The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1878-03-16
THE SILVER SETTLEMENT.

4 few weeks ago our esteemed contemporary
Judge Wallace, of the Hoopestown ChronScle
IA paper, by the way, very much above the
average county press of Illinois in cditoria
ablity,) seemed greatly exercised in spirit anc
unnecessarily Respondent, as we thought, il
view Of the them imminent passage Of the sill
yer bill, because he feared its effect would b,
to drive gold out Of the country We tried Il
calm the good Judges pcrturbcd spirit by rs
surfing him that the evil which seemed Sc
greatly to harrow his soul was purely imagin
airy, as there was not in reality, as part OF
our circulating medium, Il dollar Of gold in
the country to drive out, and had not been Tor
fifteen years. What gold our importers needed
to pay duties and settle foreign balances with
they bought as merchandise, the same as they
bought cotton or pork TOR expectation to make
foreign exchange, and for these purposes it
would be just as easy to buy gold hereafter
with silver as it is now with grccnbacks. The
Judge seems MOTTO dispute the point but comes
back and says
What we would like to see is gold and silver
circulating side by side, the one convertible
into the other without premium, and in guam
titles not limited by any arbitrary, artificial
devices or enactmcntS. And then if we must
have paper substitutes for money to represent
larger sums than it is convenient TO carry
about the person, let that be convertible, too,
into gold or silver as parties choose, without
premium But not Il dollar more than is so
convertible. After this, mine and coin all
the gold and silver it will pay TO mine and
coin, but leave both questions to the practical
judgment of the business men who have
manifested the skill and ability which has
brought them success in this direction 1t is
much more safe to leave all such questions in
such hands than in the hands OF the govern
ment, no matter what party controls the gov
eminent We would trust none of them with
such vital questions beyond the strict limits
of the constitution. Does our kind adviser
dissent
Well, no-not particularly, if we understand
you. The idea seems to be, first, plenty OF gold
and silver rs the basis OF circulation and then
just as much paper as the business wants of
the country, outside Of legislative action, may
bring into existence and the laws of trade and
finance shall demonstrate to be at all times
into gold or silver at par and sec
ondly that the gold, silver and paper shall
always be kept equal in value-that is, at par
with each other. Very good indeed, only a
little Utopian. Our present subsidiary silver
coinage is quoted in the New York money
market at 9Im1l discount, or below gold,
and greenDaCks are quoted about the same
tba Gil init ,ir
ation as Il legal tender it will probably be
quoted about the samc-the per cent between
silver and gold indicating the cost of gold tx.
change with which to settle balances with Eu-
per cent more than silver, and gold is cheap.
,r in New York only because the balance of
radc is in our favor and our importers need
none TO pay balances with or duties on I'M
ports. Next turning of the balance of trade
against us may send up gold TO 8 or 8 per cent
above silver in New York, or n sudden de
mand for silver for the East India trade
rs often happens may send it above gold in
ible to fix such Il proportion between gold and
liver as shall keep the two always exactly on
level. The American dollar of 4l2l5 grains |
anne about rs near il as any thatw ever tried, !
md there is every reason to believe that eX-
lcrcncc will demonstrate that proportion to
Ic about as nearly correct rs any yet attempt
d. The dream of gold and silver circulating
dc by side then, is dependent upon such
contingencies rs the balance of tradc-thc In
liza demand &c. Should few years expert.
nee, however demonstrate that the proportion
If IL of silver TO | of gold is too low, congress
an at any time hereafter correct the dsCrc
fancy. The main fact TO be always borne in
mind is, that If, once having fixed the standard
Ongrcss will thcnCeforth stop its currency tin.
cring and let the subject severely alone, the
avs of trade are sufficient ever after to rcgu-
ate money values with just and exact pre-
islon all the world over; and further, whether
deals in paper, gold or silver, every nation
ill always have by the immutabe laws of
'adc Just SO much of the worlds money to do
: business with rs it can make profitable use
t, and no more or less, and Ro legislation can
change that law.
eEnTuEp SpIRITuAT pThcrn