Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1885-02-24
COMMUNICATIONS.
The silver Question-German Remon-
etization-The Strong Position of the

The silver Question-German Remon-
etizatfon-The strong Position of the
United States.
To the Editor of the JOURNAL AND COURIER:
The proposition embodied in the bill pre-
sented by Mr.. Dorsheiner to coin a practi-
cally unlimited amount of silver does, in
deed, seem to be ill-advised at the present
time. We think our government should
rather coin limited amount which NAV aid
to steady the market price of uncoined silver
than an amount much greater than our coin
age of gold. Until such time as an accord
may be reached, which may result in more
extensive European coinage, it does not seem
advisable for the United States to coin all the
silver that might be offered. The present
legal requirement, S24, 100000 a year, is
about the same as our present coinage OF
gold, although we might we'll coin more of
the latter from the large amount of gold bull
lion in the Treasury vaults. It seems to lis
that this country is now practically master
of the situation, with the balance of trade
largely in its favor, with decreased gold pro-
duction, increased consumption Of gold in
the arts to an extent that leaves Europe al
most destitute of gold for coinage and with
the drain upon the gold reserves of England
not likely to be speedily lessened through her
internal dissensions and foreign war-a war
which, as an English journal says, must be
carried on at any price, if England would
avoid having the flag of mutiny and revolt
raised from one end of Asia to the Others
war the far reaching consequences of which
no man can fully foretell. Whatever may be
the outcome of England's undertaking in
Africa, England has in ASIA well at
home enough to severely tax the resources of
her ablest statesmen Perhaps the time may
not be far distant when Englands morning
drum-beat, circling the world with the rising
sun, may be thing of the past. However
that may be, England seems to be steadily
losing gold coin. Whatever may be Eng
lands future prestige, it appears that the
English people hold but small part of the
amount of American securities held by them
only few years since. There was time
when it required e greater balance of trade
in our favor than then existed to counterbal
ance the outgo for interest upon American
securities held abroad, but that time, fortu
nately for US, has passed. Since we remone-
tized silver our gain in gold has, as all know,
been largely in excess of our coinage of sill
yer. The New York Tribune says that Sec
retary Mccullough is reported as regarding it
an exclusively silver basis in less than year
if she continues to coin silver. We cannot
suppose that Mr.. Mccullough has been in
dulging in such careless speech, which would
seem to be of the same order assertions
made nearly seven years ago, that gold would
be driven out of the country within a year
after the reconciliation of silver There
certainly can be no such danger. It can
hardly be brought about even by the persis-
tent publication of such paragraphs as the
one above referred to, and such statements
as have lately been made in the Senate of the
United States, with the apparent
design to so prejudice the people
as to prevent the free circulation of silver
certificates. We refer to the statement that
''the man who receives a silver certificate may
not understand that it is not as valuable
greenback." Of course intelligent people
understand that silver certificates call for
standard silver dollars which are in the
Treasury vaults, and that standard silver dol
lars are legal tender Therefore such peo-
pie are not likely to refuse silver certificates,
especially as such certificates are more con
venient for current use than silver dollars
But the spirit which appears to inspire such
statements as those referred to does not
seem commendable. IF there is any real
strength in the position which such journals
and legislators, without distinction of par
ty, assume, would it not be better for them
to attempt to enforce their position by ed
ducing some facts tending to justify it?
A leading New York newspaper has re-
Gently pu blished some of the mint directors
estimates of gold consumption, with its own
inference that out of the worlds present pro-
duction of gold there is almost none at all
left for coinage. The strange conclusion it
draws therefrom is that the United States is
in imminent danger of losing all her gold.
Of course, it omits to say in that connection
that tho United States furnishes about one
l;-1 81 %hn ,O7lT at /,f WI
coins nearly all of it, drawing upon foreign
coinage for even what she uses in the arts.
The only possible theory that can be pre-
sented to justify the conclusion that we shall
soon lose gold is that the exigencies of
Europe for some metal to be used in coinage
will soon be such that she will have our gold
whether we are willing or not.
How is Europe going to get it, Why not
our silver instead The disturbance in the
silver market was inaugurated by Bismarck,
who when Germany had wrested a large in
demnity from France, doubtless thought to
deal telling blow at her financial prosperi-
ty through German demonetization. But not
until the United States had followed Ger
many's bad example, by demonetizing silver
in 1878, was the price of silver seriously af-
fected. Gold might be discredited in the
same way, by concert of action on the part
of leading powers.
France was enabled to SO easily pay that
indemnity by reason of large distribution
of gold and silver among her people. France
retains her $500, 900, 900 worth of silver and
is now prosperous nation while dark clouds
obscure the German horizon.
We understand that to-day the German
people are presenting petitions for remonetiza-
tion-petitions which may not long be dis
regarded. All the world knows of Bismsrck's
waning power, and the determination which
inspires the opposition party. The stormy
scene in the ReioSstag few days since evil
dences the spirit, every day growing more
confident and insistent, on the part of the
German people-a spirit which neither Bis
marcks will nor Bismarcks anger can long
successfully override.
We think some prone to lose sight OF
the real strength of the United States az
factor in the present situation. We believe
that if she carefully protects her own indus
tries and her ewn people-thus securing the
development of her magnificent resources,
| her star of empire will shine with increasing
| brilliancy for generations to come, and that
she may soon be in position to suggest a
policy in relation to silver coinage which will
command the most respectful attention and
| assent of all Europe-it may be to the sur
prise of many who now gravely affirm that
the inferior metal will inevitably drive out
the superior. Had there been in the United
States in 1878 the amount of gold and silver
now held here, the severity of that. heart
breaking period of fully FIVE years which fol-