Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-12-19

object is to have this ideal unity of
value and account represented in our
sesilvvssff,; ei 81 The same relative quantities,
and precisely ~ it was represented
there when the bonds were issued,
instead Of by gold alone, and assum-
ing to be the special guardians of the
national honor, they warn the coun-
try that this bill is an assault upon
the very citadel ofits integrity. They
hold it up as . "Granger swindle," !"
as an omin0us phase of Western
wickedness, and all because the West
will not, in servile Difference to their
wishes, "bow down to their golden
calf and worship it." We gratefully
turn from this torrent of vitupera-
tion and abuse TO the kindlier words
Of the more candid and sober-mind-
ed Englishman:
ain some comments ON letter
written by Sir Hector Hay, the great
bullion broker Of London, the Lon
don Times says in its financial col
umns:
"Attentive consideration of the
probable effect of silver remOnetizs-
tion in America would probably do
much to calm down any alarm that
may have been raised by rather
hasty talk about reputation and the
like. In the first place it is necessary
to separate altogether the silver men
from the tsoft-mOney' partisans Of the
agricultural Estates Of the interior.
This bill for the remonetizati0n OF
silver has little or nothing to do with
projects for the issue Of unlimited
paper, except In so far ~ the passing
Of the measure might do much to
render such issue useless. Repudia-
tion is word that can in no sense
strictly apply to the United States,
supposing it should decree silver %
the sole lawful money tomorrow,
and we doubt whether bondholders
would lose much by the change. At
the present price of silver, say SD.
per ounce, the loss to . bondholder
would be much less than 10 commonly
supposed. II paid off in par In New
York, his 81 900 bond would be worth
f2O6 As. in London, and II paid In sill
yer it would be worth El9l lis, 4
difference Of ETA 12s., or " per cent.
only, and it 10 not for moment to be
supposed that tho difference would
remain SO great for single day
were silver again smonetized'. We
should probably see II At once Jump
to fully 5s. per ounce, ct which price
the above loss would be nearly oblit.
Grated"
This article il taken from The Chs
cago Tribune Of the eth Of Novembel
last,-a paper that 10 rendering grea1
service to the country by illuminat
ing this subject and removing th(
rubbish intended - distractions II
the bill, ~ fast o. il IL thrown in tht
way by the Eastern press.
1t is said, .sOur greenbacks art
now within per cent. Of gold. DOM
let US lose what We have already
gained. Let us keep on until dol
lar represented by greenback shal
be worth q dollar in gold. Then ",
shall have reached q bedrock bot
tom.' There can then be NO fnrthel
decline in prices" The truth is, whei
we reach this goal, our dificultie
will have only commenced. Thu
policy to which we will then be full,
committed contemplates the entir'
exclusion Of silver from the none,
stock Of the world, except - sub
sidiAry coins more or less dehasel t
keep them in the countries wher
they are used and not circulatin,
with, they can have NO influence up
ON the price of gold, the real none,
that will propel our industries. Tn
unit Of the gold coin will appreciat
AZ one nation after another drops oil
yer, and, when It shall become the OK
lclusive standard, the volume Of mon
ley will be less than one-half of wha
lit is ct present. The prices of othe
] property must be readjustcd to thi
. reduced volume. The process ofre
adjustment will Of course produce
j prolonged era of falling prices.
Iwill last while the present generl
: ton lasts, and when il II complete
the present owners OF property wi
have ceased to have any further IL
| terest in their possessions. Nor is th
: lAll. The commerce Of the world wi
: then be on an eyer-narfowing basi
The annual supply Of gold from u
. mines, now constantly diminishing
tlwill not be sufficient to replace Il
: losses occasioned by casualties and Il
j lattrition of circulation, and meet Il
q increasing wants Of advancing pop
: Ilations and production The inclin
y ton of prices will therefore be col
9 tinuously downward, and the ey
o eau only be remedied by making y
i, tho deficiency with credit money ,
I lby arrssting production.
ri A grievous wrong is inflicted
|. this policy upon the debtor class
i II Alexander Hamilton, the author
q the Coinage act Of 1874, was % soli'
,, tous for the respective Interests
b tdebtoya aud creditors II adiustil