Year: 1876

An occurrence OF tllls sOit "ouiu "u" '-i
mously to the difficulties OF resumption IN
standard gold coin, which in the year lS60
was the only legal tender for debts OF more
than five dollars. The cOunterfeiting, II we
NAV so call it, of silver coin with equally good
silver of full weight would be an easy bust
ness. The utmost vigilance would he required
to prevent it, and we very much doubt whether
it could be prevented.


The fact Of fall of abOnt nine per cent
within four OF five years in the gold prlce OF
silver at London is one of the most remark
able on record. Nevertheless it remains to be
seen whether the change will be permanent.
The demOnetizatiOn by Germany OF the I'M
mense mass of silver coin, which until the
present year constituted the legal tender
of that country, is temporary infiu-
ence. The restricted use which the entire
Continent of Europe will hereafter make OF
silver will have permanent tendency TO keep
down the value of that metal. On the other
hand. some 5O0,000,OO0 Of Asia,ics still nse
silver as their chief instrument OF exchange.
IL remains to be shown that they cannot abb
sorb. at the former gold price, the entire
weld of the mines, after the large demand for
the arts has been supplied. This is absolutely
uncertain. and il will take many years to set
tie the question.


The unc rt,inty as to the future gold price
of silver we do not regard as serious obJec-
ton to the coinage experiment. "A far graver
obstacle to the success of tIat enterprise is
the uncertain greenback price of gold itself.
t,reat reductions in the tariff are contem-
platel by various combinations in and out
of Congress. Sue, reductions, by lowering the
prices paid for imported articles will affect
the balance of international payments, and.
other things remaining unchanged, will raise
the gold premium. If gold is accumulated III
the Treasury in preparation for specie pay
ments the temporary effect Will be
higher premium. The reader may, perhaps,
better conceive how this world follow
by imagining ten millions of bonds to he sold
for gold and the gold permanently Withdrawn
until the resumption OF coin payments. IL IL
true the influences we have mentioned are
only temporary but how long would silver
coin be in disappearing under temporary
advance of ten per cent in gold, such "a
happened in 1870 upon the announcement OF
war between France and Germany T!


We cannot conclude however, without
protest against the violent opposition which Is
made to silver coin on account OF Its not helng
demanded by any law or pledge We think
the sooner the United States follow the exam
plc of the rest of the word-cyllizcd, half
civilized, and barbarouS-and use silver quar-
ters, dimes, and halves the better. The only
question is whether 1t is yet practicable to get
rid Of the rags. The objection that the
change will add forty millions to the in
cIest-bcaring debt is hardly worth notice. As
well object To the loss OF interest on the
money which is annually expended for boots
and shoes Money is as useful and necessary
in its way rs boots and shoes aud good ex-
portable money, not subject to depreciation
ard reputation, is worth all il costa. Besides,
we must not imagine that we get
our little paper shinplastcrs for nothing,
rs will be shown if the expenditures
of the Bureau of Engraving and Printing
are ever presented in intelligiblc detail to the
public In spite OF all that can be urged
against it, we think it advisable, now that ii
has gone so far. that the silver experiment bc
carried out. Silver AZ all events, Is worth
something. Ii is pTodCct of the mine and
not cf the printing press, and we shall bo glad
to hear its jingle once more.