If coined without restriction or limitation of legal tender, silver will, as far as can now be seen, become the actual money standard to the exclusion of gold. This it is clear we cannot afford.

If the coinage of the silver dollar is to be authorized, the true policy would appear to be to place such restrictions upon its issue and its legal-tender character as will prevent the depreciation of United States notes before resumption, or the expulsion of gold from the country after resumption.

Notwithstanding twelve years only have elapsed since the close of the war which called the issue of legal-tender credit-money into existence, the public credit has been gradually improved, until a near approach to the metallic standard has been effected,-a result alike honorable to the people and Government of the United States. In view of this creditable achievement, and of the unquestionable advantages of a metallic standard over one of irredeemable paper money, it cannot be doubted that our true policy is to keep the resumption of specie payments steadily in view, and avoid all doubtful measures, even though they should promise temporary advantages.

Whenever the value of United States notes shall have fairly risen to par, whether through compulsory redemption, or as a result of a specific date having been fixed by law for such redemption, or from other

causes, the gold coin of the country, now in a dormant condition, will be brought into active use as money, and will not only produce a healthy stimulation of all industries, but lay a secure foundation for a general and permanent prosperity.

A careful survey of the money situation of Europe clearly indicates an early relaxation in the demand for gold for coinage purposes. Great Britain, Germany, France, the Netherlands, Belgium, and the Scandinavian States, are all well supplied with gold money. Russia, Austria, Italy and Spain, have a paper-money standard and will be compelled to retain it for an indefinite period, and the European demand for silver must necessarily be quite limited for some years to come. In fact the tendency, except in the countries first named, is everywhere in Europe in the direction of increased issues of irredeemable paper money and the cheapening of both gold and silver.

In our own country there is at least $175,000,000 of gold coin and bullion, and the annual gold product of our mines is, say, $45,000,000. Of silver coin, there is about $40,000,000 in circulation, and the annual product from the mines approximates $35,000,000. Moreover, the balance of trade is now in our favor and likely to continue so. Altogether the situation is much more favorable than for some years past, for the acquisition of the amount of precious metals re

quired for placing the finances of the country on a metallic basis. Of gold, which should be our money, of large payments, we have already the greater portion necessary; and silver, which with us will find its true place in small payments and trade coin, will be produced from our own mines, and come to us from other countries, more rapidly than we can coin it.

Let the statesmen of America see to it that the opportunity be not lost.

6

APPENDIX.

(A).—AGGREGATE PRODUCTION of Silver. (B).-GENERAL SUMMARY OF THE MOVEMENTS OF SILVER.

(C). USE OF SILVER FOR PURPOSES OF MANU

FACTURE.

(D). NATIONS AND POPULATIONS UNDER THE THREE SYSTEMS (GOLD; GOLD AND SILVER; SILVER).

(E).—THE RIGHT TO COIN MONEY.

(F). COINS OF THE UNITED STATES, AUTHORITY FOR COINING AND CHANGES IN Weight and FINENESS.

(G).—THE RATIOS OF GOLD TO SILVER FROM 1760 TO 1833.

(H).-YEARLY AVERAGES OF THE PRICE OF SILVER FROM 1834 TO 1876, ETC.

(I). TOTAL COINAGE OF THE UNITED STATES MINTS TO JUNE 30, 1877.