Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1879-06-16
STANDARDS OF VALUE.

The effort to re-establish the interna-
tional value of silver in relation to gold |
has latterly received fresh impetus, in |
onsequence of the industrious exertions
of several English writers of influence
and note to awaken an interest in that
country in favor of what is called the
bi-metallic standard of value. This for
merly existed all over Europe and Am
erica. one ounce of gold being rated as
equivalent to about fifteen and a-half
ounces of silver. When the enormous
floods of gold from California and Aus
tralia rendered that metal abundant and
silver relatively scarce, school of fl
nance having its origin in London sue
cessfully demanded the establishment of
single gold standard, and silver was
consequently demonetized in that coun-
try, the United States, Australia and
many other countries The exception
to this was one of the most notable cases
in the history of modern finance, being
composed of France, Switzerland, Bel
GUM, Spain, Portugal, Italy and Hol-
land, confederated for this purpose IN
der the designation of the Latin Union,
recognizing the bi-metallic or double
standard Of silver and gold. adjusted in
France was the centre and soul of
this union, which regulated not only the
value of silver, but the amount of it per-
mitted to be coined and circulated. The
purpose of this union, which was organ
lied by the late Emperor Napoleon, was
chiefly commercial, and was so success
full as to make France wonderfully pros
porous under it as the focus of all the
countries named. This was intended to
Offset the benefits derived by the Feder-
al States of Germany from the customs
union, which subsisted between those
States prior to the formation of the pres
ent German Empire.
After the Franco German war, Prince
Bismarck adopted the single gold STAN
dard. in harmony with England and used
the vast war Indemnity received from
France to effect an entire substitution Of
new gold coinage for the silver coins,
which had from time immemorial been
the currency Of the German Federal
States. This he has done simultaneous
ly with the prodigious discovery of silver
mines in the State of Nevada, and these
two events completely broke down and
demoralized the market value of silver
The French government, acting as the
the head of the Latin Union, had to stor
the coinage of silver and hoard in the
Bank of France one hundred and fifty
millions of dollars worth of silver coin,
to avoid inundating the country.
Simultaneously with these events the
commercial relations of Great Britain
with India and China caused immense
losses, in consequence of silver being the
sole currency in those oriental empires
and not being recognized in London as q
standard of value. These remarkable
events were quite sufficient to give starr
to calm but earnest and interesting
discussion on the subject of the precious
metals; but the partisanship on both
sides has been as fanatical in England
as IN the Uuited States, and when the
Paris conference met to discuss the sill
yer question the representatives of Eng
land were found to have been instructed
by their government not TO make any
treaty or agreement unless upon term:
adjusted to the English system. One o.
those English representatives, Mr.. Gosh
en-, liberal statesman and banker, was
readily convinced of the force of much
that was submitted to the conference BY
the American representatives but hi;
hands being tied he could do nothing
Since then the Liverpool Chamber Of
Commerce has adopted and published {
series of resolutions in favor Of the res
toration of the double standard of value
as being imperatively demanded by al
the interests of international commerce
and finance. In consequence of this anc
other expressions of British senti
ment, President Hayes has instruct
ed the Secretary of the Treasury. in con
junction with the Secretary of State, t,
endeavor to reopen the foreign negotia
tions, and there are believed to be stroDl
! reasons to hope for good results.