Year: 1877

The Washington correspondent of


the Cincinnati Commercial says that in


response to y general desire Secretary


Sherman has consented to give his


views on nimportant branch of the


financial question. We copy material


portions Of his statements: -rA


Now both of these extreme opinions
are just as certain TO be abandoned,
after full discussion, aS time passes. It


Is an old dispute that has periodically
risen for more than two thousand
years, and has always been adjusted by
the Government issuing both metals
as coin, and maintaining their equal


value at Q fixed rate, by limiting the
amount it issues.


The metal more valuable in the mar


ket than its legal ratio can be issued


without,limit. The meal less valuable
In the market than its legal ratio must


be limited in its issue, leaving the alb
|solute need Of it to fix the amount. In
our country, where we are struggling
to make our paper money equal to
coin, we are happily In condition to
do this easily and with profit to the
Government. The way is to issue sill
yer cion, whenever rdemanded-theo old
silver dollars as we'll as the smaller
|coins--in exchange, either for paper
mo1ey, for fractional currency of Unit.
ed States notes, and retire them.


The silver coins already have SUPER
|cy, and they are legal tender to the
same extent as fractional currency.
Let the Government buy the silver
bullion at what it is worth, and coin
silver dollars and issue them freely to
Everybody who will surrender paper
dollar. This fair and voluntary ex-
change that robs nobody.


The silver dollar ought to be received
by the Government and made legal
tender precisely as the paper dollar
new is. In this way perhaps fifty mill
lions of silver dollars will supersede
fifty millions of paper dollars-some
say more, some say less. But let that
be determined by the popular demand.
This process, every step OF 1t, will bring
both paper and silver nearer and near
er to the standard of gold, and with
the measures now authorized by law


will soon bring all our money to the
same value. We will have paper mon
ley supported by the public credit, with
gold and silver coin in abundance, so
that every man who has either his la
Dor or product to sell can have either
kind of money, and all of the same
value. If he wants current money in
considerable sums he will take paper
for convenience OF carriage; if he wants
silver for daily supplies or change he
will take silver; If he wants to buy In
foreign markets he will take gold or
|exchange. F


Practically silver and paper will be
the current money and gold the ulti-
mate standard. No doubt it would be
better If the relation of gold and silver
could. by international ageement, be
Established, but this is not now practi-
cable, and -theagh- the United States is
Ia great country, it is not great enough
to control the world. We may use
silver alone, as China does, and plenty
of countries are ready to take all the
gold we have; but when we come to
buy or sell in the markets of the world,
as we are now doing, and hope to; dc
more largely, we will have to buy and
sell at the gold standard offered, to do
this and compete with them. Nor can
we Rfford to do ourselves the great con-
venience OF an ample silver currency
kept equal to gold by confiniug its is
sue blythe Government to the actual
demand for it. We are now so near q
uniform standard of all kinds of money
that have too much confidence in the
shrewdness of our people to believe
thew will take q step backward