The Weston Democrat. [volume] (Weston, W. Va.) 1875-current, 1876-08-21

'rescncs. SO declared: That oppip-
on was t!.Cu held aud has 'sines been
,ronulgatsl by prominent gentle
nan Of the same State who lends dig
atty to this presence by occupying
Ieat on this floor as the oldest member
II this House, n gentleman whose in.
iuenco, learning, and experience. re.
publican though no is, has been upon
this currency and silver question stead
lily, so far as have observed, in the
interests Of the people as against ring
capitalists. | need not remind the
House that I refer to Judge Kelley.
Ills teachings upon this mousy ques-
ton at least are sound aud worthy Of
emulation Upon the feasibility and
practicability of specie payment | beg
10 quote from letter Of Hon. H. G.
Garry to Hoa. Moses W. Field, dated
IS, 1875:
Forty years since the use oFgold M money
was almost az rare with us as itnow is among
the EsuuimAux. Contracts Rbsunded here
and elsewh here providing for the payment Of
interest and ultimately Of principal In silver
dollars VI certain weight mud 6nencss hut
Il may 10 doubted fever r single one could
have been found providing for such payment
in tbs more costly metal.
Just then, however, the gold mines OF the
Sou.h were becoming SO productive as not
only to have caused large expenditure for
southern minis, but also 10 have produced q
determination on the part Of southern men
TO force their PRODUCT into that home circ1-
lation which, until then, had been held ex-
cluslvely by the Mexican silver. To that
end, while pro iesslug au after shhoHcuce Of
interference In any matter OF
trade, they by law raised the price Of gold
to 10 for Of silver. aud SO intent were they
on the accomplishment Of their object that |
myself heard mn eminent Souator, Of tho
South Carolina delegation, assert thu: sho uld
It prove to be required they would proceed
still further. givsa: to the gold lssal.teL.
der value as high as II toll
0fall American writers whose attention
was then given 10 monetary questions, there
was, as think, none whose opinions Ia re-
lation thereto were held IN more respect than
were those OF my friend Mr. Coudy Racquet,
from whose work, published in 1889, take
the following passage:
''PriOs to the passage Of The gold bill above
referred to, the metallic currency Of the Uni
ted States had been virtually as above stated,
currency Of silver since the establishment
Of the Government, gid very rarely appear
ing, while that Of Great Britain was Of gold.
The consequence was that the currency Of
each was Independent Of the other, hnd the
contraction or expansion oil each did not nee.
essari,y act upon the other The contraction
In England, which preceded the resumption
Of specie payments. 10 1921, after long sus-
pension OF "a years, produced no conrulsion
on this side Of the Atlantic; nor did our
contraction, distressing aud durable as 1t was
after the removal Of the public deposits from
the Bank Of the United States, on tho LIST oil
October, 1888, which brought down The pri.
cel Of stocks from 20 10 80 per cent, and led
to the importation oil So, TO-, 1903 In silver
from England alone during tho year ending
on the 30th Of September, 1884, produce any
convulsion whatever in that country. Such
would have continued to be the cas. had tue
mint regulations remained without altera-
ton; but no sooner was gold, by a change 10
It's relative value 10 silver, rendered the more
profitable Of the two metals to import than we
found the currency Of England disturbed to
degree that rendered necessary an iumedi.
ate reduction Of her paper issues, although
the amount Of gold drawn from her between
the passage Of the law in June, 33l, and the
30lh Of September, Of the same year, was but
Sl,s23, $50. To the inportations OF gold Ia
the years 1895 and 1885, instead OF silver,
may be aScribcd that further contraction Of
the British currency which led 10 the crisis
Of tho later year tha! was SO fatal 10 Amer
lean credits aud American cotton, by which
millions Of dollars were lost 10 the couutry
Now, as like causes will produce like effects,
II hehooves Us 10 examine well into this mat.
ter, aud, If we fnd that we hare committed
m error, II Is our duty TO re,racc our steps
Thus far very little progress has been made
toward Introducing gold into actual eirculR-
ton, notwithstanding that large amour,
bad been imported; sill u long perseverance
In the law will give Us gold currency, but
It will be most dearly. purchased. It will SO
closely ally sui fortunes with those Of Great
Britain that no CONFUSION eau take place in
the currency of that country that will not
&C. directly and powerfully upon ourl; while
on the other hand, none can take place on
our side that will not act directly upon hers,
and in SO doing break duwn the prices of cot.
ton and tobacco and other American pro.
ducts in the markets of Europe, 10 the great
injury Of our planting interest"
The extreme importance OF tue view here
presented, to-wi;, tho necessity for avoiding
''entansling alliances" in reference to a mat.
tor so important as tho monetary machinery
Of exchange was made clearly obvious when
In 1866, like clap OF thunder in the clearss,
sky, the great crisis Of that year, create, than
my by which It had boon precede 1, brought
ruin to hundreds OF what had been considered
Ihe strongest British houses, and made de.
rana on all the world for aid Il the Bank Of
England itself Nere 10 10 enabled to avoid
suspension. The crash was terrible, yet Il
never Affected our domestic operations for
even q single hour. Our monetary indie
peldeuce had teen established. Our MA
chincry Of exchange being non-sxportable
Gus, we had no use for gold, and il It were
needed abroad we could lay, "why let II col"
Accordingly, no less than $50, 0OO, 900 were
at enes dispatched, the bank was sayed, and
injury was thus avoided 10 an extent that
would scarcely be exaggerated were II counted
by hundreds Of millions Of pounds; and thus
did Britain benefit by tho fact that tho cur
rencieS Of the two countries were different.
Had we been using gold, where should We
then hare found ourselves? Ia the midst Of
a crisis greater than the country had ever
known. Every golden dollar would have
been withdrawn. Banks, after running their
would themselves have bern driy-
en- to suspension. Mills and mines would
have ceased " work, aud the power 10 pay
for forei: n merchandise would have disap-
peared, 10 the great less Of Britain, whose
market In this country, owing 10 depression at
home, became so greatly enlarged as to aid
materially In the work orrscuperatisu.
10 the two countries thousands OF millions
OF dollars were saved BY the simple fact that
r