PHILOSOPHICAL SOCIETY OF WASHINGTON. lOS 



thing but silver to redeem its notes with. If it restricts gold 

 payments the result Mall be the same — gold will command a pre- 

 mium, and cease to be a standard of value or to take part in the 

 circulation of the country. 



5. In general, the eft'ect of the Bland bill is in the end to expel 

 gold from the country, and bring the money standard down to 

 that of the debased silver dollar; in short, to make us a mono- 

 metallic silver-using nation. 



Wc revert, then, to the inquiry with which we started this dis- 

 cussion. Is the present silver law "well enough" to require that 

 it be let alone? It is not well enough, and the time to amend 

 it is the present. Within a year it is probable that the first crop 

 will be reaped from our neglect to do so. Several hundred mil- 

 lions of six per cents are to be refunded. Perhaps some "bloated 

 bondholders" will be insolent enough to demand an understanding 

 before they buy new bonds, whether they are to be paid principal 

 and interest in gold coin of the present standard or in the debased 

 silver dollars. And when the attention of buyers and syndicates 

 is fairly called to the predicament, they must realize the principle 

 of caveat emptor. 



Upon this communication Mr. Dooltttle remarked that he 

 believed there was much force in the position taken by the U. S. 

 Commissioners at the late International Monetary Conference, 

 that a combined and general consensus of the great monetary 

 ])Owers of the world would be able to sustain a constant ratio in 

 the values of the two metals, and that it seemed to be a wise 

 policy to promote such action in order to have the entire volumes 

 of the two metals combined as the basis of values, which would 

 be far more stable than if it consisted of one metal ox\\y. 



Mr. E. B. Elliott remarked that the view so confidently en- 

 tertained and proclaimed by certain writers of prominence, both 

 in this country and Europe, that France, by virtue of its fixed legal 

 ratio of \b\ to 1, can control, and for many 3^ears has controlled 

 and determined the current relative value of gold and silver in 

 the world's market, is not in accord with fact, and that the con- 

 elusions based on it are groundless. 



It v/as moved that the discussion of this subject be resumed 

 at the next meeting, which motion was carried. 



The meeting then adjourned. 



