Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1851-01-30

L
ed. Congress, in June, 1891, passed a law by
which the gold eagle was reduced in value, as
compared with silver, some six per cent; and thus,
after the passage Of this act the gold eagle OF the
former coinage was worth $1,000. ine proper
ton OF the two metals has since changed, partly,
no doubt, in consequence OF the immense imports
of gold from Cafornia-so that the gold eagle at
the present time is worth only about 70-l00 of
silver: or IN other words, will only purchase that
amount in the market The object of 1894, was
TO prevent the exortaton OF gold Before that
time, this description Of American coin was, in
consequence Of its high relative value, exported
almost as fast as i, was coined The measure al
luded to was adopted, and the desired effect was
! produced. But we are at the present moment ex-
portinp the precious metals to pay the balances
due against us abroad, and as a consequence OF
the circumstances here alluded to, silver export
ed in preference to gold, for the very conclusive
reason that ii is worth more abroad than golo, re-
lativey speaking, or measured by silver as stan
dard. Ore measure contemplated by Congress,
as we learn, is to make gold only the legal tender
for large sums, and to use the reduced silver as
subordinate species Of currency, principally for
the every day transactions OF life, such as market
money, shopkeepers change, &c. &c. This is
the case in England, where gold is only legal
tender in all payments above forty shilllngs. An
other cause of the scarcity is the immense amount
of silver that is manufactured into plate various
millions. We know OF single house IN this city
that manufactures silver ware to the amount of
$500 900 per annum; and there are, no doubt, sew
eral SUCH The case, therefore, is plan so tar as
relates to the United States, and the remedy, as
it seems to US, is equally plain. Let Congress a.
! bolish the absurdty OF double standard. and
keep silver in subordinaon to gold in our COIN
| age by the plan proposed-in other words, by re-
ducing the value Of our silver coin to sufficient
extent to meet the emergency, and thus prevent
| its export as matter of merchandise. All this
| is very WELL and is apparently very plausible as
relates to the United States. But how can we
account for the scarcity Of silver in the Old World!
| The financiers on the other side Of the Atlantic
| seem sadly puzzled. The London Economist
has discussed the matter very elaboratey, but
without arriving at any positive conclusions The
| London Times assigns two main causes Tor the
/ scarcity-one, the large sums IN silver required
| for the payment ofthe armies in Denmark, ffGSla,
Austria and througho the Germanic States--and
secondly, because the recent troubles in connen-
| tai Europe and an apprehension OF their renewal
have induced the masses OF the people VINO can
obtain coin, to indulge in system OF boarding.
A correspondent of the New York Commercial
states further causes. He Says that prior to the
wear ISOO bullion and coin poured through the
channels of commerce from the Fast to the West
| and the United States, and the continent OF Eu-
| rope from these supplies, added to the Mexican
|
| ed monopoly, and the residue of the world iul
sufficency. The consequence was, that this stea-
| DIV profusion Of silver, compared with the supply
of gold, increased the standard relative valve OF
the latter and decreased the standard relative VAL
| ue OF the former. But now mark the beginning OF
the present change. Before the year 1920, the
| exchanges Of the precious metals between The
countries of the East and Europe became nearly
balanced before the close OF the third decade a
re1ux occurred, and silver has since been pouring
| back through the very channels through which 1t
came to us previosly. The Indian wars and the
immense transfers Of capital constantly required
for those wars, lasting through period OF quar-
Ter of century, laid the foundation Of the search
| ty, and figure largely in the general summing up
| of causes. Population and commerce, multiplying
with the lapse of years, would naturally expert
| ence deficiency, supposing the exchanges OF the
| precious metals between the East and the West
still upon balance, or conducted upon an equi-
ibrium but instead Of this, rehux ensued, and the
consequences have been rapid and serious, even
10 embarrassing the wheels OF political government
| Still another cause is found in the yield of the
| silver mines which has gradually decreased, while
the coin in circulation has been defaced worn out
| and lost The Mexican mines have been the
more proyic sources in this respect. Taking them
| as standard, the produce in l700 TO the poPua-
ton of Europe and America, was as 100, TO 10
| per cent now. The entire coinage has been since
the establishment oil mat orancn In tle NeAiCdu
Government, (340 years. $l,600,0 100000. IT we
take the average of the last ten years. prior TO lo45
| at $S, 900 per annum, we find that the a.
mount coined was $80,000000. Now the average
from l645 to 1855, Judging of the five years which
have elapsed, will not be over S60,O0O,0OO, while
the want OF silver coin has increased about IL
per cent Consequently we have here another
decided cause for the present scarcity.
| In connexion with this subject. the question a
rises so far as the European World is concerned
what is the the relative increase of the popula
ton of mankind, as compared with the relative IN
crease, consumption and circulation Of silver T.
This fully answered, would tell the whole story
Meanwhile, however, our own domestic affairs
must not be neglected Whatever the real cause
of the European scarcity, the matter as already
described, is plain in the United States. we are
in debt to Europe. Silver, under existing clrcum
stances, is the most available coin TO pay the IN
debetedness and as a consequence, silver il
Withdrawn flom domestic circulation and sent a
broad. The remedy for the existing evil resi-:
with Congress, upon whom devoves Is the power
to coin money and to regulate The value thereof
The matter is in the hands of the proper Commit
tee, and as already observed, prompt and enlight
ened action is absolutely indispensable.
Satisfaction i'm Perspective.