New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-09-27
THE SILVER QUESTION.
is GOLD NOT NOW A STANDARD OF VALUE
SPEECH OF GEORGE g. BOUTWELL, BEFORE THE
MDDLEsEx CLUB IN BOSTON.


| BuDDLEsEx CLUB IN BOSTON.
BosroN, Sept. 26.-Ex-Secretar George >.
Boutwell, made an address this afternoon before the
Middlesex Club He said in parts ain 1860 the bullion
contained in silver dollar !of the coin or the United
States would purchase the gold contained In gold DOL
lar, and leave remainder Of 351OOth cents In 1871
value of silver far deprecated that silver
dollar worth in gold only 81 and 26-lOOOths From
1870 there has constant depreciation In the value
Of silver aud q silver dollar Is worth only about
four-hfths much a gold dollar. In the meantime
tho coinage of the silver dollar in the United States
amounts to about 5000, 1000, 000 England adhered TO
the policy Of maintaining gold standard Germany fol-
lows her example, and the Latin States are not con-
troled by any definite policy although both metals are
still recognized by law. In obedience TO law OF bush
gold is longer currency In the United States
It is boarded in the Treasury by banks and bankers and
by private parties be used In transactions IN other
countries sold at premium whenever the balance OF
shall be against the United States In this condi
ton OF affairs 1t s error to assume thab gold plays
any part currency. 1t is with us no longer stand
ard OF value and whenever there is demand for gold
for any purpose the coin will command premium
Holders OF gold the United States look naturally for
Investments In England Debts due in England are pay
able gold debts due in the United States are payable
In silver Should England adhere to Its policy and the
United States pursue its present course for ten years.
and the relative vaue Of the metals should remain as
sysems and of the results upon the prosperity OF
the two countries.
"The depreciation in the value OF silver Is an event
OF very serious character in financial point OF view
and tends TO a result that will have an important In
fuence upon the commercial nations OF the world. I'm
less change Of policy be effected not In the United
States alone but in Germany and England also, certain
countries will use gold alone and other nations VIII be
compelled to use silver only. That fact would be q
serious interruption to trade, the uncertain element
OF exchange would be introduced into every interna
tional transaction.
az proceed upon two propositions First that gold has
ceased to DO a currency In the United States, and,
secondly. that serious attempt the part OF the
United ard OF tho Latin states to demonetze sill
yer fraught with evils and disasters not only
to the countries engaged in the undertaking. but also to
the whole commercial world Iexclude therefore, from
nv thoughts the notion that the United States and the
States OF Europe can agree to the decentralization
OF silver unless there should be extraordinary in
crease I'm the supply OF gold The alternative submitted
TO the commercial world by the force OF events this
Shall the countries OF Europe and America be divided
into two classes one using silver and the other
using gold, shall all countries use both metals upon
a fixed and arbitrary relation Of values
. When the silver bill under consideration In 1876
we were far way to resumption Of specie pay
ments upon gold basis. Time and prudence were all
the needed requisites. AS gOd-using country we
shoud have been In n commanding position from which
we could have exerted mighty influence over England
Son OF on
the commission, recommended delay in the coinage OF
silver until international convention could De as
senbed for the consideration Of the subject Congress
convention future day That was the fatal error
bill and used the coin as II came from the minis In the
discharge OF all s obligations, the country would 6aye
ncen brou ght once and when remedy possible.
Jcpreraied coin currency This not being DONE the de-
fusion took possession Of the pu bic mind that 1t was
possible create an Inferior currency and yet use the
superior currency ana enjoy its advantages
I hen Funding
dollar equal IN value TO the gold d0a" ana hence
The pledge given TO the world that the bonds should
be paid In the coin OF the United states at s then stand
ard weight The pledge Is not for gold or silver coin es
pecinly the public creditor Is therefore bound To-
rely Ia accept payment either in silver gold at the
pleasure OF the Government Thus has the passage OF
the silver bill given TO the country tho inheritance Oh
/ a most troublesome question OF public policy some
advantages however are incidents OF the eol9age QI
paymeus By the banks the rate OF interest has been
lowered and the recent depression IN business has been
less disastrous than IL otherNse Wolu nave D.,' ~
/ the other hand all evidences OF rights OF properly
representing specific sums IN dollars, nave been dmin
ishcd In value The DEBTOR cIass n's gar Gu, s 49,
itor has lost, and thus an nct OF injury mas oeTn
/ committed by the Government when comforting puo
rwo propositions OF relief orrencdy are submitted 70
YER The Immediate effect OF this measure would be to
further depreoate the value OF silver ana consequently
IN work serious injury the value OF the mining inter-
ests OF the country and Il would also impose Iresh
burden upon the debtor class class not at al ooneh
tad by the In silver. or not benehtteh 10 e
| same extent Thus a new wrong would be perpettateh
The second suggeston IS that the % 'Sr
upon its weight upon is present market value IN
either case the certificates, not bearing interest," wond
into the circulation OF tho country, augment its
voutne create aud foster unwhoesomo or unnecessary
enerpT and Ia the emu produce all tue Owls
| incident to "a deprecated currency.
For the present metal currency must De silver,
and | venture suggestion IA To lts use practically
Trs Of ALL the attempt 10 force the coin upon tho pup
lie ia an error and It's success puts burden upon the
ueople which thoy ought not 20 carry II IL al once
moro economical and burdeus0ne 10 Keep Tue com
i'm the orehouses OF the country than TO force II Into the
uockets OF the people. Balls OF tile denominations OF
one two and i've dollars should be issued IN quahio
adeouate 10 the public wants and In place OF bills OF
%ishcr denominations TO be cancelled Next, the Gov
erment should receive the silver dollars as they are
offered I'm sums OF less than So ana issue certh
Gates therefor In large sums, whether In SILVER OF
/ god can never be a convenient or economical
| medium OF exchange. Finally, as to- pubic
| poey II we were free 10 act and were TO
| aboose between silver and gold, the prefe~
| ence would be for gold II other nations would
| accep, silver But not now IN "A cohdllloh 10
cboose our standard We have made our choice and Tor
Tho present we must abide by IT, Resting In the oeef
thar bmctalic system Is the true systeml think the
United states should make an effort through vigorous
dnomncy to secure the union OF the syerusng states
~ Enrops of Mexico the states OF South America In
snpnor OF the bl-metac system. Such league might
yce ~ silver ana IL would tend TO bring all these com
tes into closer business relations and so In the end
compcl England TO adept policy compatible win the
canal rights OF States and the prosperity or the people
| i'm all states A heavy business pressure would be
hrought upon England. and that country might be COM
PEELED TO accept the sysem best adapted TO promote the
.Ifara of ma