New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-04-17
SELECTIONS FROM THE MAIL
JOINT METALLISM.

To the Editor of The Tribune.
Sir: The publication of my letter on JOINT metal
llsm which appeared in your issue or reoruary
| ~ has brought me numerous criticisms, some en-
| tireIv favorable others that think me right Dul
| fnopportune and others that appear not luiiy ~
understand the results Of the plan nave pr 'po''"'
Noyy that Congress has passed the SeignioraSe
! bill again trespass upon your KIND hospitality io
n few further lines regarding this plan OF Jo'h
motallIsrn by which gold and silver together III
ratios always based on their relative market Vol'eS,
may he made the metallic basis of currency, anu
! afford a sound honest, self-regulating ana per-
manent currency the only possible 9afe ana toe
ouate final basis, the two precious metals togetler
limited by the quantities in existence ana Dy 'he
costs OF production.
The new silver coins have proposed eSpe'id'|
! those containing 100 standards each. would. FOR
the most part at first be deposited In the Treasury
together with eauaI amount in value OF goid
coins the TWO together forming the appropriate
basis for the Government currency ISSUED aSdinSt
them Whenever more currency should be required
| gold and silver together would be taken to TIE
mint and the confd Pre- ceeds deposited IN the Treas
ury. Whenever less currency should Do required
| gold and silver would be gether Withdrawn from
the Treasury and used I'm the arts ana legs WouId
| be mined
Az to the present silver dollars and other silver
tokens when the ratio becomes settled ard re-
mains unchanged for a considerable period II the
silver dollars and tho silver smaller coins b" found
then differ very much from the RATIO they shoud
be recOned to Oe made Of nearly fill lntrln-
sic value Prior to 1873 Omdcr Free Conage) Tor
each 800 ounces OF pure silver the mint delivered go
silver dollars less charge Of one-half cent on ea"h
piece of 81 %. and for a copper alloy charB" OF
about 81 II. making a total Of 81 81 or about two
thirds OF per cent. The coinage Of much larger
pieces would cost the mint much smaller fraction
OF per cent.
That the question of joint rnetallism Is intri
10 why be
and discussed i'm the newspapers. That the ratio
can only be approximately exact might be urged
with equal force against navigation and other sci
cnccs I'ntil the general public by special study Is
better able 10 understand questions regarding the
basis Of currency. it may be injurious 10 have BIZ
mctasm made party issue. The debate on BIZ
metasm Is becoming 50 cnvenomod that, Ike the
slavery question. It may make dangerous sectional
trouble Many at the East think the West Is dis
honest this subject Many at the West think
the East Is dishonest this subject The duty Of
patriotism is TO try TO find just and honest way
permanently 20 settle a question which cannot be
finally settled by narrow and huctuatnS MAORI
ties by yetOcs.
1t Will go far TO promote clear thinking regarding
this question il it is generally understood. ].
That money is a certain potentiaty or stored up
AMI readily available energy. representing the cost
of the production OF the precious metals >.
That the real function OF the mint regarding the
precious metals IS TO stamp pieces OF metal 80 AZ
10 indicate the weigh, Of the gold silver they
contain g. That Government paper money
pieces OF metal l. That for centuries the
metallic money of the world has been In total value
about half gold and haf silver legal ratio having
commonly existed between the precious metals
being for a long period "a to J. or ~ to }, ne
legal sanction OF the ratio being powerful enough
to overcome slight differences IN the relative costs
Of producing the two metals or their market values
"mon"tized and It's chief use in Europe and in the
nitrI States being thus abolished and its market
value dimni@hed below the reduction IN Nalae |
caused hy IN" rssening Of the cost of production
certain results have necessarily folo"co very In
furious 10 our country and to the world. among |
thesr results being general dr'lln" IN values |
Ing manufacture and trade both uncertain and dan |
gcrous.
l. Shall the United States alone attempt to !
TX ana maintain permanent ratio under present
Impossible: p Shall We wait until other ma
is dangerous and unnecsssary and the ratio 4 80
fixed would soon have to BE- changed Shall |
gsther at ratios always based on their relative
market values This Is safe and honest and 1t can
be accomplished by the plan nave called joint
Instead Of waiting TO make law treaty
every TIM change in ratio Is required to conform
approximately TO IN" market values, my Conten-
a treaty IL possible later that viii provide Tor
necessary changes IN ratio. although II Is prob
equal to the mint. even in our country
alone. for period Of year or more on The joint
come thereafter very infrequont and perhaps many
few 2c PAS aso ii Sec sT ent 10 some stu
dents ~ economies and to the Government OF Ger
the cheapcnlng Of silver production. by improved
metnl!urgy. etc. and tn increase of the worlds
change in the ratio. which from the beginning ~
tho century had varied only per cent Germany
took adyantag" OF her knowledge. her financial po-
ston and her governmental methods. which on
ao9d hgT 10 S 81 rf3mp ana soi heT Syr r iar
lions followed her lead
Now that :he market value Of silver has fallen
sufficient for its general money metal.
joint mctalllsm on the plan L have proposed. and TO
congratulate herself on her astnie operations In
1t nay no. be ncc'I,"Ty to haye mere mo9ey than
business cannct prosper and labor cannot be fully
employed Il there is danger that few months
tracts. may b" worth much less or that II may be
G,h anrh m2 l , As me, %ra@ ~ hy ing ark
together which I'm view of our Constitution and ~
bani cstr our @ Gy ' am crranv OF opinion
ihat gold and silver. AZ rates t%"d by Congress
Try. and that neither Congress nor any State has
authority to establish any other standard or to dis
It IS necessary to tn" security OF the creditor hat
no Government more" should he Issued. except
based on the market value OF the precious metals
rs contemplated IN The Constitution. AMI II is neces
'ary for tn" security of the debtor that he shn
not De subject To the RISK Oh money h1ihS male
lrtihcially scare or dear by laws which may re
precious metal. the boarding Of which may be- pro-
noted by such laws. gold being metal the prOduc-
ton of which cannot be greatly and promptly
increased 10y labor
The Bible says: Surely there is n vein for the
silver and place for gold" From the earliest his.
ortc times there have been known veins where
he supply OF silver could bc at any time largely
and promptly increased II has been always n
question of o. mining milling and smelling
But all great Increases Ia the production of gold
have from fnds which generally
soon worked out. and are less to hc expected now
hat the world ms been more explored
The great difficulty In solving the question OF the
safe, honest and proper metallic basis OF cur
'enty comes from the want OF general. adequate
impartial
10 promote this study. and this alone save us
rom flat money and from money pancs It is
true that In this Countr" of peace
md freedom. OF abundant land and unrivslled re-
sources, among a people OF general education and
Inexamped energy. there Is to-day much suffering
IN the part OF many able and willing 10 labor for
heir daily bread. This suffering is directly trace