Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-02-07

the Senate, and showed that silver
had been practically demOnetized as
far back rs 1904 and again in 1884, and
that the act Of 1873 was not surrepti-
tiously passed. TIE volume annually
required having been doubled, sink.
ing In value became inevitable. Years
ago Humboldt declared that the mines
of New Spain (MexicO) contained sill
YER enough to deluge the world; and
the world has been deluged, bat the
flood seems augmented from unexpect-
ed sources. Silver once derived great
value from Its scarcity, and cannot es-
cape some degradation from its abun.
dahce. The policy of making silver
an Unlimited legal tender at anything
above its real value, with the idea OF
elevating it to the par of gold, would
result In national disaster; would fout
| the registered experience Of mankind,
and Is little less prepOsterOus than II
would be to attempt by legislative
witchcraft to make the baser metals
circulate as money, high above their
market value, by mere legal tender
declaration. The intense brilliancy OF
pure silver is undoubted, but the poll
cy Of Gathering up the worlds cast
off silver, assuming all of its impend.
ing hazards at the present dull time,
and Of stamping on each of several
hundred million pieces, "This Is q dol.
lar" when nOtOriOusly worthless, and
when q heavy loss to somebody must
follow their fabrication, would only be
brilliant as a shining exaggeration
wholly unworthy of credit; and the
device, "In God We Trust;" also to be
stamped upon earh coin, unless it has
been cdnningly evaded by the present
bill, suggests that such silver, after all
Will stand in special need Of supernatu-
ral aid, and, of itself, Is no more to be
trusted than the "heathen Chinee"
whose sign reads, "no cheating here"
Any metallic legal tender must be
kept at or near the cost at which il Can
be produced. If above this rate, then
illicit or cUntraband coin is sure to be
introduced, as the Initiative art of coin
making is not difficult, and cunning
wOrkmen, at home and abroad, are not
deficient in numbers or audacity.
Any jury would be reluctant to hang
the skillfull and generous rascal who
should make and vend just as good
money as the Government itself. The
profits upon such counterfeiting would
be tempting and detection Impossible.
No government ever succeeded with
an unlimited metallic legal tender cur
rency much above Its intrinsic value;
and whenever it has been attempted
the result has been, the issue not only
of currency deprecated, not only a
currency to be refused by all those
having the power of refusal, but OF a
currency which creates adverse ex.
changes, with all the rest OF the world.
Where one pound in gold will buy in
the open market seventeen and half
pounds OF silver, there Is no legislative
alchemy in the conversion of silver into
coin by which either fifteen and half
or sixteen pounds of silver can be ex'
changed for pound of gold.
Mr.. Morrill, remarked that the Uni
ted States is one of the very largest
gold producing countries. Whether a.
single standard OF gold shall continue
practic lily in force or not for the next
forty years. as for the last, it seems in
cOntes. able th-t we have now more
ability, with all of our known aurifer'
Gus wealth, TO uphold such standard
than we have ever had heretofore or
than can be claimed by Germany or
even by Great Britain, both being
wholly barren of native gold. Two OF
our States, Texas and California, among
the most prosperous of any In the
Union, have tolerated no other money
than gold. No crises Overwhelm their
well-founded industries; few disasters
happen to their trade; and they may
we'll feel proud of their solid and unin.
terrupted prosperity. Storms may
cCme and the wind may blow, but gold
is the rock of their salvation. New
York, the most populous State in the
Union, has already provided by her
own legislative action, happen what
may elsewhere, for resumption of spe'
Gle payments on the 1st day OF Janua.
ry, 1879; and all taxes aud canal tolls
are to be paid in gold, and all contracts
after that date to be payable in coin.
Is there any other State at assemble
more legislative wisdom or that has as
deeper interest in the general pros
perity of the country than New York?
Her voice gives forth no uncertain
sound, though 1t may be stifed by
the jingling of the Silver bill. None
of our States can maintain an ex-
elusive silver standard without i'm
mense loss, but to the Gotten, wheat
and corn growing States it would be q |
peculiar hardship. The prices of their
products being wholly controlled by
the price of the surplus exported, they
have direct interest In maintaining 8 |
money standard in harmoney with
that where our great staple crops find
a market.
The present stock of gold in the
United States, amounting to not less. |
l am confident, that 500, ,OOO, 900, and
daily increasing almost to the extent
of our large domestic production, with
the balance Of trade, until very recent
ly, In our favor, makes gold stand
ard not only practicable but almost
unavoidable. Within tha last ten
years we have received from customs
nearly 81, 500, ,000, 600 in gold, and have
actually sold for paperover $500, ,OO0, 900
in gold at q profit Of over 500, ,00O, 900.
Our wheat and corn, cotton and petro-
leum, will always command gold, as
will our bonds. With our mints in
active operation for six years we could
hardly produce as much silver coin as
the country now holds in gold. For
resumption of specie payments in gold
we are nearly ready; for resumption
In silver we have not the first dollar.
Certainly we have the right 10 do
foolish thing, but it Is our interest to
do u wise one. Can it be wise thing
to Danish gold?
The gold standard, It may confident
ly be asserted, Is practically far cheaper
than that of silver. i do not inSist
upon having the gold standard, but II
we are To have but one, / think that
the best. The expense of maintaining
a metallic currency is Of course greater
than that of paper; but it must be
borne in mind that paper currency Is
only when convertible at tho will OF
the holder intO coin-and no one asks
for more than that. A metallic cur
rency is also subject to considerable
loss by abrasion or the annual wear;
and II Is quito important to know
which metal, gold or silver, can be