New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-09

are of no use to the Bank of Fran &c IN meet
ing international balances. All the strain oil
the international exchanges OF France faiis
upon the central gold reserve, which was
$1O3, 100000 IN November, 1879, and is
now only $4,000. 900. Two-thIrds OF the
available reserve has been lost III year.
Yet the United States has been holding up the
price of silver by Its coinage. II that coinage
should cease, how many weeks could the Bank
of France continue to pay gold Without
anv change by this country, The London
Economist expresses doubts, shared by many
leading bankers in Paris and IN London,
whether France can hold ont sixty DAYS in
gold payments. Ii the United States should
cease its gratuitous AID to the opponents OF
silver in Europe, England and Germany
would at once be obliged to face even greater
losses, in their dealings with France, than
they have met in their dealings with India.
Germany could not stand the strain single
month. It's gold reserve Is now only
$40, 600, 000 and 1t has had great difficulty IN
preserving that slender store. With suspen-
sion of gold payments by France and Ger
many, the whole strain oil making payments
in gold to this country for all Europe would
fall upon England. Moreover, Italy is just
now about to borrow $129,00O,00O in gold
for the retirement of its paper circulation.
England's commerce with India and other
silver-using lands of the East has already
inflicted tremendous losses. But that COM
MERGE is small compared with Englands
trade with France and Germany. If bust
ness is even now greatly. depressed, If
$1,000, 600, 600 of capital Is seeking IN vain
for employment there while the nation Is
obliged to import half its food, and agrarlan
agitation threatens the very existence OF the
Government, what would England do if the
United States should cease to sustain silver
by its coinage, and France and Germany
should suspend gold payments
The Bank of England now has a gold
reserve of only 1927, 100000. Within
month, many advocates of the double standard
believe, if the whole burden of the gold ex-
changes for Europe were thrown upon that
Bank, England would be compelled to
sue for peace or to abdicate the
commercial throne. Its reserve could be
protected only by putting up the rate
of interest so high as to cripple its in
duslry and commerce. American silver, as
we'll as American wheat, cotton, corn and pro-
NlSlODS, WOulu De tHlBlitu lhtO thC bVhuVh
market, and for the whole England would be
compelled to settle in gold. Many advocates
of the double standard reason that England
would be absolutely forced to ask for an
agreement of nations as to silver coinage, be-
cause the losses would otherwise be greater
than that country could bear.
Ii advocates of silver should generally take
this view of the matter, as they are quite
likely TO do in the light of the circumstances
and with their past declarations, there may
be- speedy acton which few are now expect
ing. 1t cannot he denied that the opinions
here reviewed merit serious public attention.
The position of this country as the creditor
nation of all the world now gives it ire
mendous power in all monetary contests.
There is no room to doubt that the coinage
of silver here has for years been an meal
culable help to England in its policy. Indeed,
Mr. GOschen, the representative of Great
Britain, fully admitted this at the Paris Con-
ference. If the advocates of the double
standard have not greatly changed in opinion
since that conference they may Iiatly refuse
to help England any longer, and favor COM
plete suspension of silver coinage for the
present. One thing we trust the common
sense of the country will in any case agree 20.
Either we should stop coming silver dollars
till we can get the Others TO unite with us,
or we should put a dollars worth of silver in
our dollar.