Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-01-13
fhs hiEfhN aefefleEf
Views Of n Papst opposed 10
Coinage.
New York Herald, .

New York Herald, 9.
Again has a complication Of causes
shewn the utility OF attempting 10
restore silver to It's former position In
the monetary systems Of the world.
The action Of Mexico in abOlishing
the export duty on silver was followed
By large r~emittances of that metal TO
London; and at the same time India,
Thich has absorbed large Quantities of
silver, decreased her demehd for il
because the condition of her trade was
unfavorabls and because she obtained
silver from other countries than En-
gland. The result is that the price
Of silver has fallen to the lowest point
reached since the early days of 1879,
and the bullion value OF the stand.
ard" dollar is but little over eighty
two cents. This may not be a perma-
nent fall in value, but it is sufficient
to show that the silver legislation Of
this country has had no effect in pre-
venting violent fluctuations in the
price Of silver.
Unfortunately, however, the real
danger attending the continued coin.
age OF silver is nov quieseent, aud
Eill appear In its true light only when
financial difficulties are upon US. The
evil Of coming q currency which does
not pass into circulation and remains
in the vaults Of the treasury is CON
plratively slight when compared with
the consequences that inevitably must
follow any serious change in the con
ditiou Of the foreign merce Of the
country. A few months since the
export Of some millions ofgold was al
most followed by financial panic; this
clearly showed WHIT might be expect
ed il an extensive expectation Of
gold became necessary. Gold alone
wall be taken in the markets of the
world, aud any serious drain
on the stock OF this metal
will reducs the country to a mono
metallic, aud that too a deprecated
silver standard. Aud notwithstanding
that this has been again and again
adverted to, and the evils that would
attend such an issue hsve been clearly
asserted, no active steps have been
taken 10 put this beyond the range OF
possibility, For eighteen years the
country had to endure a non-exPort
able circulation medium in the form
Of an irredeemabls paper currency,
and the losses entailed by that must
be counted not by millions but by
hundreds Of millions. a silver dollar
that is worth bu. four ffths Of its face
value is little elss than a token cur
rsncy, and is as much anon exportable
carrencyastheirred enable greenbaek
wss To maintain the coinage of this
dollar on the present basis is q suicidal
policy.
The present time offers a favorable
opportunity for dealing with this ques
tion. The large imports OF gold which
followed the revival of 1889 have
placed the currency on a much surer
basis than before that period, and as
cold must eventually form the basis
Of a sound currency the subject can be
more readily disposed Of now than
when the financial markets are dis
tarbsd by a threatened OF actual
export Of gold. Although it is rather
early to make any predictions on the
movements of the precious metals
during the coming year. yet there are
S roug indications, chiefly pointed out
by the prospects Of the crops in Eu-
rope, that this country will again be
enabled to draw gold from abroad T.
aud should this be rue there is every
reason for urging a settlement Of the
question If a crisis does come Con-
gress cannot take sctien without rude
" disturbing the monetary system
and, consequently, the financial inter-
ests Of the nation. The losses then
will prove enormous as compared with
the conditions that would follow an
intelligent though radical treatment Of
the subject at the present time.