New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-02-24
LETTERS FROM THE PEOPLE.
THE SILVER CUES rION AGAIN.

| THE SILVER QUESTION AGAIN.
LETTER FROM PRESIDENT NEUTRALITY-SUSPICIOUS.
| NEUTRALITY-SUSPICIOUS. IN THE PRICE OF
SILVER
TO the Editor Of TIE Tribune.
DIR: In an editorial comment on my sugges.
ZION that the legaltender character of both gold and
SILVER coins may be preserved, without driving either
metal out OF circulation, by making standr OF one OF
INC metals and giving to the coins OF tho other value
10 DC determined by the market price Of that metal In
terms OF the standard you remark that 1t would be
uimcut 10 Ind why this suggestion would not
eet tue need" But you further add: True, 1t would
W. III broad sense impracticablc"
Nothng Is impracticabe which has been successfully
pracced In the dfth year OF the reign of Charles H.
tue eod coin called guinea" first struck, and by
roy order was declared to DO Of the value OF twenty
1hlhss Silver then the standard In England ana
Tue bullion value Of the guinea 10 the market was con-
'aeraoy moro than twenty shilngs. In tho ordinary
course OF things therefore, the guinea would have been
exported rs fast as coined aud sold abroad as bullion
10 prevent this however which in the actual state OF
the currency at the time would have been great mis-
fortune, by common consent In the commercial worid
the guinea was received and paid at valuation above
twenty shings; or stated by Locke, the gold coins
varied In their values according to the current rates
Inc guinea passed for twenty-one or twenty-five sh
ings and though Order In Council was prepared 70
caforce is currency at s legal tender value the Coy
eminent was apparently afraid to publish it, and 1t was
not plblshed The deporabe state OF tho silver coinage
in this and succeeding reigns the pieces having been
clipped aud until they had lost nearly half their
weight conspIred with the original cause to advance the
appreciation Of the gold coins until in 1893 under Will
lam and Mary, report by Secretary Lowades stated
that the guinea had risen to be current for thirty
shlings," which much higher than the state of
the bullion market would justify" 1t was therefore
reduced by royal ORDER first TO twenty-six shngs and
afterward 10 twenty-five shlllngs which value II con-
tnued to tear till 17l7, when Lit was reduced to
twentyonc shngs, and ut that point remained perma-
neny red In 1917 tho coinage ofithe guinea ceased.
aud 1t Il no longer in circulation but the tradesmen
OF London stu find the guiaea a convenient unit OF
account, 1t enables then TO add per cent to their
prices without requiring larger numbers In which to
state them.
II appears therefore, that the proposition to employ
coins OF one metal legal tender their bullion value
in reference 10 tue other. involves nothing mpractcatle
Nor would the embarrassment to individuals which
you seem 10 appehend in consequence OF the bucuatnS
ysluc oil the dependent metal be likely to arise These
fluctuations from day to day.. are very slight hardly
large enough to elect essentially the value OF coin.
II IL part Of the duty Of the Director OF our Mint to
maze, on the HIST day oil January IN each year. puDic
statement OF tue value OF foreign cons In money or the
IN. ~ ,' - ~ sam ni a. " y ",
may he designated for the purp0se oy Consres make
similar annual or quarterly declaration In regard To our
s'i7or CONS IA reference 10 the standard gold dollar ana
let such decardoh determine the leeai tehde. Ihue Oh
such coins for the intermediate intervals such pro-
vision should extend also, OF course to the national silver
certificates very dangerous form OF currency which lie
gradually but surely eating out the foundations OF our
monetary system.
But without any such provision for the regulation
NJ legal tender values ~ /, here suggested. fluctuations
In the market price OF silver could rarely OCCASION the
ehlrra s,ents indi iuAs which you fear; for the
that In this nj least, silver coins or u
limited legal tender character hardly In circulation
Al all The demands petty retail traffic sufficiently
the sb-i HAIRY token coinage ~ which the real
4, desyncdly less than tile nominal value; but which,
being legal tender for only small gives rise 10
no question. Larger payments are usually made In
bank nOe- or In greenbicko or by transfers OF DdnA
credits by means at checks.
Bit e. T. In regard To cOmmcrr' transactions with
f1rrg nations that the evils OF valued silver
cOinags are going presently 10 manifest themselves Let
~ SiiI p,,e Instance, That mcrchan. IN NcwIOrk
IN, liability meet IN Lon ton OF 100000 AMI That
N ,htnsr pnint which makes II cheapest to remit
answer MS purpose. But IL be renits silver IL VIII re
dure 1000 In dollars 81 that metal 10 effect the
same object % course he VIII eNr Drt gold. ana 50 Will
hid neigit0r and viii all tS importing merchants or
the whenever the balance ~ trade turns against
us let that = -. tiHg continue but Tor fow years,
anl we shall longer have gold 10 remit. silver
viii M orr sole coinage our sole standard metal and
r.ccN will lie adjusted Ia the bullion value Oi the
i,yer dollar Ia Of this world That IL 10
priscs risers the price. OF imported mcrchnn-
81. ard those az domestic cOmmO lilcs; wlc the
81 labor AMI the %. all saarlei mon except
pcrnaps Members of Cungrc.,l viii BE- yerJ slow Ia
advance CORES pom iiHgy. The inevitable consequence
must Intense aEd universal distress Aud this u the
future which prr-isfcucc Ia present wise
T. 4. p. BARNARD.
C,I,ynJi1 CoIrye Feb IL 1875