Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-05-07
NJ Williams To Judge Latham


To the Editor OF the Dispatch:
II seems a little odd that our itIen-,
Judge Latham, should take tne VIC" 49,,
does Of my last note 10 you. 7.a'd
nortant principles, and mercy oese
,,at any personality might be aVo'ueN.
and the answers 10 my questions in'sn.
he as brief az possible, for the sass Vi
vorrself as well as your reaiers' M
iv thought that my thanks for MS 'Ioa'
ble accompanied with the MD coihp,.'
mont that his responses were eNp.aha
,orv hut not satisfactory wolia ne
taken as cry o. enough. Ffooa'i.'
II was liable to be interpreted 10 itiea,l
enough, such as they were / a,i utsa,,
| do not sufficiently appreciate MS 'os'S
or his wit. ,,r., an,
But | am In no conflict. L'sh. anu
calm consideration are what our cas-" re-
o,,irss DISPUTES and controversies are 10
he den,ored. / hope that Judge Latham
viii give to this matter the same earnes'
Judgment that lie has shown IN o'nei
very important matters. IT 50, l nave iV'
tie fear as to his conclusions.
The public will be interested to knon
that there was in the Treasury OK
tho United States On the LIST January,
1925, ,o.,-,- cro
Standard silver doilsrs.......... .s5e4'oS'eSo
Subsidiary silver ..,......''.'''' i',sS'oS,
Silver bullion .............'....'.. i-''V.',.ei
To maintain the parity the govern
ment was compelled TO pay goid as
called for and keep It's silver. ~ eouia
ntIt ont its notes payable in gold out
not its silver. IL could not compel :.
man 10 acknowledge the parity.
The ss,oOO,0Oo which Judge Latham re-
fers 20. as stated 10y our silver chart. as
coined previous TO 1873. meant silver do''
lars. The 100000 referred 10 suos'd''
ary silver. which the public knows a.
"small change"
Whether an Increase In the product OF
silver from 3i,C0J,0J0 ounces In lso 10
l4o. 10000 ounces in 1891 is not Suggestive
of supply practically Unlimited iar
ticularly so II the government IL 10 guar
antee the parity of gold ana SILVER uoi-
lar. I will add as question
| may also add. Was not the great III
crease in the product OF silver the GAUGE
Of ,ts demonstiza ton? Did II not de-
monetize itself like our Confederate cur
rency?
with regard 10 the Latin Union l mus
give you an extract from the "Monetr,
Systems of the World" by NJ. l.. Munie-
man. Deputy Assistant Treasurer unlten
States. New York, which VIII, l THINK
be read with interest.
THE LATIN UNION.
The Latin Union as such was formed
by the States Of France Belgium, Italy.
and Switzerland in monetary conVention
December %. 1865, and Greece Joined IL
in 1861. The four aforementioned states
owing to their Intimate commercial reia-
tions with France. had rractieahy
adopted the French system OF the Ia"
of April 6: 1903. before.
This vas, to all intents and purposes
accepting the double standard al the ra-
ito OF l5lh silver to Of gold, the coins
OF both metals being full legal tender.
But the convention OF 1856 reduced tns
fineness OF the subsidiary coins to $50
thousandths, and diminished their legal
tender power to 80 francs among indi-
yiduais and 100 francs in payment to th>
State. Accordingly the coinage OF pieces
under 8 francs was confined TO the needs
OF the people for change" and was exc
cuted only on government account Inc
coinage OF 5-franc pieces and Of gold was
unlimited.
The convention Of 1865 was designed TO
last fifteen years. Each State received
al its public treasury the full legal ten
der coins of any Of the others OF the
union In unlimited amounts. and sub
sidlary coins to the amount OF 100 france.
Each State bound Itself TO redeem its
own coins I'm gold or In o-franc pieces for a
period OF two years beyond the termina,
ton Of the unlon-at first lbsz.
In 1872 the depreciation OF silver began
and as Germany had practically demon
etized the white metal 1t flowed into the
open minis OF the Latin Union and drew
out the gold. Accordingly, as early as 1874,
the coinage Of 5-franc pieces was limited,
and finally In 1875 suspended altogether.
A convention Of the States OF the
union In November, 1875 extended TIT
compact until November. 1855. and ia
the aforementioned year II was extended
indefinitely, with the proviso that 1t
might be terminated after January !.
1891, upon one years notice.
The free coinage OF the 5-franc piece
was permitted, but all the pieces Of that
denomination presented by any OF the
other States were made redeemable in
gold. and those pieces Of the State open
ing its mints were not to be received BY
the treasures Of any Of the others az
heretofore.
1t IL perhaps needless to say that the
free coinage has not been resumed.
II the union IL terminated each State
must redeem the silver pieces II has is-
sued which may be circulating In any OF
the other States any balance due to be
met In gold.
France has, through It's commercial su-
premacy, a considerable advantage over
It's colleagues. An examination OF tho
silver coins In the Bank of France and
its branches on certain dates shows that
the proportion Of foreign pieces Is very
Iarge-not less than bOoo0O.00o francs-and
Italy has so steadily lost coin to France.
the probability IL that. were the union
to terminate, the latter country would
have a tremendous debt TO pay to France
In gold" JOHN L. WILLIAMS.
.- $500,