American citizen. [volume] (Canton, Miss.) 1864-1890, 1877-12-08
The Silver Question.

mOnetization of silver. 1t is emf
nently just. Silver was demonetiz-
ed by trick of the usurers in 1878,
with the sole purpose of making the
dollar SO dear that they might take
the very heart out OF their debtors.
The paper dollar they lent i'll 1864
was worth on Az average 1872 cents
in god. In 1865 it had risen to $50;
IN 1868 it was II 6 cents in 1872
it was 80 cents, aud at the present
moment almost % cents. Most GER
rainly it was not right that the Sc.
we're operation OF natural laws
should have been suddenly and
enormously sharpened and speeded,
not only by inordinate contraction
of the currency, but also by SUR
reptiliouslv sweeping out of the
money market one halt the redeem
ing material, to wit: silver-thereby
making gold still deaIer, and set
ting up higher standard of value
than was ever known in the coun-
try before. In 1879, as at present
contemplated, the currency of the
country will have been violently
dragged up to level not with the
old dollar of 4124 grains of silver,
nor even the gold dollar of
2j.S grains as it was, but with a
new gold dollar, worth nobody
knows how much mole than ever
before.
just when this wrong was about
to be righted, contraction stayed,
and wealth begun to be diffused
again, the jobber shifted his prey
from aflr off. To our mind mann
moth job has been foiSted upon a
most benefcent and Indispensable
measure in coupling the remonetiz>
alton of silver with free coinage and
AN unlimited issue of coin certifi
Gates of that metal as full legal
tender, just as gold coin certificates
are now. This latter provision, in
stead Of operating as a salvation
from general bankruptcy, will add
to the burdens of the people by tax
ing them untold millions to buy up
all the depre eiated silver of the
world, which we have no use for
at or near the artificial price of
gold. The country will be deluged
with the cusnbr GUS stuff or its cheap
of certificates. An en-
ormous balance of exchange will be
set against US in every civilized
country. The greenback will be
and prepared for speedy
extinction. The double standard
will have received its deadliest
blow. Who alone will profit by
the universal disaster? 7 he own
ers of silver bullion or of silver
mines, whose metal will be given
an inflated and illimitable market
for its sale. And this gigantic OPP
GRAFTON is to be perpetrated under
cover of great pc. 'ular demand
for something quite different. 1t
may be said, without the slightest
tinge of exaggeration, There's
millions it it," aud these who vote
for it, how' yer honest tl.eir
motives may be, will rest under
that may cloud indelibTy
their whole future lives. We have
no use for a great quantity of silver
coin. Our greenback answers every
purpose of circulation better than
any other medium that could be
devised. We can stay its value
10 the silver standard, and thus
rescue the crushed debtor, and
give a stimulus TO industry and
trade without buying up all the sill
ver in the world like deluded id
ots. The idea of Senators JONES
AND others. that silver
can be brought back to its normal
value by simple act of Congress,
s delusive. and Will involve us in
terrible and exhaustive efforts if at
This county cannut sin
gle handed, hoist two or three
thousand millions of silver to par
with gold, and will only crush its
finances in the effort.
In considering the weight which
should be given to the representa-
ions of bankers against the remon-
.ization of silver and the repeal of
he resumption act it should not be
overlooked that no class of persons
are more directly interested in the
lie clsion, and therefore less likely to
nrm a disinterested opinio n. The
are money lenders by pro-
ession; they are holders of enoI-
nous amounts of bonds, on which
the Government has printed and
,iven them hundreds of millions of
currency they are directly interest
d in making the dollar dear; and
fair, unprecedented expression of
opinion cannot he expected of them.
)ur financial legislation has been