The times. [volume] (Richmond, Va.) 1890-1903, 1892-11-27
CAN SILVER BE KEPT AT PARITY
WITH GOLD?

| CAN SILVER BE KEPT AT PARITY
WITH GOLD?
No student OF the facts will ascrlbe the
depreciation of silver as compared with
| gold, either to the so-called demonetiza-
ton Of silver by our Congress or to in
creasing scarcity, or purchasing power
of gold. We have so frequently published
these facts that we pass by that part OF
| the discussion With the single remark that
whoever will candidly investigate the
subject will be compelled TO admit that
silver's depreciation is due to the increase
OF production taking place just at the
time when all Europe determined to cease
using it as a money metal except for
small change. The cause of the depre-
citation being ascertained then, the prac-
tcal question before us is, what shall
| be done about it?
We confess to very little expectation
| of good from the conference now sitting
at Brussels. No conclusion will be
reached in which all the countries will
agree, and, If one were reached and sill
yer mines go OH pouring out their sup
plies at the present rate. the relative
value would soon be again deranged.
In the last two years, two very i'm
portant suggestions have been brought
forward as solutions OF the question
which we give this morning for what
they are worth, expressing no opinion on
them, however. Shortly before his death,
the late Mr.. Window, Secretary Of the
Treasury, in his annual report, recon-
mended the following:
Issue Treasury notes against deposits
of silver bullion at the market price OF
silver when deposited payable on demand
in such quantities as will equal in value,
at the date of presentation, the number
Of dollars expressed on the face Of the
notes at the market price of silver. or
in gold, at the option Of the Government,
or in silver dollars at the option OF the
holder. Repeal the compulsory feature
of the present coinage act"
II is obvious that this suggestion would
give to the holder of a thousand dollar
silver certificate, perfect assurance that
his certificate would always be worth a
thousand dollars; but, IL silver should
continue to decline in value. the loss
would fall on the Government. The ques-
ton, therefore, for practical men is.
is the game worth the candle? Would
the good produced compensate for the
general loss?
Another suggestion is brought forward
by Mr.. Chauncy Smith, writer of con-
siderable reputation, and taken up with
approval by Mr.. Edward Atkinson in n
book just published by him entitled
Taxation and Work" Mr.. Smiths sug-
gestion is TO tax both the import and
product Of silver from our mines in a
sum that would represent the exact diff
ference between the market value of sill
yer bullion in its ratio to gold bullion.
He would have the Secretary OF the Urea
sury give authority to fix the market
value Of silver as often as necessary
say at the beginning OF each month-and
any one might have as much silver coined
into dollars as he pleased, on paying the
Government a tax equal to the difference
between the market value OF 4l2 1-2 grains
OF silver and the market value Of % $40
grains of gold. He would not put this
tax on silver exported, or rather ne would
allow it to be exported in bond, the tax
to be refunded. so that the foreign de-
mand for our silver would remain without
interference, and the mines would be al
lowed 30 produce freely all the silver
that the arts in this country called for
The tax would be placed only on that
silver which was coined, and it is obvious
that this would prevent any silver being
coined into dollars unless there was a
real demand for silver as money; but II
would permit the free coinage OF all that
the medium Of exchange demanded, This
suggestion may have more merit in It
than free silver man would be disposed
to give to it at first blush.
We have no idea that the American
representatives in the Monetary Conven-
ton now going on at Brussels intended
to present this proposition for adoption
by the governments OF the world. But
when they recommended that silver
world for coinage, they conceded this
whole proposition. If 1t is obligatory on
silver in principle to pay a royalty at
the mint, the amount of that royalty IS
simply a question of expediency. II II
many fairly be charged any royalty at
all. it must pay whatever royalty the
public good demands