New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-29

oontinue such coinage unless other commercial nations
will agree upon the general Of silver as well as gold
But should such international agreement be secured,
neither our ratio OF comparative valuation nor even one
based upon present eXchangeabe value OF gold ana
silver will probably be adopted The ratio OF fifteen and
half TO one already approved and in use among the ma
tons composing the Latin Union would doubtless be
chosen This would IL the coinage Of silver we'll as gold
at all the mints the world made Free az Dmeta
ism implies cause the voluntary withdrawal from ercua
top Of the standard dollars and their reconage In such
the further coinage OF silver dollars OF the present
weight unless needed for circulation, is useless eGpen
diture.
1t is not important now to call attention to
the fact that THE TRIBUNE has for long time
| earnestly urged bimetallists to give weight to
the considerations which Mr.. Burchard so
| forcibly states Ever since the first Paris Con-
| ference it has Teen evident that the influence
| of the United States was in great degree i'm
paired by its continued coinage of silver. 1t
was thought abroad that the United States
Government was moved by especial anxiety for
the welfare of its silver producers, and it was
believed IN England and Germany that the con-
slant coinage of silver here, at the rate of more
than $4,000, 900 yearly, would serve 10 pro-
tcct those nations against the more serious
consequences of the course to which they ad-
hered. In this belief, England and Germany
treated with marked Indifference the represent
tations of this country, and it became evident
that coinage of silver here was a barrier against
all efforts 10 promote coinage of silver abroad.
Mr.. Burchard believes that the coinage of
silver 10y this country has sustained the price
cf that metal at or near the level of 1873 If
this is true, n much lower price would I'M
doubleday have been reached had the United
States Joined with France and other nations OF
the Latin Union in suspending coinage. Lower
prices would have powerfully influenced Eng
land ana Germany to seek some international
settlement Of the ycxed question, and the sus-
pension of coinage now will have that tendency.
More than 500, 900 Of silver dollars
have been coined by the United States, and
extraordinary efforts have been made to push
these coins into circulation. But only one third
Of the amount coined is now outside of Treas
ury vaults. Every person who holds a silver
dollar has paid for it in products or services
Just ~ much as he would have paid for gold
dollar, so that he has gained nothing. The
United States has expended nearly
$1OO,0OOOOO in gold in the purchase of
silver bullion, and yet has been able TO use in
dollars; consequently it In, gained nothing.
II fact ii has been sinking money in buying
metal for which neither the Government nor
the people can al present find use. And now,
- Mr.. Burchard urges, it Is found that the
United States, if silver should ever be rcmon-
cited 10y concurrent effort of civilized nations,
would be obliged to bear the heavy expense of
calling in and coming over all the silver dollars
in existence. Surely, the sooner We stop
spending money in that way-in the manufac-
tune of coins which we know cannot be USED
the better for Che country, and tor its rcputa-
ton for practical -hrewdneSs.
II Is often reasoned that the silver dollars
have been made of Use indirectly, because they
have served aS the basis for an issue of
$GO,OOO, 900 of silver certificates. But this
reasoning i, based upon a complete misappre-
hcnsion. The Government has paid ont gold
IN order to get the silver bullion. II might far
better have issued gold certificates, if more
paper in circulation was needed. As 10 the
people, too, every silver note has cost the
holder exactly rs much as gold note Of the
same denomination would have cost. Hence
nobody is better of for the circulation of silver
instead of GOLD certificates, but the Govern
mcnt, instead Of holding 100000, 900 more
of gold which II could use at any time, for any
purpose, and in any of the market, OF the
world has ON hand about that amount OF silver,
which il cannot use anywhere in its present
form, and will he obliged to coin over again if
the nations should agree 10 restore silver TO
general use. The argument Of the Director of
the Mint il 80 conclusive that it ought to have
the early attention Of Congress