Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1872-12-19
EATON OHIO, THURSDAY, DECEMBER 49, 1872

| disc for the year 1872 were $13, ,29S, ,933 less
than for the year 1871. The exports of wheat
| and silver, firearms, manufactures of leather
| illuminating oil and beef fell off $82, ,066, 1926
| while there was a gain of $68, ,767, 1892 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 flour was $12 600, 600
raw cotton, S37, ,000,0 900: manufactured cot
ton, 81, ,250. 600 gold and silver, $11 900. 900
firearms, $12, 900 900; manufactures of leather,
5000, 900; Illuminating oils. SO, 100000, and
beef, 80, ,000, 900. The statistics of imports
show increase of 500, 900 in coffee, ,$1S, 600,
900 lin sugar, nearly $4,000, 600 in tea, nearly
S3 oo0, 600 in raw wool, $4,000, 900 in pig iron,
$40, ,OOO, 900 in manufactures of iron, S5, 900,
600 in manufactures of cotton, 81, ,000, 900 in
manufactures of silk, and about $50, 900, 900
in manufactures of wool.
On account of an expected continuance of
the depreciation of the value of silver, the
Secretary recommends the discontinuance of
the use of silver coinage for home circulation.
He says:
of silver has deprecated about 8 per cent. as
compared with gold. and it's use currency
has been discontinued by Germany and some
other countries. The financial condition of
the United States has prevented the of
silver currency for more than ten years,
and I am of opinion that upon grounds of
pubic pOllcy no attempt 61OulQ De MADE TO
introduce i, but that the coinage should be
limited to commercial purposes and designed
exclusively for commercial uses with other
nations. The intrinsic value of a metallic cur
rency should correspond to its commercial
value, or metal should be used only for the
coinage of tokens redeemable by the Govern
ment at thor nominal value. AS the depre-
citation of silver is likely to continue, 1t is
impossible to issue coin redeemable in gold
without ultimate loss to the Cove rnment, 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 a loss. If
the policy should be adopted of issuing silver
coin irredeemable, but whose intrinsic value
should correspond to gold, the time must
presence of deprecated silver currency, not
redeemable by Government nor current in the
channels of trade"
The Secretary advises that authority be given
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
banking system, which has been sometimes
proposed. He considers tho bank paper and
our greenback currency the necessary compile
ments of each other. If the banks alone fur
nished the circulating medium, they would be
able to increase or diminish its volume at
pleasure, and thus hold the most impo1 tant
business interests of the country at their
mercy. But, argues the Secretary, there
should be provision for certain degree of
elasticity in the currency, on account of the
regular recurrence of large temporary de-
mand for money to move the crops to market
every autumn. The power to meet this de-
mand, he insists, should be lodged in the
financial department of the Government. AS
to return to specie payments, that can be
reached by relative actual contraction of
the currency. AS the country is not now pre-
pared for the actuaf withdrawal of any part or
the circulating medium, the only course is to
await a growth and development of the conn
try and its trade which, if there is no proper.
tionate increase of paper, will gradually equal
Secretary thinks, will be reached at no distant
day, through the increase of our population.
and the more general use of paper money in
the Pacific States, Texas, and the South gen.
orally.