Gold, Silver and the Coinage of the Silver Dollar. 297 



that it was French bi-metallism which made her policy of gold mono- 

 metallism possible, from 1816 to 1876. 



Her present experience with her Indian exchanges and in her deal- 

 ings with other countries having a silver currency, is fast educating 

 her to the conclusion that she cannot isolate herself from the common 

 interests of the world, without herself being the sufferer. 



Meanwhile our own persistence in the coinage of the dollar under 

 the act of February, 1878, is the fatal obstacle to any settlement of the 

 question. It delays the inevitable crisis which would enforce a decision 

 of the nations whether silver shall or shall not be sustained as a medium 

 of international exchanges. It holds open the hope to the nations of 

 Europe which have decided on a sole gold policy, that by our capacity 

 for blundering and wrong views of the subject, if not from settled 

 policy and design, Ave may yet find ourselves forced upon the single 

 silver basis, and thus afford them the means of escape from the sacri- 

 fices involved in their policy, It is action directly contrary to the 

 earnest advice of every intelligent friend of bi-metallism in Europe.* 

 If any international ratio is reached it is highiy probable all our mass 

 of silver coinage will have to be recoined. For, if the European ratio 

 of fifteen and one-half is retained, we must recoin; or our stock will 

 slide off to European mints under the stimulus of the three and one- 

 third per cent premium which their ratio establishes for our silver 

 coined at sixteen to one. If any other ratio is established, of course 

 recoinage will be indispensable. 



And as to the ratio in case of international agreement: Notwith- 

 standing the almost superstitious attachment of the continental 

 European mind to the .fifteen and one-half ratio, it would seem proba- 

 ble some higher ratio must be established in case of any international 

 agreement of any sort. Of course in that case our total coinage must 

 be reminted. In any view we can take of our continuation of the 

 coinage, unless it be solely in the interest of the silver miner, it appears 

 to be an economic and financial blunder. 



Up 'to 1878, all the coinage acts of the United States exhibit great 

 solicitude to conform the relations of our gold and silver coins to the 



