Year: 1868




Senator Sherman's New Coinage Bill.


Mr.. Sherman has introduced a bill in the |
Senate to change the coinage Of the United
States in some respects and to change the
standard of the metals so as TO conform to the
French standard. 1t is proposed to make the
five dollar piece agree with the twenty-five
franc piece of France, and to make other sizes
and denominations of our coinage conform in
the same proportion to the French standard
The value Of the gold coins is to be stamped
on them both in dollars and francs, and if Eng
land enters into this monetary arrangement
the pound sterling is to conform to the five
dollar piece, and then that value also would
be stamped on the coin. All foreign coins so
conforming are to be legal tender in all pay
ments whatsoever. There are some other pro-
visions In the bill, but these are the chief ones.
The object is to bring about 'unification OF
the coinage of the world, or, at least, Of that OF
the principal commercial nations. The bill
appears to be based on the recommendations
Of the monetary conference held at Paris last
year, and upon the report Of Mr.. Ruggles the
United States delegate to that conference


No doubt such q unidcatipn of the metallic
currency Of the great commercial nations
might be convenient in breaking up the busi-
ness of the small money changers, and might
save people from the little shaves to which
Wy a.e now ssyS;v.; sgsy;SSv.; pss It would have
scarceiy any or no effect upon great CONNER.
cial and banking exchanges. But we cannot
see that this proposed change would be of the
least value to us or to any Of the other nations
when paper is the currency. 1t may be said
that we shall return to specie payments by and
by. Perhaps we may but it is possible we
may find paper currency the best, the most
stable and the least likely to be deranged,
and that hereafter we may regard gold and
silver simply as articles Of commerce, the same
as cotton, wheat, tin or lead are regarded.
1t may not, under any circumstances, be con-
venient or prudent to return to specie pay
ments for some time. Then the other nations
may be plunged into troubles, revolution or
war, and have to resort to paper currency.
France for many years during the revolution
ary period bad nothing but paper money,
and specie payments were suspended nearly
thirty years in England. May not such times
come again? Neither we nor they arc sure Of
maintaining a metallic currency even were 1t
now universally restored. There is no neces-
sity for such bill and it would be Of no
earthly value to u.s. The introduction Of 1t
shows disposition to be tinkering over small,
unimportant matters, while the country is
groaning under burdens and bad legislation
that c-u for removal.


But wh,- should not this great country have


its own Independent monetary system! Why


should we not adhere to our simple decimal


denominations without stamping the French
and English money terms upon our coins
! NOillag XSqld Rs Bette, q more simple than
our decimal sJs:sm, end i foreign nations like
to conform to it all very we'll; ut We do not
want to 60 out Of the way in the matter or form
any European entangling alliances, monetary
or otherwise. The time Is not far of when, from
our mighty growth, enterprise and geographi.
cal position, we shall give laws to the rest Of
the world in monetary, financial and CONNER
cial matters. The greenback legal tender is
our currency now, and good one 1t is. We
may find that It, or some other government
issue like 1t, may be the best currency in the
future. 1t may be that we are going to change
the ideas Of the world in this respect, as we
have in other respects. AT oil events, having
paper currency at the present time, and not
knowing when we may have any other, 1t is
waste Of time and altogether out OF place to
be legislating on uniication of metallic cur.
rency for the world