New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-19
JOINT MTTALrIsM
PLAN TO ADJUST TIE VARYING VALUES OF
SILVER AND COLD.

A PLAN TO ADJUST THE VARYING VALUES OF
SILVER AND GOLD
To the Editor Of The Tribune
Sir: To make business generally prosperous -
Is necessary to find a safe and honest plan by
which both gold and silver. permanently am al
their relative market values. may DE mace a.@'F
able as the metallic basis Of currency FOR i''S
period of years the money Of the worm i.'S nr''
IN total value about half gold and nan SILVER.
Recently some nations have Gemonetlzeh sINe'' anu
other countries have attempted to maintain i AZ
ratio that Gid not REGARD the relative values OF
the two precious metals. This, at tline When
the worlds Indebtedness has increased 10 Il u'n
Cerous point. has naturally caused uiSu"S. an
depression of trade. The known deo'S OF ''.
world amount 20 more than eight times inc '"''l
amount OF gold in the world TO incur "ep,
that must be paii on gold basis IS to sell t'l'
short when the short interest Is known TO De e'S''
times as great the total amount OF ule S''VN ID
existence Large owners Of money prefer TO Keep
II in banks or trust companies at per cent or
less interest rather than TO use 1t IN the P'o""'
ton or purchase of goods or property which must
decline in value as the purchasing power OF money,
based on gold alone. increases. Money Is hoarueu
and enterprise hats trade languishes laoore'S arc
UNEMPLOYED incomes are reduced, ana Times arc
hard. ,,
The following plan for Joint metallism WOMB en-,
able both the precious metals to be safely us'l
toeether without frequent recoinngs and without
danger Of one metal driving out the o'h"r' anu
would afford an honest, adequate. sef-regu'a""s
and permanent basis OF currency:
Let there be silver coins containing the same
weight of silver as there Is weight OF gold IN the
rresen, 81 god-piecc Let those silver coins be c"ei
standards Let IT be enacted that for all debts IHp-
lie or private of $40 and upward contracted Aiter
six months from the passage 81 the act II sn" ~
lawful to pay half in gold coins ana "'l III
such number Of standards rs shal DO dpP'"N4-
.o~,lfD y
men, ratio to be fixed as follows: ON me
first lawful day Of each month. after Elk
months from the passage Of the act the secretary
OF the Treasury shall declare what numurr OF
standards most nearly represent 3 Eo'H-i'e'e'
according 10 the average relative market values
Of gold and silver from the time OF tae PisSiS'
OF the act and based on the average market
values of all the intervening months THIS NUM-
her Is to be the ratio for that current month.
81 god-piece plus said number Of standardS VIII
constitute $40 In lawful money during said MONTH
Let the minis be open TO the coinage oil s'i"'-
ards double standards triple standards ana pieces
containing loo standards when the SILVER Is pre-
scented accompanied by an equal value OF gold AT
the current Government ratio. to be coined INTO
s. so and 800 pieces.
Let the Treasury receive deposits OF gold coin
together with silver standards, the proportion ~
gold and silver in such deposits being accord.hs
10 the Government ratio current Mt the time ana
Issue therefor legal-ender joint certificates IN de-
nominations Of 80. $50 sion. 500 and $1,000. these
certificates to he redecmable at the Treasury nan
in gold and half in standards, the h"i""er o
standards to be according to the Government rauo
in force at the time certificates are presenter io'
redemption.
Chances in the Government ratio would become
very Infreouent could always be calculated IN al
vance and would never exceed one slti'n'iu d"
any one time. At present value OF siVei u''s
would make a difference Of ID cents on >io ia"I"'
mrh is 1p wod he a suitable basis for neeouat
ing an international agreement i,r 1n' NIX anv
changes in the ratio; but as the pan rs ~ 10 is ~
tain the i9 use market values the United states
which is interested could safely uhder''he
The only possible loss would come from AIDE DE-
evstem nermanentiy binding the two metals to-
gether silver would have substanuaiy ~, tnc , s@,
alone small uniform mintng charge OF so nun iIa
per both gold ana SILVER MIN uppiU an
M it ha coined exclusively Of silver mined
in ,he niteJ States after the passage Of the act
the market price of all silver to be suh used III
nE The e"vernment ratio would soon come TO be
substantially the economic ratio when - ,ne "a
p poorest nine that could be worked at pr9a
when both metals had equal aces 10 tT rci5s
1ntals together would naturally constitute the Just
and safe limit to ne expaSin s v y1 e OWING %
some exceptionally rich finds OF limited extent .,l
not counted in the present cost OF pr9Hucuoh. Il
small quantity of silver can be produced below even
ths present price but this is equally True OF B"H
and dos not fix the cost OF production OF quaint
sufficient TO meet the requirements "i t1 N"'
rency on a Joint metallic basis. a., MI, o
- long as cr-iits throughout the "1rln VIZ
expanding. a limited amount q coin would support
- larpc amount II credit But when there is idH
ger Of one money metal driving out the oineE ana
cra1i,s are contracted q larger quantity of coiE Is
required or panic viii result Then pooling Of cred
lis and clearing house ccrtihcates, etc, may save
hanks and delay distribute disaster. but VIII
not produce prosperity III, ,. 49,
long refuse to develop business until they arr as
sured OF an adequate and pernanen supply OF
cnrrencv based Oh the only possible nai basis OF
sound and sufficient currency-the two precious
metals together. limited by the quantities III tN-
isttnre and he cost u production. This can be |
obtained by the plan have called joint metalism.
ANSON PHELPS STOhro.
New-York Feb. Is. 1894.