The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-07-16
Mai. BIacL.s views on silver.

In Sundays Augusta Chronicle Hon. ].
I c. c. Black discussed the silver question
I in a lengthy but very interesting letter
1 addressed 10 Hon. Patrick Walsh. II is
I but just 20 say that Mai. Black handles
his subject frankly and fairly. and fur
nishes a great deal Of Interesting history
bearing upon silver legislation in this
country.
Mai. Blacks main effort appears 10 be
to show that Secretary CarlisIe's posi-
ton. that a double standard is impossi-
do his argument justice in brief ar
ticle. but it does not seem 20 us that
he succeeds in even exciting a doubt as
to the correctness of Secretary Carlisle's
position. He contends that silver and gold
will continue TO circulate together, not
outstanding the fact that there is a diff
ference between the coinage and CONNER
cial ratios Of the two metals. but in TAX
ing that position he practically denies
the correctness of Gresham's law, which
is that the cheaper money always drives
out the dearer. All writers on economic
subjects, even the sO-called bimetallis;s,
admit that that law is true.
Mai Black favors opening our mints
to the free and unlimited coinage Of sill
yer at the ratio of 16 to /. He does not
seem 10 be confident that at that ratio gold
and silver money would remain at a par
ity. but the inference from what he says
is that he thinks they would very soon
be at a parity. This is what he says: 1.-THE
opening OF our mints 10 silver, think.
would bring some temporary inconveal-
ence. and it might be more serious than
this, but that it would be accompanied by
such disasters as are predicted by our
friends on the other side. do not be-
lieve. While believe that many good peo-
pie who are friendly to silver exaggerats
the benefits that will come to them, am
also of the opinion that the prophecies Of
disaster by the other side will not be
fulfilled"
He admits there would be a temporary
inconvenience If we permit free silver coin
age at the ratio of 16 to l, and also ad-
mits that THE consequences might be
more serious than Temporary inconveni-
ence" Now. what does Maj. Black mean
by temporary inconvenience? Does he
not mean that gold might go to a premium
of or per cent. for little while? II
he does not mean that, what does he
mean? But is il conceivable that with
the silver dollar worth AZ cents less thon
the gold dollar the gold dollar would so
to a premium of only or per cent?
What would prevent there being gap of
40 cents between our gold and silver cur
rency at once? Maj. Black does not tell
us, and the reason he does not Is doubt
less found in his admission that the situ-
alton might be more serious"
the more serious situation being
that our whole silver currency would
drop at once 10 40 cents on the dollar in
value and would carry our paper currency
with it, We should be on a silver basis
at once. Our national credit would be
gone, confidence would be destroyed
values unsettled and the whole country
would be in panic such as we have
never yet seen.
But what benefits does Maj. Black think
would be derived from free silver coinage
at the existing ratio? He says he does
not think they would be as great as the
friends of silver think they would be,
but he Is inclined to think free silver
coinage would assist us in getting holl
Of the trade of silver-using countries. But
how would It assist us unless it brought
us to the same monetary standard that
they have. namely, the silver standard?
In one part of his letter Maj. Black init
mates that it would not bring us to the
silver standard-that we should still have
our gold standard as well as a silver
standard. In his view our position
in respect to the silver standard countries
would be just what 1t is now. How then
would free silver coinage help us get the
trade of silver-using countries? Is not
Maj. Black rather Illogical? 1t seems to
US that Maj. Blacks position in respect
to silver is much like that of Senator
| Bacon-he would make a costly expert
ment 10 settle question that has been
settled already by experiments.