Year: 1879




The Boston Herald. having been inform
ed by a correspondent that the cause for the
recent conversion Of Mr.. McCuIloch was TO
be found In the fact that he is still a busi-
ness partner OF Mr.. Jay Cooke, and that in
connection with that gentleman he is heayi-
ly interested IN silver mines in Utah and
elsewhere, has bad an interesting interview
with the ex-Secretary. The story was pro-
nounced entirely untrue, Mr.. McCulloch
saying that he had had no business connec-
tion with Mr.. Cooke since the failure, and
that he had no interest in any silver mlEe.
A conversation then enSued which is Of in
tereSt and value. ... ... ....
"Why is it, sir, that our people do not
take kindly to the silver currency?"


"Principally, think, because the metal
itself has deprecated in value OF late, and
people are apprchensivc OF q still further
depreciation. One reason OF the deprecia-
ton in silver is The falling off in the demand
for that metal in India, owing TO the dull
ness in trade in that quarter OF the globe.
But this feeling Of insecurity in regard to
silver will pass away when it comes into
general use as currency by the leading COM
mercial nations. You will remember that
it is not many years since we had the same
uneasincss in regard to gold, that it might
be over produced. But we see now how
little danger there was OF such oyer-pro-
duction. 1t will be the same in regard to
silver when it comes to be used rs it will be
needed"


"Do you think it will be needed in the
business OF the world?"


"My own opinion is that the necessities
OF the trade IN the leading commercial Nil
tions will compel them to adopt silver in
their currency. There is not gold enough
in the world to meet the wants Of all these
nations in the matter Of currency and eX-
changes OF values, and, therefore, the only
way to prevent great and dangerous ap-
probation OF gold is to put both metals on
a comparatively equa! footing"


"What wonld be the effect OF Il general
reconciliation OF silver?"


"The effect would bc to prevent the fluc-
tuation Of the value OF silver in the mai kcts
Of the world"


"But we hear every day OF new and
promising siiyer-mineS being opened at the
West and bonaIzas discovered that promise
immense yields OF silver. Suppose the pro.
duction should be increased 10 an Unprecc-
dented degree in the coming few years,
would it not serve to materially depreSs the
value OF the metal?"


81 think not. With general remonetiza-
ton the wide diffusion Of The metal in the
shape OF currency would countcrbalance
any consequences OF what might be tenn
Dorarv excess Of production"


-" What, in your opinion, is the prospect
OF the leading commercial nations adopting
the silver standard:"


l. "I can only judge of the prospects OF re-
monetiZation Of silver by the efforts OF the
leading businessmen Of Great Britain TO
obtain it. think it is very certain that the
leading commercial interests OF Great Bri-
tain all favor the measure as one that Will
best serve them."


"What about France?"


"France issues both gold and silver coin
age already, and would be prepared TO join
with Great Britain and the United States in
any effort they might make in the direction
OF pi-metallic CURRENCY


"How would Germany be affected!"


"Germany would hesitate. no doubt. and
be inclined to- hold back; but it would be
quite impossible for her to stand alone
against other nations in this matter for any
considerable length OF time"
"Wou!d Austria and Italy be ready to
adopt the double standard?"
'I think they would. Indeed, should
| have no question in regard to their action
in the matter, from the fact that they are
now doing business largely on paper cur
rency, and would therefore the more easily
adopt the double than the single standard.