Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-01-30
FRIDAY.......JANUARY 80, 1885.
rewards pierrepont on silver.


Edwards Pierrepont on Silver.
EDWARDS PIERREPoNr, Esq. once
United States Minister to England, has
issued pamphlet on the subject Of what
he styles The Impending Crisis in
our Finances" in which pamphlet he
proposes ga plan to make gold and
silver circulate equally" Whoever
shall accomplish this object will de-
serve we'll OF his countrymen. Mr..
PIERREPONT fears contraction
of the volume Of the currency as
q result Of the depreciation in value
Of the silver coins. That is to
say, he fears that the less valuable me-
tai will drive out Of circulation the
more valuable metal /; that gold will
thus be made to disappear from the
channels of trade and become mere
commodity in this country. Mr.WAR-
NER, of Ohio, says that the world does
not now annually produce as much gold
as is used annually in the arts and
trades, and fears ruinous shrinkage OF
values as u consequence Of the in
creased comparative value of gold,
which must result from the failure
TO produce the quantity needed for use
as money and to be made up into orns-
mcnts, watches, gold foil, &C., &c. MIR.
WARNER. the best-posted man in Con-
eress on financial questions, and MIR.
PIERREPoNT, a student OF the same
questions, agree that the coinage oil
silver dollars ought not to be stopped.
Can they agree as to the laws under
which silver dollars shall continue to
be issued? We fear not. But We will
state briefly Mr.. PIERREPONT's plan,
which is indeed very much the same as
that Of Mr.. SHERMAN, of which we
have spoken several times. 1t is a
scheme TO switch the world with
noble" financiering.
Mr.. PIERREPoNT's plan is to repeal
the present silver-law, thus of course
disseminating the purchase Of silver
bullion to make coinage free for Anne
rican silver, and coin no other, and re-
ceiye no other OH deposit; to make the
silver dollar contain 4S0 grains, and to
coin fifty millions of them. I'VE do
not know how Mr.. PIERREPONT recon-
Giles this last feature Of his proposition
with the feature proposing the free COIN
age Of silver.) Silver certificates to be
issued payable in dollars of 4SO grains,
or in stamped bullion, as the holder
may prefer. These to be exchangeable
for the silver certificates and silver dol
lars already out, and also for American
silver bullion of standard fineness,
and exchangeable at the expense
Of the Government. The certificates
to be legal tender. Issue no more
gold certificates, but pay in gold those
already out. lie claims that since the
silver certificates and the silver coin
outstanding within some given timc)
may be exchanged for the new silver
certificates calling for dollar of 4S0
grains, no disturbance in the currency
could possibly arise while the new GER
tiRcates were being prepared, or while
the $1,000, 900 of the new dollars were
being coined; but il seems to us that
this argument would also prove that
the public would have no object in re-
turning the old certificates, seeing that
they will be worth anywhere so many
dollars of $50 grains of silver, just as
nobody returns grecnbacks to the
Treasury for redemption though it is
known that they can there be exchanged
for gold.
Instead Of bank-notes secured by
paper promises tbonds) on. which the
people pay interest, the country would
have, says Mr.. PIERREPoNT, a cur
rency secured by the actual deposit of
the precious metal without interest. We
quote:
" As the gold and silver increase in
the country, the greenbacks can be
paid oil in gold whenever the paper
currency becomes redundant, and the
silver certificates may take their place !;
thus the Government will, in due time,
become divorced from every function as
a banker, and give the people the best
and safest currency in the world, made
up Of gold coin and paper certificates
backed by silver deposits.
"Tbe banks would 60 on with their
business as now, obtaining their cur
rency in gold and silver or silver GER
tifcstes, in whatever way they found it
most for their interest, and no one need
fear lest banking facilities would cease.
The Government vaults would hold
the metal securities for the paper circu-
lation, just as they now hold the paper
securities for the bank-papcr circula-
ton.
"If the silyer-mcn cannot see their
own and the country's gain in this
plan they must be blind indeed.
at will be asked whether the new
dollar may not also fiuctuate in value !?
1T may nuctustc as vilen as the
tids, but, like the tide. /. will maintain
its general level for long time, as we
think; and since We can but darkly
see into the distant future, we act as
best we may, upon probabilities gath
cred from past experience, and leave
the coming generation TO deal with new
conditions as they arise"
Mr.. PIERREpoST WARNS the gold lu-
nstics as follows: