The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1872-12-20

silver. firearms, manufactures of leather, illn-
minating oil and beef fell of 1884, 1875,
while there was gain Ct SOS, 167, 1892 in the
exports of corn, turs, hides, skips, bacon,
hams. lard, Leaf tobacco, manufactures of
iron, wood, leather. and many minor articles.
There was al increase of exports IN every
branch of manufactures except cotton, leather
and firearms. The decrease OF our exports in
wheat and wheat tioui was sl2,OO0,0 600; raw
cotton, s37, 900, 900; manufactured cotton,
81 $50 600 gold and silver, GIL GOO, 600 fire.
arms, Sl2, 000, 000 manufactures OF leather,
5000. 900; Illuminating oils, 80, 500, 900, and
beef, s2,000.000. The statistics OF imports
show an increase Of 500, 900 in coffee, SlS,-
100000 in sugar, nearly s6,000,O00 IN tea,
nearly So, 100000 in tin plates. more than
Sl7. 100000 in raw wool, S2,000,00O in pig
iron, Sl0 900. 900 ia manufactures Of iron,
5000, coo in manufactures OF cotton. "a .00O,-
900 in manufactures Of silk aud about $780,
000, 900 in manufactures Of wool.
On account OF su expected continuance of
the depreciation OF the value of silver. the
Secretary recommends tho discontinusnce of
the use of silver coinage for home circulation.
He says:
"In the last ten wears the commercial value
OF silver has deprecated about 3 per cent. as
compared with gold, and its use as currency
has been discontinued bv 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 l am OF opinion that upon grounds of
public policy no attempt should be made to
introduce 1t, but that the coinage should be
limited to commercial purposes and designed
! exclusively for commercial usos with other
nations. The intrinsic value of metallic cur
rency should correspond to its commercial
value, or metal should be used only for the
coinage Of tokens redeemable by the Govern
nj Az ha
citation Of silver Is likely to continue. 1t IL
impossible to issue coin redeemable in gold
without ultimate loss TO the Government, for
when the difference becomes considerable
holders will present the silver for redemption
and leave 1t in the hands of the Government
| TO be disposed of, subsequently, at a loss. Ii
the policy should be adopted of issuing sill yer
coin irredeemable, but whose intrinsic value
should correspond to gold. the time must
come when the country would suffer from the
pr esence 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 a 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-
pOseu. lie cOublueIs the Ddnh paper ana OuI
| 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 their mercy. But
argues the Secretary, there should lie provis.
ion for a certain degree of elasticity in the
currency, on account of the regular recurrence
of a large temporary demand for money to
move the crops to market every autumn. The
! power 10 meet this demand, he insists, should
be lodged III 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 curreLcy. 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 a growth and de-
yelopment of the country and its trade which
If there IL no proportionate Increase III paper
will gradually equalize the two kinds of cur
rency. This point, the secretary thinks, vii
be reached at no distant day. through the in
crease of our population. and the more gen
eral use of paper money III the Pacific States
Texas, and the South generally.