, 1876-07-22
To the Editor of the "St. CrOlx Avis"
Dear Sir,

Dear OF,
With whomsoever originating there
cannot be the shadow of a doubt that the
present sudden depreciation in the value
of U. S.. coin, always hitherto freely cir
culQted at par in this Island, is one of the
most ill-timod and injudicious steps ever
adopted here-nay, in view of the already
depressed and poverty-stricken condition
of the community, it is worse, for it
amounts to an absolute injustice, especial
Iy to the humber classes whose little
savings are almost entirely made in that
money, and who now find their little all
slipping out of their hands, why or where
fore, they cannot comprehend, and with
out sufficient warning to enable them to
save it. But a few weeks ago the panic
and irritation occassioned by the suspen-
sion OF the Savings Bank was c0nsidora-
bly, alIaycd by the payment of an install
mcnt OF 90 pr. cent. on deposits but un-
fortunately a large proportion of this pay
ment was made in u. S. silver at par, and
the recipients now find that this install.
ment has dwindled down in value to little
or nothing. "This is all very true, " say
our wise men of business, " but certainly
we have Just as much right to say that we
will not receive u. S. coin at par, or at
all, as to say the same Of English, or any
other foreign money!" This | deny, for
the cases are entirely dissimilar. A legal
right to co so may exist, but certainly
not a moral one. In the one case the coin
has never been in circulation here and
nc injury is done in refusing to admit it
while in the other case the money has
been received and used almost as our
principal circulating medium for mary
years, and its sudden depreciation or re-
lection, without proper notice, is utterly
unjustifiable.
But my chief object in this %communica-
ton is to protest against the serious loss
and inconvenience consequent on this ill
advised measure, being thrown on the
laboring population. Notwithstanding
the depreciation in this coin the Iaborers
continue to be paid, in some cases entirely,
and in others in large proportion, in it:
only to find it refused altogether, or re-
ceived only at a heavy discount at the
shops and stores, perhaps even by the very
persons whose grasping speculations in
silver have deluged our market, and fur
nished the pretext for all this trouble.
Now contend, Mr.. Editor, that it is
the duty of the Government Immediately
to step forward and protect these people by
positively prohibiting, by public proolama-
ton, Gas they have taken care to do in their
own caSe,) the laborers being paid their
wages in any coin except the Danish cur
rency of the Island. BY legal enactment
the laborer is prohibited from receiving
more for his days work than q certain
fixed amount-suroly then the responsible
lity rests with the authorities to see that
he receives no less. l will be told that the
laborers are not dissatisfied and that, at
any rate, this is a matter that is in their
W hands, as they can themselves refuse
this money if they choose. [ reply to the
first assertion that they who make it know
nothing whatever of the real state of the
case and to the second, that this course,
to be effectual, would involve o general
combination among the people and I
ask a question which I think well worthy
of serious consideration-Is it wise to
allow our laboring classes then to learn
the art and power of combination on any
question between themselves and their
employers9