, 1879-06-20

Collector BEARD, tho Boston gentleman
who 80 uugraciously introduced tho silver
controversy at tho banquet given in that city
to the Chicago Commercial Club, mado some
very reckless and foolish statements, wliol,
tho Chicago organ Of tle gold clique repeats
and Celebrates in an attompt to criticiao Nr.
Lz1rEns reply. The notion that, in casa OF
short crops OF auy other condition that
would turn the balance Of trade against tho
United States, our standard silver dollars
would ouly be received abroad at their bull
ion value, in case silver bullion should con-
tinue to DO worth loss than tho relative coin
woight In gold, is q palpable error. The
American standard dollar, so long as 1t shall
remain full legal.tonlor at homo, will be
received ut Its coin value in any foreign
country with which tho pooplo Of the United
States have extensive commercial dealings,
for the simple reason that such
dollar can DO converted at its
full faco valua by seuding 1t to
tlio United States. Tho only difference be-
twoon Its faoo.yaltlo md the current value in
Europe will bo tho coat Of transportation
and tho brokor'a protit,-itolns that figure IN
tho exchange of oil foreign money, whether
gold, silver, Or parer. One proof Of this
statement may 10 fouul in the roadinoss OF
any Boston Or Chioago broker to tako French
silver flve.frano pieces ut tho value OF dol
lar, less tho brokerage, instead Of insisting
tint they nso worth only their bullion value.
The rsason Of this is that tho French silver
1ayo-franc piece is oxchangoable at its faoa
value In France. The samo law would gov
cru tho American standard silver coin in
European coutres. Another proof may DO
found in tho fact TINT the American greon-
backs, at time when they were depreciatod
and having no Intrinsic value whatever, could
always bo exchanged in Europe at Lie rats
in which thoy wero quoted at home, and can
now DO exchanged everywhere at par because
they arc par at homo. Whilo this ia true Of
paPor lagAl.tonder, 1t In unreasonable to
suppose that there will DO discrimination
against legul-tout!er coin.
1t III equally incorrectto maintain that sil-
ycr bus Ind 10 influence in bringing about
and maintaining resumption. The Chicago
organ OF tho gold clique affects to think It is
ridiculous to say that 1.-THE ooining aud
kaeplng'up In tho Treasury Of $50, o00, 600,
moro or lcsa, at considerable expense to tho
public, oan possibly hayo contributed to tho
SUCCESS Of resumption" Thon 1t is ridiculous
to soy that auy coin reserve las contributed
to the succosa Of resumption, for certainly
an addition Of $4,000, 100, more Or less, to
such reserve is no inoousilerabls item it
only takes few such atems 10
make up tho entits stock Of coin
kept in tho Treasury for redemption
purposes, upon which resumption actually
depends. Precisely in tho Same way mans
credit Is strengthened by substantial d.
posls in bauk, or AZ banks credit Ia
strengthened by substantial reserve on
hand, 30 the Government credit has bean
strengthened by tho coin reserve which 1t
keeps In Its vaults. and ths $3o, ,oo0, 900 in
silsor has increased this rosarvs to Just that
extent. So long aa France is able to actually
employ aud keep At par some $500, 900, 600
OF legal'tandcr silver, tho people OF this ooua-
try will not take alarm It the presence Of
one.senth that amount lying in tho United