Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1877-12-06

s"dden panic. IN unreasonable demand for coin.
NC sssnI1f sho1id not be allowed 10 demand pay
ds s"' ~ Other than the currency upou which tho
would seem to be right to maintain the legal-tenler
qnahty of the United States nofes If they nut
par with coin n In the fault Of the government and
not OF the debtor rather IL Is the tesu Of uufore
| parties-
In establishing system of paper money designed
20 DO permanent il must be remembered that hereto
Ic,c no expedlent has veen devised. either In ia or
ohsr countries, that In times OF panic or adverse
| .tade, mas prevented the drain and exhaustion OF
| 1sn reserves however large carefully guarded
Every such system must provide for q suspensi"; o'
cpocie payment Laws may forbid or is'sre suen
oo.Ineency. but II win come: and when L comes y,
Sahhot ec resisted hut si~urd be acknowledged a"a
declared 20 prevent unnecessary sacrifice al' ri.:..
IN our ree government the power 10 make tins dec
VIII not be- willingly intiusted to individuals
out should he determined by and conditions
known to all 1t is far better Tx the maximum OF
Iegatender notes at 1900. OuO. O00 supported by
MINIMUM reserve Of 500 600 900 OF cuin only TO be
The redemption OF notes mot Ia be rrissue until
se reserve 10 restored demand for coin In OK haust
sucn reserve may occur but IL events force u.
IT'S sxsteice WOULD be known and could be DECLARED
M ~ ~" Justify temporary suspension OF Specie
i~Nmsh.s Rome such expetieDt could no doubt DE
provided by Congress- for an exceptional emergency
IN other times the general confidence in these notes
would maintain them at in coin and Justify their
use A. reserves of banks and for the redemption OF
bank notes
SAVINGS BANKS.
The attention of Congress is called to the great
value 10 Onr feowci,isens Of the organization Of
some plan for the collection safe-keepns and profit
able employment of small deposits by the people.
How far this be done without renching upon the
proper functions of the State governments Is quss
lion OF difficulty yet Il lie important TO secure IL
possible, a general system Throughout the United
States This hardly be effected by the organiza-
lion Of a multitude Of savings hanks depending up
on inc ndehty integrity and skili OF their officers.
nut the beneficial inject Of snch banks might be Sc
cured by authorizing the deposit OF small with
any postal money-order office in the United
Siates ana the Issue of government certificates
veriibie an demand Of the holder into four per
bonds Of the United States Of such character. de
seription and amount rs will enable and in
earnings into q public security Of stable
vane The money thus received could be employed
higher Of interest By some snch nystem II is
urieved that the great body of pubiic debt
aese " ITS smalisst possible burden. could be dis
tiihuied sn"ng our own people. With slight mod
ihcauon vt exisiing law this beneficial result wld
oe secured. The deposits held by savings
s0i. deposited bv 1900. 900 pcrsons, and nortls
by deserving citizens. who Thus wisely sex to pre-
serve small savings ir future need No object could
mre strongly appeal 70 the considerable Judgment of
Cougie-s- Tho heavy L,sses thai have beea sus-
tanned through savings banks whose funds have
,scn imprvidentiy loaned UPON insufficient security
nave inflicted Tar greater injury upon the depositsrs
than would y similar loss suffered by per-on.
Sased m banking or commercial pursuits The Sec
rtary, therefore,. recommends THAI authority lie
granted To Issue certificates Tor small deposits
vcrsbIe into foar per ceut bonds authorized by
law the pro cells to be used soley tor the re.iemp
ZION d bonds bearing higher rate Of interest,". and
THE SILVER DOLLAR.
In the United States, several experiments have
been made with the view Of retaining both gold and
silver in circulation. The Second Congress under-
In Of af,..v
gold. with fiee coingc Of both metals by tins ratio
gold was under-valacd. - one ounce cf gold was
worth more In the markets of the world than fifteen
ounces Of silver. and gold therefore was exported.
To cnrreet thi~, in 1887 the ratio axsd six.
teen one hat sixtern ounces of silver wer~ worth
IL the market more than one ounce Of gold ~ that
silver demonetized.
These difficulties In the adjustment IT gold and sii
coinage fully considered bv Congress prior
1858. BY that net and il belle, cd = per-
usaD~nt policy, adopted to the simutane-
Gus circulation Of both silver aud gold cois las the
United States. Silver fractional ccin- provided
for a ratio Of IL as In silver one In COLT and
only issssd la exchange Tor gold coin. The |
risd al private parties to deposit silver bullion for
such coinage repealed. and thess coins ssuo
from bullion parrha~rsi the If the mint
and only upon tho account and the profit of the
United States Thr CON legal tender ouy In |
payment Of debte for all not exceeding i've
dollars. Though the silver in this coin was worth
,s,f yet its convenience for change its issue
by ,he government oni, in exchange for. ami ia
nasiical convertib'iify into, god eon{nansined Il
IN circulation At with gold coin. II the sii..
In the ratio Of l5y2 preventri gold from
ing into circulation for furry hive years aud the slight
errvr in 1887 brought gold into clrcalation and
nished silver until 1853 how much more cert ain
" will now of nine per cent gold to
be- exported and silver 10 becse the cole standard ~
valuef Is IL worth while "a travel again the ryun!
Of errors when experience has demonstrated that
bath meta- eau oriv be maintained la circulation to
gcther by adhering 10 the policy OF 1885,
The silver dollar mt me,fioaei ia tho act Of
1858. but from 1872 until 1874 IL 49, worth more
in the market than the gold istar provided tor in The
IA being In circuiston az the passage d the ict
February re- 1873. The whole amount If snch
daIlass issued prior TO 1853 was s.. 500 900 Sab
ss-iusnt 10 1853 and until ~ dropped fr.sm
cainace ia 1873. the total amount ISSUED was
5.492 $50. an aggregate Of ssOi5. s3s. and
this almost exclurvely tor expectation.
BY the coinage act approved February IL. 1873.
fractional silver coins authorized similar la
general character 10 the coins Of 1858, but with a
ali it incrtssse Of silver IN them 10 mako them
form exactly the French coinage. and tho old dollar
was replaced by the trsdedolinr of 4s0 grains Vi
st,nda silver.
Much complaint has been made that this was done
with thosle-gn OF dspriyiag the people Of the priv
loge af paying their seb;s in cheaper money than
gold but Il il manifest that this IL error. No
then did could toresee the subsequent fail In the
market value of silver. The silver dollar
known coin fs the people and not In circulation
even ON the Pacific dope. where the coin In
mon USE The trsde-iolar OF 40 grains was subsii.
far the slvrr dollar of 4i2is grains beranse il
believed that IT Was better adapted To supersede
the Mexican d,lsr In tho Chinese trade. aud peri
menf pi owed this 60 be true Suce the trsde-dolar
was aiii horned $50. 40 400 have been issued or
nearly four the entire Issue OF old liver dollars
aimee the foundation Of the government Had not
the coinage sct Of 1873 passed. tue United States
would now be compelled 10 suspend the tree coinage
of silver dollars the Latin nations did, tn have
silver as the sole coin standard of vsluo.
since February 1878 great changes have &C
Cured in the market value Of silver Prior 10 that
time the silver in the oil dollar worth more than
gold dollar hiv at present. II Is worth about nine
tytwo cents IT by Law any holder of silver bullion
might deposit II in the mint and demand fnll legal
tonder dollar fr every Zi2 grains OF standard sill
depo-ites the result would be inevitable that
dollar would BY financial Law as fixed aud invsr
able a. the law Of grsvitaiios, become the only
standard Of value AL forms Of paper money would
fall 70 that standard below e. and gold would be
deinonetized AMI quotes ~ premium equal 10 ito