The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1877-09-27
TIE SILVER QUESTION.


read paper before the the Bankers
Convention at New York last week in
advocacy of the doublemetallic standard
currency. He began by saying that
from the beginning Of our government
until 1874, gold and silver were equally
an unlimited legal tender for all debts,
public and private, but that in 1874 sill"
yer was demonetized, and gold alone
substituted, he expressed the belief, with
out inquiring how that remarkable con-
summation was brought about, that 1T
was not done upon full and careful
consideration of the subject Mr.
Groesbeck stands by the proposition
that legal tender money should be some
thing that will pay fairly for services and
property, and have intrinsic value; mo
promise to pay has this quality. A
mere promise cannot be a final pay
ment, whether it be an individual or a
national one" The question as to the
safety of silver as legal tender in con-
nection with gold, he answers by points
ing to the ninety.one years experience
of the government under the double
standard, during which period both
metals kept about evenly together, and
their fluctuations were so slight as never
to amount to disturbance. Mr.. Groes-
beck gives history of silver production,
with tables showing that it is not true
that there is an excessive production OF
silver. The total production of gold
from I842 to 1878 amounted to S2.oI4.-
100000; of silver in the same period,
Sr.187 100000. The yearly average pro-
duction of gold from 1852 to 1875, was
1921 900. 900 of silver $49.ooo.ooo He
wishes it understood that he does not
war on gold all favor it, he says-but
his plea is especially for silver; and be-
sides the yield of gold is declining and
"may at last become insignificant"
Considering the subject Of the demoneti~
cation of silver by other countries
He gives a tabular statement of the
nations under gold standard, those un-
der silver standard, and those under a
double standard. He omits the United
States from the table. The population
of the nations using gold alone, aggre-
gates I8o,4so, 900 of those using silver
S76 400 900; of those using both metals,
I32, 100000. The people using the Sill
yer standard comprise five times as
many as those using gold. live look to
territorial extent, the same condition
also exists.
Mr.. Groesbeck's idea is, that our
financial condition is such as to demand
a careful husbandry of all our resources
and to forbid the throwing away of any
of them. On the subject of resumption
Mr.. Groesbeck says:
Resumption should not be declared
until the preparation is ample and full
handed. 1t would be terrific calamity
to resume for little while and be COM
PEELED to suspend again Such result
should not be admitted into the plan,
even as a remote possibility. Let us not
underestimate the importance Of this
undertaking. Bank suspensions are
comparatively little things, and have
their own peculiar agencies to relieve
them. National suspensions are big
things, with very limited agencies for
their relief. They oftener end in repu-
diation than resumption, and their re-
covery is always slow. Russia has been
about sixty years; none OF us
will live to see her resume. Austria has
been suspended for eighteen years
Italy for more than eleven years-Bra-
zil nearly half century, The present
government Of Turkey will never res
sumo, and | may say the same of the
present government of Spain. England
was suspended for nearly quarter of a
century-from 1899 to 1921, and when
at last her resumption came, it was a
hard and grinding resumption. Ma.
tional assumptions are very slow and
very difficult, and to throw away any of
the means to accomplish it seems to be
a great folly, Resumption should come
safely and, as far as practicable, easily.
A "Be it enacted" will not of itself make
a proper resumption, and it should not
be entirely arbitrary, it should rather
grow and ripen among the people. 1t
is proper to remember also that our sus-
pension is not the fault of the people.
The government made it, and it should
be kind in managing it. But | will not
discuss this subject, and leave it with a
single remark. To resume on gold
alone means permanent demonetiza-
ton of silver. 1t cannot be; resump-
ton must wait upon reconciliation.