The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-06-28
ouR NAr1oNAL FINANCES.

Upon this issue the initiation mania of q
few years back is to be fought over again
under the guise Of new name, though
TIE results dersrding upon the settle
ment are vestly more important now than
tl-ey have ever been heretofore. At the
times long years ago when silver and
gold dollars were made legal tender
and medium for the payment of debts,
both national and individual, the guam.
tity of silver in the country was, CON-
pared to the supply of to- day, very small,
aud the difference between the .aluc of
silver and gold dollar was not appreci.
able. One was as good as the other for
the payment of debts, and continues TO
be so to this day; but an ingenious device
was resorted to in 1873 by the Republi-
cans to destroy silver as legal tender,
which was accomplished withou. attract.
ing much attention, by simply amending
the coinnge act in such manner IN to
omit the manufacture of silver dollars:
after which capitalists Mt the North gath
cred up thOse i'll existence III far ~ pos.
sible and Withdrew them from trade by
exporting them, and also by other means
so that the silver dollar is to-day n rcla-
lively rare coin. Hence, silver dollars
remain legal tenders, but they arc not
within reach, and hence gold is the only
available coin for the payment Of debts.
Of late years the yield of silver mines
has been very great, and as the credit Of
our government Is good, paper currency
is preferable for exchange than fractional
silver, and to-day grccnbacks and nation
al bank notes are more valuable for large
transactions than silver, because the
former are 80 much more convenient
than the latter.
Gold is more valuable than either pa
per or silver money, because it is prac.
tically the only coin currency which Is
legal tender, and as the quantity of gold
is small its vniue is likely to increase, if
the resumption Of specie payment is to
be effected in 1879, ms fixed by law; for
in that event every debtor would have to
secure gold with which to pay off bis ob-
legation, and the government Would also
have to pay its public debt in the same
coin. This would of course increase the
premium on gold, and be very advanta-
geous to Northern capitalists, but at the
same time destructive of Southern trade
and industries.
The Democratic party Of Ohio proposes
to avoid this state of affairs by causing
the coinage of silver dollars to proceed,
end then as silver is 81 abundant aid
debts could either be paid in gold or
silver dollars, the monetary market Of
our nation would feel the change very
slightly, if at oil, and paper money would
ssil! retai: lie yalae; &c. being more con-
veniens for transportation than silver,
and convertible into it at the option of
It's hoidee.., every ona would prefer one
hundred dollar bank note TO ono hundred
pieces Of silver. The effect of adopting
this policy would be to continue paper
money, but mako its value steady and
regulated by specie.
Tie policy OF the National Democracy
will, in all probability, accord with that
of the Ohio Democracy upon the impor-
tant subject of finance, and the reasons
sas IL are, IL seems 10 us, boii, piain and
substantial. The Democratic party 10
the champion of justice and equal rights
to oil men, and representing these great
principles 1t is bound to advocate such
financial system rs will tend to place
both capital and labor upon the same
footing, so faT as medium of exchange
is concerned. To make gold tho only
legal tender is calculated in large meas.
ure to advance the interest of baukors
and capitalists at tho expense Of labor
and the industries which command small
capital, for as tho supply of gold ia not
sufficient ior the demands 0: trade. The
ssme coin would nave 70 be rroUurcdi by by
an impractieably large number of persons
to effect the changes and discharge the
debts inoident to trade, or an equivalent
in other mediums would have to be rem
dered, and as the limited supply of gold
would be in large measure gathered up
by capitalists, the premium ON it would
be considerable, and labor aud trade
would be compelled to bear the burden
for which capital ~w1onld derive the ben-
eft. BY making silver also o legal ten
der the supply of the medium for ex-
change will be ample to meet the de-
mands Of trade, and business will move
sraoothly on. ss
The Republicans, with Secretary sher.
man at their head, will most probably
aiHo adyocate the reconciliation of sill
yer, or In other words, the recoinage OF
the silver dollar, but will also advocate
making silver legal tender for sums
under fifty dollars, and make gold the
only unlimited tender. The intantion of
this MEASURE is fully in accord with the
previous Regulation Of Radicalism, which
has always sought to build up monopo.
liea and foster, the formation CT rings for
the purpose Of Iefrauding or oppressing
the weak. The injustice Of this measure
is SO great that every one con at once
perceive its obvious purpose. IF silver
be made tender for Gums below fly
oonErs, All IuUurers anu employees wnuso
salaries are less than fifty dollars mouth
would be paid off in silver, whilo the
l. n ~ -.