Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1872-12-19

silver, firearms, manufactures of leather, illu-
minating oil and beef fell off $82, 066, 325,
while there was gain CT $68, 767, 1872 in the
exports of corn, furs, hides, skins, bacon,
hams. lard, leaf tobacco, manufactures of
iron, wood, leather, and many minor articles.
There was an increase of exports in every
branch of manufactures except cotton, leather,
and firearms. The decrease of our exports in
wheat and wheat hou1 was S12 COO, 600; raw
cotton, $37 100000 manufactured cotton,
1885, 00 gold and silver, S11, 600, 600; fire.
arms, 81. 600 900; manufactures of leather,
S600.000 illuminating oils, So, 500, 900, and
beef, $2,000,000. The statistics of imports
show an increase of 800, 900 in coffee, S1S,-
100000 in sugar, nearly Sc, 000, 900 in tea,
nearly S3,000,000 in tin plates. more than
ST.. 000,0 900 in raw wool, $4,000, 900 in pig
iron, SIC, 1000, 900 in manufactures of iron,
So, Goo, COO in manufactures of cotton. 81 .000,-
600 in manufactures Of silk, and about S70,-
900, 900 in manufactures of wool
On account of an expected continuance of
the depreciation of the value of silver the
Secretary recommends the dlscontinuance Of
the use of silver coinage for home circulation.
He says:
" In the last ten years the commercial value
OF silver has deprecated about 3 per cent. as
compared with gold, and its use as currency
has been discontinued by Germany and some
other countries The financial condition of
the United States has prevented the use of
silver as currency for more than ten years.
and | am Of opinion that upon grounds of
public policy no attempt should be made to
INTRODUCES 1t, but that the coinage should be
limited to commercial purposes and designed
exclusively for commercial uses with other
nations. The intrinsic value of metallic cur
rency should correspond to it's commercial
value, or metal should be used only for the
| coinage of tokens redeemable by the Govern
, ment at their nominal value AS the depre-
| citation Of silver iG likely to ~ &c
| impossible to issue coin redeemabe in gold
without ultimate loss to the Government for
| when the difference becomes considerable
| holders will present the silver for redemption
and leave it in the hands of the Government
| to be disposed of, subsequently,, at loss. If
the policy should be adopted of issuing silver
coin irredeemable, but whose intrinsic value
| should correspond to gold. the time must
| come when the country would suffer from the
presence of a deprecated silver currency, not
| redeemable by Government nor current in the
| channels of trade"
for the coinage of silver dollar that shall be
as valuable as the Mexican dollar for use in the
China trade. as a means of facilitating trade
| with our Celestial friends
| The Secretary presents strong arguments
! against the abandonment of our national bank
| ing system, which has been sometimes pro-
| posed. He considers the bank paper and our
| greenback currency the necessary compliments
of each other. If the banks alone furnished
| the circulating medium, they would be able to
| increase or diminish its volume at pleasure.
and thus hold the most important business in
terests OF the country at theft mercy. But,
argues the Secretary, there should be provis-
ion for certain degree of elasticity IN the
| currency, on account of the regular recurrence
of large temporary demand for money to
move the crops to market every autumn The
power to meet this demand he insists, should
be lodged in the financial department of the
| Government. AS to a return to specie pay
ments, that can be reached by relative or ac-
tual contraction of the currency. AS the coun-
try is not now prepared for the actual with
drawal of any part of the circulating medium,
the only course is to await growth and de-
yelopment of the country and It's trade which.
II there IS no proportionate Increase IN paper,
will gradually equalize the two kinds of cur
rency. This point, the Secretary thinks, will
be reached at no distant day, through the in
crease of our population. and the more gen.
eral use of paper money In the Pacific States,
Texas, and the South generally.