New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-11-10
IL cERNTSCHI on SLLTER.

NJ Cernuschi is not only able Dut DrllldnC ;
ne not only has much to say but says IL so thaV
neonIe are sure TO listen. His new paper on the
silver question recently published in pamphlet
form explains the nature OF the struggle Oc-
tween different monetary systems anu piaceS
in strong light the supreme folly OF continuing
silver coinage in the United States. NJ
Cernuschi is one of the most eminent cnam-
mons of bi-metallism; but if the advice OF
really competent advocates oil silver coinage
had been of weight the coinage would have
been stoned in this country long ago.
France does not. like her 'hump' of useless
silver. NJ. Cernuschi says. But she takes care
mot TO increase it. The American "hump
will constantly increase so long as the coinage
continues. Europe is anxious to know Wha'
the United States is going to do. IL TINS couh-
trv adopts free coinage, NJ. Cernuschi shows
clearly that Europe will empty silver into our
mint and get gold for it. France, for instance
will get rid of her "hump," which she does
not like. and leave the United States bigger
one. Therefore it would be folly for the United
States alone to attempt free coinage. But II
so, what possible sense is there In continuing
TO make the "hump" biggerf AS NJ. Cernuscm
says, the coinage now only increases the useless
supply of % not good money!
One of the most striking parts OF NJ. Ger
nuschis essay cOnstrasts silver with paper III
nation. Being not good, in NJ. Cernuschis sense
that is, not ntrinsicaly worth the sum Tor
which it passes-silvcrIn this country circulatcs
only as representative. That being so, Il
cheaper representative would have been more
sensible. ASH. Cernuschi says, the Treasury
in nrflep IN
make S215, 900, 900 of representative money,
il had not bought metal but had bought paper,
if would have saved $1SS,000, 900, and the
present currency would be just the same.
In fact. the United States has been little
more foolish than VI. Cernuschi realizes, for II
ha, bought both the silver and the paper III
order to circulate the paper only. And the
paper is crculatcd-not rs representative OF
gold. as it might be, but "a representative o.
silver dollars, which themselves have neither
place nor circulation ut their present valuation
except as a representative of gold Thus, in
stead of buying the paper and circulating a
representative of good money. we ii st buy the
silver to create more costly representative OF
good money and then buy the paper IN order
TO circulate a representative of representative
OF money.
In another portion of his paper NJ. CcnuScAi
deals with the lallacy that the pubic get any
good by using money which Is called " cheap.
But the people in this country have long ago
discovered that the So-callcd cheap silver dol
lar, cost them exactly rs much ~ gold dollars.
If cheap to the Government they were exactly
as dear to the people rs any other KIND OF
money and great deal dcarer, when the cost
of creating such money, and Of uti natcy meet
ing the dangers which It's creation involves, Is
also considered II would be well If VI
Ccrnuschi's paper could be widely read and
thoroughly understood by the advocates oi
silver coinage in tins country. Il would 20 fan
10 convince them that the ultimate restoration
of silver to it, share in the monetary work OF
the world is not advanced, but greatly re-
tardcd by continued conag, here.