New-York tribune., 1883-03-12
LETTERS FROM THE PEOPLE.
, PIE. FOR THE DOUBLE STANDARD.


LETTER FROM JOHN THOMPSON, VCE-PRbsiDENi
OF THE CHASE NATIONAL BANK.
To n, Editor Of The Tribune.
SIR. It is now quite evident that Congress Is
not disposed to stop the coinage OF SILVER ino ''
of this metal in the Treasury is steadily increasing VIM"
the amount OF gold is diminishing This leaus 10 'ne ~
,rebension that the is not far distant wheh e
Coverhment and the banks will be forced 10 hdop'
r,ar ,oopev standard This result is already FORE
shsdowed by the leading newspapers OF the A'i"i."
cities; and It becomes question OF great interest Il"
what infuence and hearing this change 10 silver s""
ard will have upon the business OF the couh''.
GLANCE M the causes OF decline in the vae oil SILVER
nronery prccedcs consideration OF this question: III ~
nAon market from 1860 1873, silver varied IN pre-
,rium from 3 per cent to 4i2 per cent over E"- ="
1873 Germany Denmark, Norway s"eaeh' anu ''o
limited States, demOnetized silver; anu "eI'uA' nm
threw upon the London market S26oooo'oo'o Oh sNo''
The supply being vastly in of the demand neay
,.cline followed and silver became worth only ~ per
cont IN an ner cent AS compared with gold IL Ia yct an
undetermined question whether silver deprecia'eu VI
cold appreciated in value. for While Germany was '
yertIng her silver money into merchahuiSe' sh0 "A
cuuulatng and coming over SiOOOoO'ooolh III eo'u' ~
the same time France and the other Latin Union states
,onned the coinage Of silver. The effect OF all ts upon
Tho rSat,ve vaiue OF the metals Is most apparent
pad France followed the example OF Germany IN the
conversion OF her silver money into merchhhu''e'
substttutnc gold only for money. u Is saio 10 oon
clnde that "a gold dollar would have bough' more
than three silver dollars. Tbis conversion OF
vost quantities Of silver money INTO merchahuiSo - ~"
cause and the sole cause of It's depreciation ia 'n
Id oIa becn demonctlzed instead fssilvcr there Is
little doubt but that would have lost its relative value
faster than silver. for neither metal mas s"'''n'
iptrnse value TO sustain s price at more than
OF its assumed value "a money
Rnt IN return TO the question: what VIII oe e H'n"
o.o unon The prosperity OF the country OF dropping
from gold TO silver Standard First et us consider
international exchanges. Our Importer VIII OF HtoeSS'
have 10 pay a high premium Oh EnioPtah ur"''s' e'
from ten 10 fifteen pcr cent THIS VIII di7c"HHEo "a"
nor,ations On the other hand our exporter will derive
sncb bene1t from his European exchange that exports
in no greatly stimulated The S0uth viii say, " the
m ,,iun ON exchange will better sustain Tie price Oi
cotton then let II The West VIII say the Same
gardng its products. Ia these facts Is 10 oe Iouh 'o
strength OF the silver party In thi' country u Is ulo
,at the silver mining interests are deeply concerneo h
,lis onestion but these interests are local ana con
~ have little political power. The great ina's oi the
ncone of tins country never have handled An
handle cold They prefer go0n paper money VII" '
s,dIorv silver Hence no political influence can emanh'e
,rn the people, and there s no prospect OF Fer pes
AGAIN demoneuzed by our Government.
nr,pz the Rebellion. and for several years nter the
-, ~ the war the ercenback standard dollar
and was at discount occasionally not being worth ofo
than one-thiri its face In preeons mettL ntlg ~
th ,ue the Northern States pro peIed ny shonln
we now apprehend danger u our standard n mon, o.,
",lvnr, shan not be worth its lace ~ c'pl'u
Aait, 1he nse of both metals viii certainly su'', Ia
Srires and promote ntustries' ana te p'!t'I ,
L. f,y than 10 drop silver M o 'htVig
and attempt to carry on business upon
Dold Standard alone Rather than face thc i,tr uai
r hotter adopt silver standard ana iNoh elltent
s,L Trrrnue fGr the possession OF gold We are "iN
liable 10 an uniavOraoie balance 0f iiae "' in IN %
met With god. Then the lneNitaDle Islt N'i III ~ =,
money or The suspension of specie paynelt.i ana u WIZ
Tor if meet our Onllsa
t6ns with silver. rather than I've forced mo pnhp', ~
through an international contest Tor Inc po'o''"n VI
e silver dollar Is objected to universally because 0i
a. inconycnent size There are objections ho 10 s'i
coin But under the law the G0vefnln' NJ j. "o'in ~
snrc these metals and To issue In Their ce paper
| certidcGtes. Therefore these objections nave no no
weight. II is fast that mora tnhn n''' t '' ~
iIsrs silver only for money, and Is 0ilel a'@if Ai
| thcse are heather nations IL not ihl' hrS't'loi,
reelection upon the Empress o. inoin' @no J., niSU ~
Queen of England Certainly IL Is nOt hlttyli tit
| nina Iaran Mexico, and al -outh America hc'lh'h
| their money u silver IL - ho' iP
Sibs that may, within year or Two Dec"ne d
| heather fsilverl NhuOh . .- .....t. ,,d ,,ro,
r"Thg remedy aud the only remedy. IS for tho nations
thar nave silver &c rever5c hcif Hcl"u anu
| ove syer an equal chance with EOd lhcl hltt'h Hl
ounces silver will again lac worth more uihii
one ouuce gold. The best financial minus ." nvIh ~
| land aud Germany are f1nsdeiibY lnls
the Bank OF England hdNocaen lbe Istoia
H., silvcr arrangement OF exchanges 9ctweth
the giver-tsing countries and the gold cDuhlles -
watching more heavily upon England ana germany thnl
rnnt any OF the COuncfclal pullOhs ho hhS'
haf of Tie money Of France Is silver and YET fianre hl
nc most prosperous Of the European nations
tbonld the whole world demOnezc silver u j. pute eN
dent that 1t would require ten dollars Oh SaTI ~ dnd
~ Jrrcyevaliy prostrlteh. Therefore II appears thht
the Influences bearing upon thus question e 81 su @ IN ,
ultimately double gold and sVcTl sian,aiu or INC
| W world Is quite lneYltaplc' Jun" iii"N'''"'
| Nam YoTE 4,