Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-02-14
The Effect OF Zoo Much silver.

and inconvenience that q special meeting of
the board of Trade and Transportation has
been called to devise measures Of relief. Tue
banks properly refuse to accept silver coin,
except in small sums; the United States Of
fees refuse to accept the trade dollars at any
terms, that coin having been specially pro-
vided by law for export only. Some of the
railway companies and wholesale merchants
have already taken similar course. The
small retail dealers, whose daily sales are not
more than 500, find it necessary to dispose
of their silver to brokers at loss, and it is
evident that the depreciation is likely 10 be-
come much greater when the people Who earn
wages discover that dealers can defend them
selves only by putting up the price of goods.
At present the loss is divided between the
wage-earners and the retail Dealers the profits
are realized by those who pay wages in silver,
and by the bullion brokers. But the wage
earners viii presently perceive that they have
right to demand legal-tender dollars for
their work and legal.tender prices when they
buy, and the shop-keepers, who are prompt
to recognize the distinction, and to make bet
ter prices for legal tender payment, will find
it to their advantage. .1s s.5H.
1t would be well if this excessive supply OF
silver and its effects might be brought home
to the serious consideration of working-meu
in all parts of the land. They know by expe.
rience how hard it is to secure any advance
of wages, especially in times like these, when
thousands are seeking work in vain. If the
dollars which they receive are deprecated, SC
that retail dealers, those who keep boarders,
and those who rent houses or rooms, are
forced to charge more for whatever they sell
or rent, in order to compensate for the shrink.
age in the dollars paid, the loss falls upon the
workman. As Jet, he can usually refuse; il
the payments due to him are more than 81
each, he is not obliged to take the minor sil-
yer coins, and he can refuse the trade dollar
at all times, as it is not legal tender for any
sum. But if the Bland Silver Bill should
pass, the workman could be compelled to take
in payment of his wages silver dollars worth
about 80 cents each in gold, or two cents less
than the trade dollar. As the legal tender
dollar is worth about SO cents, the workman
who takes the proposed silver dollar will lose
about cents. and if paid $40 per week will
lose about So cents weckly-enough to buy
not few comforts which laboring men Otter
lack.
But the bill is well calculated to deceive
and blind wage-earners. They will receive 81
many ''dollars' as they do now. Their Loss
will come when they buy anything with the
money. At first, no doubt, the new dollars
will pass as the trade dollars have been pass
ing, without causing any change in prices
But presently men who receive them in trade
will find that they cannot buy as much wheat
or flour, meat or provisions, sugar or coffee
with the silver dollars as they can now will
the legal-tender dollars. Since they cannot
replace stock without loss, if they sell al
their old prices, they will be compelled grad
ually to advance prices. The legal-tender,
if made redeemable in silver, must sink witt
the coin, but the depreciation of both will b
expressed in an advance OF retail prices. The
workman will receive as many "dollars'' eve
ry week. but his new ''dollars" will not buy
as much food, clothing or shelter. he vii
see that ''prices are higher" but whether tn.
change is due to the new dollar or to any o.
the many agencies which constantly cause
prices TO fiuctuate, he cannot tell. The One
thing certain is that, at the end of the year
if he has earned $500, and silver coin ha
fallen to its bullion value, he will find himsel
no better off than if he had received only
$3.50. He will be the loser, whoever MAJ
gain. Perhaps he will try to obtain an ad
vance of wages. But with hard times all owe
the country-and the times will be harder
and the stringency and alarm of capital great
er, if the bill passes-what chance has he o.
success ss?-[N. Y. Tribune, 9th inst.