Savannah morning news. [volume] (Savannah) 1868-1887, 1881-12-01

Mr.. Burchard, the Director Of the
United States Mint, is an out and out
bimetallist, and has always been regarded
as an earnest advocate of the double
standard of currency. In his annual
report Just finished, however, he suggests
that the coinage of the silver dollar be
suspended, temporarily, he taking the
ground that its issue cannot be continued
without serious embarrassment, unless all
prominent commercial nations of the
world shall agree upon the general use of
silver as well as of gold as currency.
A Washington special states that the
Director is Of the opinion that in case sn
international double standard shall be
agreed upon it will be based upon the
present exchangeable value of gold and
silver on basis of fifteen and a half to
one, in which case the coinage Of silver
as well as gold would be free at all the
minis of the world. and the present
standard silver dollars would, if neces-
sary, be withdrawn and recoined. For
this reason he argues that the future
coinage of silver dollars, at the present
weight, unless needed for circulation, is
useless expenditure. He states that be-
fore the close Of this fiscal year the cir
culation of the United States will amount
to 500. 900, 900 of the denomination Of
one dollar and less, and this he thinks
will be quite ample for all needs.
We see it also stated that the propo-
sitiOn to, at least temporarily, suspend
the coinage of the silver dollar, is one
which is supported by other prominent
bimetallists besides Director Burchard.
1t is said in the same dispatch above
quoted, that S. Dana Horton, Secretary
Of the international Monetary Commits
sion, has declared since his return from
the Paris conference that in his judgment
it would be advisable for the United
States to suspend the coinage, and that
he thought such a course would aid IN
forcing Great Britain to adopt an inter
national bimetallic standard. Judge
Kelley, another bimetallist, is also quoted
as favoring, at the least, the temporary
suspension Of the coinage Of the standard
dollar for the same reason.
The wisdom of the act establishing the
silver dollar, and adopting the bimetallic
standard Of currency, has been fully veri-
fed by experience 1t has not been for
gotten that when, under Republican rule,
silver had been demonetized so.that. the
few wealthy holders of gold and
bonds might become richer by
having this money thus artifcially
increased in value, while the tax-paying
masses had to be more heavily taxed than
ever in order that the government might
be able to meet its obligations in gold
alone-business was paralyzed, and the
country suffered from unprecedented de-
preston. So soon, however, as a Demo
cratic Congress came in power, and
devoted its energies to the relief of the
people by utilizing silver in accordance
with the plain ideas of the United States
Constitution, business depression, idle
ness and suffering, began to disappear,
and Immediately an era of prosperity set
in which has proven unexampled in the
history Of the country.
For these practical reasons, we are in
clined to view the opinion of Director
Burchard, and the other gentlemen above
quoted, on the temporary discontinuance
of silver coinage with considerable sus-
picion. Nevertheless, they are all gen
tlemen Of experience, and as their opin-
ions certainly seem based upon plausibii-
ty, they are entitled to respect, and may
lead to a discussion of the subject which
will result proftably.