New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-09
NEw-YoRK TRIBUNE,

States lseting aside the Va bank notes. wi ich
diminishing md well securcdJ can he undertaken
aud iinish"d subject TO the following conditions:
THE CONDITIONS oT CURRENCY rHro"I.
J. Without shoca Gi,tulbaucc TO til, Industries.
the business cner?rs, thc domestic trade, foreign
commerce % the country.
2 Witiot de.riding The United Sales monetary
unit Of value t, cheaper dollar aui without rai.ing
ih" inirel States monetary NUT OF value costlier
dolior.
> without lcs. to any vino now hold the promise of
the iElteu St.tfa To- pas d"at
j. Without reduction cl the present ycllmc Of the
currency, or LiuLT2 10 lis free irclc Hereafter
whcn o'erg dollar note bail be c c,rJi c.te Of coin
"oI'r ID ne Treasury payable On demand.
. without pan.e In tbs ton o. The pubic debt
bur paying ui're than tircr-ii %! III t1t part oi the
dfht now payable ut hc option OF the United States
F:lor TO Scet,mhcr l-iI.
u. Without Increase 81 taxation
= N'h'ut the ale of any 5dfer bought and coined
since February. 1878.
X WitnoIt the disrse Of the 2l5.Goo 900 coined
SILVER dollars o unlimited legal trudcr or any fail
DISC nl IN their pietcn rec yel yalnc: and without
me disiee OF tht JOooOOUO coined gold dollars of
unlimited legal tend r. CT any rise premium on their
present received value.
o. Without prejudice to The Adoption hereafter OF on
international bmcal!ic union. with free COMA 4 OF
both metals Tor all Corners Al fixed ratio OF weights.
into coins of unlimited legal tender.
10 without the coins Of the two m tails parting
company iton each other, whatever my be the
Temporary fall it any. in the market price of silver
bullion after stopping Treasury purchases.
would most respectfully commend to the consider
aiiou OF Congress the question whether such reform
of the currency ought not now to be enleavored ;
whether these are not among the prudent an, just
conditions ot rs reform; and whether such n reform
might not be promoted. with immediate advantage to
all our Industries and trade by repeal OF the clause
r'qn rug iic'.rry purcha.cs of silver bullion. and
repeal Oi the act making compulsory Treasury issues
and REISSUES % tic lc al tender notes.
JREA-URN PCECHA~Fs AND coINAGE OF SILVER
II Is with Difference Jug ,escd that there several
points of agreement which may be reached. aud
differences OF opinion removed narrowed by a
preliminary understanding ~ to the OF the terms.
We are all papermoney men il 1t be understood that
our paper money al III be n representative paper
money. "A certificate that actual coin Is honestly
borrowed and safely restored by the Treasury, dollar
Tor dollar. and payable TO H. owner on demand No
disputes the superior Of paper money
ls IN large multplcs. without ncrra - Of We ght
its economy IN saving the heavy aud rrcI arabic loss
of the precious metals by abrasion are inds putable
advantage over other kinds of money.
Demonstration may signify legal di'usc of either
metal com. Bold - dcmpncttIcI in India. But
where Is silver d'monctizcdi There varying
degrees OF its use In ereut nations Nowhere Is it
entirely di.uscd. Nowhere is il then demouc1ci. il
characterization means legal disusc. II ia used In
England for fractional coins OF a limited legal tender
IL Is used IN France Germ any, and the United States
for fractional coins, and also Tor larger OF
unlimited legal tender Iii, used in ndia and Mexico
for fractional coins. and for coins of unlimited legal
tender and of these The coinage free to all owners OF
silver In speaking Of the denomination OF silver,
the degree of its should be- spect ed by those
who would avoid being uudrr-tSOu to recon- mend free
coinage t. private silyc. owners which nowhere now
cocNist5 with of gold part of the currency.
Everybody l. a tw0-mrtlllst, ana wishes the use Of
silver in fractional coins OF at least limited legal
tender BmelIli-tS desire n larger of silver for
coins Of unlimited legal tender; but they also wish
the use OF gold IN coins Of unlimited legal tender. IT,
however, q gold coin an % silver coin must zach he
received tor dollar. and are both unlimited legal
tender IN any number. ratio IN their weights must
also be- fixed by law. Yet 40 law can cross National
boundaries commerce doe; that any nation
-. .p..ft .,f nflov
tiddcd with l. sable to be drained in time of
one # II, metals Thus himctalii-m in any nation
depends upon fortunate balance Of demands Tor the
twO metals from without such as France enjoyed from
lIS5 10 ISL; or else upO1 Concurrence with
sufficient humber OF other nations IN coming the unit OF
ya'lo in the metal, at and the ratio of
weight Bmc' llI.m l. essentially International
affair, but It doe, not exist the fortunate balance In
Europe was upset by Gcrmany and the lat national
agrrcMcnt. twice attempted. has failed. In but one
way any nation retain IN usc coins OF both
metals which both unlimited leg tender; namely
~ stopping tn coinage Of the metal unacceptable to
oihcr nations Franc" has dome 40 The lued States
must hlcsise stop silver cOiaug. stop, wait
negotiate. And whcth me- citations shall succeed
or fail there j. sill other wIy than to stop where
sc arc namely Mt tie point where ri,k begins 10
appear of diiLcIlty in retaining silver in our home
circulation ia tall equivalence with oar gold unit OF
value which has an International circulation.
sILVEU-GoIp.
silver in fractional coins t. the - Convenient
De irahlc metal for use in tc p'yu ut Of petty
These thc bulk of human transactions where money
pa-seA Il has no rial. VIII, docs not deem II
indi.pcnsablc silver cannot prodtabl, be discarded
from largo by uay cigiliz'd nation IN the world
c,cl where o., IN Great Britain and the ScAndinA'i!n
c,uu'rirt II j. used only i'r functional coins. made
lrsai trn.rr for -uil sums and II alone Is cni "t9
coins uuliuitcd legal tender Silver al. mr. j. coined
hY SON" n'r'n'i 1, me monetary metz. oi 'n'tm'l'
A.ilu populations. W. know liitr oi China, bat com
putting what they fairly may t. the rest of the
world the -ticin- an a-rr" that silver Is 81 per
cent Of thr inon' ,lry metals Of mank.ud
1.
value make. impossible 20 Ice used anywhere ~ small
chaDgc. Gold IL fairly computed To- lee about 80 per
cent ~ the Two monetary mt l. ct Waahlud. Cola l.
fhc standard of value in The foreign commerce. NOT
only The United N'ttr- bat also of every nation Ia
Europe. Foreign exchange is clcu atcd as between
the di,rrut gold Gold is thc stamford IN the
,onic.tc trade Of England and OF Germany. ard of
au tho countries which. like France. have been
riuctaihc but which hive now c'a.'d nom silver
coinage la order - prevent the tdl of the silver
already coined legl' tender tor All sums, Gold l.,
lu inct aud hy law. the standard of value IN the
domestic of the United states and has been since
March 1873. under the act Of Congress mixing 21.N
troy grams standard gold oar monetary unit Of
value" which. Will be explained below, had
heretofore been safely and Justly P eed alike in coins
cold il GB per cent Of the metallic circulation
Of the United state, at the present moment =;
although 1t may need eSr9n9S that WIN zee ',
c1uagr for every holy- sltot INTO tu' rsA ''',r IN
doar the people OF the lnl,rd states a-kcd tr
qulri the coinage Of 2l1oooooO In about cl-Lt y"r,
Gold IL no" STANDARD or vIluo Ia ma ou' rom Wuch
our import, 10 which '"nt than %! Per cent
81 all or pots,. And with most OF the countries haE
ing silver NJ standard. or IN nearly exclusive use
where we DO the small remainder OF foreign trade
mcut- are effected by the gold standard through
sterling bills on London.
God fr,m the MINIS Of all the world has doubled In
quantity within thrfyvo years silver about donbn;
IN mo IlFt 100 wears COLT Ike silver Is principal
product ~ mines IN the Uutct states, which have
yielded Of the two ,cc.ous metals:
God STEER.
For tho last 10 years ....72 per cent 2s per cent
FOR tho Last j. y.ar,......5o per cent 5opcr cent
List year ........... 80 per cont 81 per cent
Who thrn would propose Tho di,u5c OF gold. or AK
the enactment the continuance OF laws hhcly 10 pro
note the eNrulsOu OF gold or its u-c al rehluh
Instead OF a. tue standard 81 value. 10 which, lbs STOP
pul the coinage silver now the lrsIlcudrr Nduo 81
The Il 900 900 SILVER dollars already coined may hr
hr.d up and made conform until these troubles DC
oYcrna-t.
Bu orr 81 600 900 silver dollars hero. and can
not he rVp,rf..l scn-ihV decrease, our gold may
Nobody viii port mrlt them. The reasons AZ" pam
hry yi moi II ,w ABROAD for tho tender quality
r.ycu thrm by act Of Congress cannot ocurc their