New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-13
COINAGE AT 80 TO |.

COINAGE AT 80 TO l.
IT, for instance, it was decided by international
agreement TO raise the ratios throughout the world
to 80 to l. the change might be effected In any one
of three ways
The silver dollar could be doubled in size. SO
that the new silver dollar would weigh thirty-two
times as much as the present goid dollar or 'ile
present gold dollar could be reduced one-halt ~
weight that the present silver dollar would
dollar or the change could be made by ncrehs-
ing size of the silver dollar and decreasing IN"
size OF the gold dollar until the new silver dollar
gold dollar. Those who have advised change in
o dol Tn be d dog6ea su"y this Change made
would necessate the recoinage Of four billions OF
silver into two billions OF dollars There would be
immediate loss Of 2@OoC0.Vo either to indvid-
uas or to the Goyernmen RHt TINS would De ' n
shrnkage Of one-fourth in the total volume of
metallic money. This contraction. by increasing
the value Of the dollar, would virtually increase
crease still the value of the property of the
world measured by dollars. Besides this I'm,
permanently decrease the annual addition to the
worlds sunnlv Of money, because the annual sill
Lara would make only Half as s, many dollars ~,
produce silver but because they own property
and owe debts. and they cannot afford to thus de-
crease the value of their property or Increase
the burden of their debts
nate indeed II the annual production Of gold and Sill
yer coin shall keep pace with the annual Increase
ton. All of the gold and silver annually available
for coinage when converted into coin at the
than supply our monetary needs.
NEED FOR MORE MONEY
In supporting the act of 1880 known the
Sherman act. Senator Sherman on June . Of that
year said
Under the law of February 1873 the purchase
Of 100000 worth Of silver bullion a month has
by coinage produced annually average Of
nearly 100000 per month for a period Of twelve
years but this amount in view Of the retirement
of the banknotes will not Increase our currency
present currency is estimated at !. ocsoo and
our population Is increasing at the ratio or per
creased circulation each year to keep pace with
the increase of population. but as the Increase or
population is accompanied by stu greater ratio
of increase Of wealth and business 1t was thought
that immediate increase of circulation might
an amount sufficient to make good the retirement
OF banknotes and keep pace with o the growth Of
ditional currency is needed upon this basis, that
amount Is provided for in this bill by the issue OF
Treasury notes in exchange for bullion at the
r. The United States then needed more than forty
ton and business. it now. with larger population,
needs still greater annual addition: and the
our opponents make no adequate provision Tor
the increasing monetary needs of the world.
In the second place. change in the ratio IL not
necessary. Hostile legislation has decreased me
m r, by goid while this same hostile legisla
ton by increasing the demand Tor gold mas riiseu
the value of gold when measured by other forms
OF property. -, .,..o,,.
We are told that the restoration OF bimetallism
would be a hardship upon those who have entered
into contracts payable in gold coin. but TINS Is
mistake 1t will be easier to obtain the gold win
which TO meet gold contract, when most of the
people can use silver. than it Is now when every
one il trying 10 secure gold
OPPOSED TO SPECIAL CONTRACTS.
The Chicago platform expressly declares In favor
OF such legislation as may be necessary to prevent
he
legal-tender money by private contract Such con-
tracts are objected to the ground that they are
against public policy. No one questions the rlsht
OF Legislatures TO the rate of interest which can
he collected by law there IL far more reason lot
preventing private individuals from setthg aSlue
iegal-tender law The money which Is by law