Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-12-05
snver-The New Secretary.

Treasury. u Oi-tinguisutu in tue phNn'n
circles Of the world. He was Sccrctary OF
the Treasury from March, 1865. TO March,
1863. Afterwards, he was for years partner
in banking. house in London. and resided
in that city. He has always bad the cour-
agc Of his convictions.
Mr.. McCUlLocu's Recommendation rela-
tive TO silver coinage In his recent report
TO Congress recalls the fact that he was not
many years ago monomctallist. He was
st one time thoughtless enough to set
himself up M wiser than ALEXANDER
HAMILTON. the most distinguished states
man who ever presided over the Treasury
Department, and to imagine that there was
gold enough In the world to render the use
OF silver unnecessary as a part Of cosmo-
pontan currency. But Mr.. McCULLocR is
no longer OF that opinion. At the recent
National Bankers Association at Saratoga,
he said:
"Until 1870. when II became my duty to
give the subject more careful examine
ton than had done. was m0nometal-
list; since then ! have been bimetaliist,
and ! have by observation and reflection
become stronger and stronger In my new
faith"
We do not think that Mr.. McCULL0CH's
is rare experience. At the same time, he
quoted ALEXANDER HAMILTON, and said
Mr.. HAMILTON was right in the following
utttrance, which Is taken from his mastery
annual report OF 1892. Wequote the great
statesman
"Upon the whole, IL seems to me most
desirable not to attach the unit to either
metal. because this cannot be done without
e6ectuaIly destroying the character OF one
OF them as money. and so reduce II to the
character Of mere merchandise. To annul
the use OF either Of the metals as money Is
70 abridge the quantity of circulating me-
dium, and rs liable TO all the objections
which arise from the comparison of the
benefits Of full with the evils Of scanty
circulation"
To these words of wisdom. Mr.. MCCUL-
LocH added the following:
"The world Is net, and probably never
will be-, In q condition TO dispense with the
use OF either gold or silver az a standard OF
value and circulating medium. Both are
indispensable, and neither can be reduced
In comparative value by artificial means
below the other without prejudice to local
and international trade. nor without in
creasing the burden OF debts by decreas.
ing the amount Of metallic money (Which
Is the only real money OF the world) In cir
culation. As every dollar OF gold and sill
yer In existence has cost in labor and ma
ehipery more than its standard value.
neither can be deprecated except by arti6-
cial means. Silver coin l. now deprecated
In comparison with gold, not by natural
causes, but by the action OF European ma
tons. A few years ago gold, by the large pro-
ductiops Of the United States end Austria
Tia, Was deprecated in comparative value
with silver. This being the resuIt OF nstu.
raj causes, the difference 10 the value OF the
two metals was Of short duration. Natural
law speedily adjusted the difference which
natural causes had produced. The exist
ing depreciation OF silver Is not the result
OF the large production OF silver-mines. but
OF the action OF Germany IN demonetizng
II and the restriction Of its coinage by the
Latin nations. Had not these causes been
al work the depreciation OF SILVER, which
Is row disturbing the financial condition
OF the world, would not have occurred.
The Congress Of the United States acted
WI>fil W. uloutttSiDB citftls luz Vui. MIS-
take It then made was In not adopting the
French standard"
The French standard is only 15t Of silver
70 one OF gold. Our standard is 16 to 1.
So that the new Republican Secretary OF
the Treasury, not having the fear Of the
callow theorists Of New York before his
eyes. but following rather the example OF
the Democratic statesmen who passed the
existing silver bill In spite Of their opposi-
ton and denunciations, declares In favor OF
making silver dollars contain only 15t
times as many grains Of silver as gold dol.
Tar contains grains OF gold.
But Notwithstanding all tins, Mr.. McCUL-
LocH. in his annual report, recommends
that Congress shall cause the coming Of
silver dollars 10 he discontinued! Yes;
and be said as much to the Bankers Asso-
citation. We quote what he then said:
"But while Congress acted wisely in
making silver standard with gold, IL has
acted most unwisely IN continuing the coin
age Of Il IN the face OF she action Of Euro
pean nations. BY doing 30 II Is making the
United States the .lack.horsea for silver,
which the action OF these nations has de.
preciated. As soon as II was discovered
that Europe would not Join the United
States IN their efforts TO restore silver to its
former comparative value with gold the
coinage OF silver should have been stopped.
BY continuing 10 act independently we are
playing into the hands Of rival Powers;
We are throwing upon our own coun-
Try the burden Of maintaining to a
large extent even the present market
value OF silver. The longer we continue
the free coinage Of silver the longer viii II
be before bimetallism Is adopted by other
States II the largest siiver-producing coun-
try In the world, and therefore has deep
interest In Ats value. II would be wiser for
ia 10 delnoDetixe u than to continue 10 coin
II. am not sure, contradictory as IL may
seem, thst the most effective way OF appre-
eisting silver would not be for the United
States 10 demonetizc 1t. We are, or al
least we have the means Of being, creditor
patton. We have less silver than the com.
mercial nations on the other side Of The
Atlantic. and are better able than they u
stand the loss which would be Incurred BY
it, further depreciation. In the increased
scramble for gold which would follow such
action on our part we should not be the
chief sufferer
For our part, we are not at all apprehen.
slvc OF any evil consequences TO flow from
the continual compulsory coinage Of SILVER.
! But we are willing to try the experiment
Of It's dIsconiinuanee, especially II Mr..
TUCKER. Mr.. BucKSrR, and Mr.. wARxgR
are, rs they are supposed to be, in favor Of
such disconiinuance. There was time
when such q step would have added strength
a. Ar. Nwa.o Ia akora h,sf THAR harasv a.