| insista tlat without tue co-operatiou of tho
loading Powers Of Europe tho two metals
cannot be maintained at q compar.
atiyoly equal yaluc. Despite tho use
of bills OF exchange, tho cotnmeroe Of the
world IL growing, aud thero mnst be
| an increasing need Of money, This demand
cannot bo supplied by gold Mono, or by she
uae Of gold by ono sct OF nations aud oI
silver By another H0t OF nations. A differ.
| n..n. l.. 31,r o,~r,n,;,r ~ .,,+t,,~, &. , 1.s
Strrhp that EnrpraKa Rho,1tH cnrfi+,rn tlt
"6N 4'.'""'- o~0%'s'"s w
n,,,,l;ca with e;,vor n,.1 cont;n,oJ .o 1onr
~ silyor can bo made to hold ,ts nlaoo. n.
Inns no fsar of cxcoss. becauso tho neca o
nonov orowa viii, tha ;ncro.,,a ~ hna;nsss
1,ut tho co-oneration of other nnt;ona a),ou,i
In sonphs. ~ That tn. ma of hot,, r,oto,,
-.