The advocate and Topeka tribune., 1892-08-24
MONETARY COMMISSION.
Report Of the United States Monetary
Commission, Appointed by Act Of Con-
gresS August Is. 1875.

Ihe present fluctuations In the relative
value Of the precious metal could not
have occurred with open mints for both
metals, and instead of being arguments
against the double standard, most strik-
ingly illustrate the folly of abandoning it
and Of closing mints against silver. How
much suffering and loss must yet be en-
dured, before the commercial world re-
turns to the old and safe ways, remains
to be seen.
The policy Of France In closing its
mints to silver can hardly be explained as
the result of panic. It was probably
brought about by the activity and influ-
ence of the partisans of gold standard.
A vastly greater excess of gold had been
brought to the French mint after the
California and Australian discoveries
than could have been brought to 1t In sll-
YER in consequence of the German move
ment. There is not, and has not been
since 1878, any question Of the power of
France and its monetary allies In Europe,
to sustain silver and the double standard.
England and Germany are important
countries, but they are not important
enough, with current annual produc-
tlOn of $1O1,OOOOOO in gold and only
$74,0OO,OO0 in silver, to raise gold and de-
press silver, if France again resumes
silver coinage. Either France or the
United States could resume the coinage
Of silver without suffering anything more
or worse than the exchange Of their COM
moditles or possibly some small amount
of gold for silver. If they or either of
them refuse to do so, 1t will not be from
expedlency or necessity, but because
their ancient opinions have been changed
for the new dogmas which originated In
the increase Of metallic supplies after
1848.
WEIGHT AND BULKINEsS OF SILVER.
The inconvenience and expense of
transporting and handling sums in silver
sufficiently large to meet the require
ments of the increased exchanges of
modern commerce Is sometimes urged as
reason for the abandonment of the
heavier and bulkier metal. To this 1t is
a sufficient answer that the facilities for
transportation have increased as rapidly
and as greatly as the volume of CONNER
cial exchanges, and even more. In the
transportation of the precious metals, the
ch Of cost is the risk, and Is therefore pro-
portioned to the value, and not to the
bulk and weight, which have become
comparatively unimportant considers-
tions. If the weight Of given value in
silver is greater than the same value in
gold, the risk in its carriage Is less, be-
cause lt Is less liable to furtive seizure
and concealment. As matter of fact,
the charges for transportation are about
as low for one metal as for the other. So
far as convenience of handling Is con-
cerned, 1t is enough to say that both gold
and silver are too bulky and heavy for
the ordinary transactions Of business.
Only minute percentage of large pay
ments is made In either metal, nearly all
of them being made with paper, or by
transfers Of credits. What is called gold
in the markets and in the bank reserves
10 this country Is to considerable extent
not really that metal, but certificates of
the deposits of it issued in money-note
form by the secretary Of the treasury Of
the United States. Such certificates may
and ought to be Issued upon the deposit
of Rilvar- which can he held At leaa riak