New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-26
THE SILVER COINAGE.
,rrvrrp rROu JAMES B. COLGATE.

Srp. Where there is 80 much 70 pIaise III
tl D., orr Of the Secretary Of toe Treasury an a'''"P0
oe,itciso the views on SILVER ther'in SET Ioi'h 100
nucrac!ous bui a fallacy rum thTOugh thcin Az 80
cantruance II the coinage OF TIE staho'i" '"''
,r ia recgmmrndcd and tor this two reasons are a.
s,,,red Citing from the second reason: " u i hnV""
o,tato ouautty OF SILVER of less market vaiue IMAM
the oold IN colo coin" What - the market Fa'ue Oh
gold coin or a gold dollar Of Z1.s grams ~ D"' ~
marEe yalue below It's legal VaIue. Inc Ia" "N''''
w ne Every owner OF gold bullion, sen"ps u o",
MINI yes without reduction returns III Ro'
coin az legal weight aud value, which Is ia"iu 'oo
for all debts II cannot fall below thi' price "'''
dnt mat free coinage fixes It's minimum VSi"e'
hnt thi, cannot cdled Its IDir"sc NA'"''
Were Congress TO apply TO gold the same rues "PP'
10 silver and coin only two millions per mon'" u -
dent after the purchases for mining theie "on'
roe surpus TO be disposed Of II IA estImated INA" o
native product Tor year is thirty Millions ana our
,rnnortatpns fifty millions aud upward. value1 at inc
ratio Of I6 10 with this outlook at what price oouu
the gold bullion DO purchased for miptng and 10" o"u
the balance be disposed OF II Is not quesuohSoe va.
that the market OF gold bullion would Dc Deo" 'ha' VI
silver. -..-..
NJ gold for commerce demands both silver aud gold o"S
claims a free coinage of silver In standard sl'er u"',
thus putting both metals on an rquah'y' ihi' "o
restore and fix the minimum price OF silver a. nfIe'o'
fore II then worked no ev!L FROM 1888 to lo'4-'h
FRO conasc of sllyer-the price OF silver always ruen
from 70 Der cent gold coin. proving that u was
the scarcer and more valuable metal
The first argument agalns free coinage IL the absurd
one: We will part with our gold. suppo-ing we no.
will IT hurt commercial nation to purchase some cheap
sy.r4 Is net for to part with our eo 'or
alver than for wines silks, cigars ETC. when leaFe 40
relus London II, mas been, The great market '"'
silver and is now nearly bare Of The article hy m0hs
OF gold can be readily purchased IN that market
than millions of silver for goa Is piehV "ni7 S''
Is scarce. 80
sam we have forty-seven millions the Treasury
NJ standard dollars Surprising nave, what tb,nt 10
+, not dollar per head 10 our popnatlon WINE We h"Fo
about SD per head paper, about 70 per cent oil "heh
IL a sham Since 1852 Europe and America nave eA-
ported to a an Of over forty millions OF silver
per annum and the requirements o. ASIA should be IS
they have been heretofore for 100 millions per aunum
nerr would silver except by rcsortns 10 the he
franc piece and SILVER dollar
The rrport alludes TO the difficulty " CIRCULATING me
silver dollar How the Secretary expect to crch@e
silver dollars when than half the National b-nks
openly defy Congress and refuse to receive them on de-
poyu4 This refusal Is general II with the banks
of this city Tu-r united resolution 10 this effect - rank
uulnfcauon CitIZens in large portion OF cur cohn1J
have never seen used silver doll Instead OF "a
we're rebnke from Secretary, and tnsea 70 sunul
their charters refusal is persisted he succh''
becomes Il member OF tie CcagiIZ House and pays ris
h,lan,cs in gold or greenbackt Why not in liver
Jollars Recently mere were stOred-Deing pid from
the rreasury-forty millions o. dollars la dou0le-e"%''
! IN the vaults Of the Bank Of America These d"uo'-
eagles are not needed for circulation for tue demand
for haf-elgles and experience shows they are the com
OF ali others Tor circu The god deposited III ths
! v,u,ts If the q nix OF America belongs ID
| me various banks OF our cy, against
! which certificates Of $1,000 ana $1,000
are issued represent the gold, and with these h *
changes are settled The planis admirable eaeh eeruh
cate representing what II calls for dollar Iof uoNi''
Could not me Secretary settle his balances pay odt
silver doar-l Certificates Of p 900 ana $4,000 e"cb
is,,ed against silver stored vaults of one oi the
banks are and would be is good medium u s. t'e o
ances be ween each other those based upon dou'i
eagles for both lawful tenders. Means Wou" so'h
be found by the banks for their distribution Inc ca
pacty Of cur people absorb silver dollars is wonder
fu Hinder all The mpediments made by our banks for
the receiving aud the circulating OF the siyerdo"rlt
surprise thai 81 per cent OF the amount coined IN tho
hands OF the peOple. d0ub If 50 large peic NJ
age Of the go coined now IN Circulation AIR d.
Quoting t1at winch lies IN bank vaults a. a reserve.
Another assigned IN the report Tor the dscoh
FINANCE OF the coinage OF the silver dollar Is ronarl-
| able: Its Use Il confined manly 10 payments ,Or
manual LABOR, ami market purposes aud FOR Change
Take these away, and what u4sc' FOR money
| are left Tuese very usagts-ah0r. marketing ana
change-arc among the strong arguments Tor continuing
the coinage
The report complains that the dollars return TO the
Treasury WY should they mott Tine Secretary estl'
mates Treasury receipts for the mex fiscal year ~
$3.50, 200. the people must pay their taxes IN
something's why not III silver dollars AS wei as goa or
| paperi
Alarmiss and the newspapers have caught the cry
thai if we continue silver dollars we snail Ia tao
end have only a silver currency. Supposing this to be
so, what thenl Admitting all the Inconvenience oi
transportation attending such are there not
some and many adv lnLiges IL should be kept IN mind
that cold is only bankers while silver il the peoples
currency The former are IN point OF humuefsh an nS
niicant fraction. Silver has occn the currency 81 "e
world for orty centuries. and must continue 70 oe soor
centuries TO come I! has oeen The NUT OF vare:
for il is the only universal currency 81 tue world Gpf
is only recognized by ABOUT one-tmrd u me worls III
habtants. The gold nations are England. France,
Germany ana the United STATES also SOM OF the MINOR
states of Europe Russia, Austria and LAZY, hOnluay
siyrr USE paper IL cannot be denied hat 10 these GOA
nations silver is an important factor, anu win ~ Plr
those made 10y gold NJ greater distress coui beia tde
with our gold. Nations trade aud do without gold.
but silver Is M absolute necessity; Al , m, ,,.
The late Mr. Bagohot. 30 long Editor OF me don@oh
tore the English Commission sAys that =" sI'
and from natural cause. because silver Is Mncn
ceeager meta ana S S 70 }b |se u SS%STd
The nations Europe could not AFFORD 10 allow U.s. nor
an absolute necessity for the great mass OF Their poop
Nor need We fear aoy great sun se: me Mor.ds
! ual,y rose 's4j.000OOO m 1867. ami advanced %
$s90oo0Oo IN 1877 ana has iese,Sd TO about 9aooo
purt silver Asa from Europe ana TINS country hds
been over 100000 600 aud 1t Is estimated that Euiupe
| and this country the arts. elcctrJ;YJlnE
wastage etc. $3000O00O. which Is about the preseat
| est TINA. ed pro faction OF tue world
Are not much influenced by the financial ieach-
ings of England and the Continent ss,t-itllact ani
an attention neres; ght he OF service 10 ~.
IL is not So question whether we are 20 trS''s
with England aud the Continent but the bu-then rests
wltn thet aud I VITAL how they tn continue 10
trade with Us Shall they we dictate the tcrmst Al
ready with . population OF 10000 900, ana the
meucemeut the next century IL VIII probably 80
%. 900 900 We shall Oe able to insist upon our own
IL coinage.
Since 1916. Ems and In theory has h1d Ouly gold
currency. Germany and other European nations, esN-
cially those which compose the Latin UnlCn pre-
lhe sllycr eluilhrlul. anI lhs made Euk tnl