Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-01-26

litOIOuSH iliNccttSdtlOii7 ihdeC Al
direction of the British House Of
Commons, and the Congress of the
United States, deriving what aid
We can from other sources.
Why, sir, we find that for many
years Russia, Austria, and Italy,
containing very nearly one-haif the
population of Europe, and the Uni
ted States OF America and Brazil,
the foremost nations on this conti-
nent, and other States have discard
ed the use of gold and silver as
money, and supplied their place
with eXchequer bills, treasury notes,
bank notes, and other substitutes so
often employed by impoverished
peoples. The cheaper money has
driven the dearer from all the chan
nelS of circulation and converting
it into merchandise has sent it
where it will perform useful func-
ton.
Now. Just at this time, when more
than one-haif the commercial world
has disposed of its stock of the
precious metals, the German states
cemented into q single empire by
the wonderful victories at Paris and
Sedan, was confronted with the
fact, that each of its states and prin-
cipalities had its separate mint and
coinage, and its separate banks and
money of circulation. Ii was eXpe-
dent To introduce single money
of account, and reduce the variant
and in some degree discOrtlant sys-
tens 10 one. France was paying
into the Imperial treasury the war
idemnity II ,0O0, 00U,O00, and a IA
vOrable occasion was presented.
Vt this time the production of
silver had not reached its maxi
mum, and to all appearances ii was
fixed forever as part Of the money
of mankind. It was used az mon
ey by every nation of Europe, eX-
cept England. and rested secure UNI
der the sanction of their laws. An
inspection OF the tables prepared by
DIR. Linderman, the director of our
Mint, will show that i'm 1871, when
the empire declared its purpose to
make the change, silver in its rela-
ton to gold was of greater value
than "a affixed by the United States
or France, and they show that for
several years preceding the relative
values had changed but little.
Unfortunately, for some years
previous a class of men who wish to
apply to the practical affairs of life
the abstract doctrines of their poll
tical and economic philosophers had
been advocating the adoption by all
the nations of common measure
or unit of value, that would facili-
tate the reckoning of all kinds of
money and furnish an international
coinage. In their estimation the
the existence of the pound sterling,
the dollar, the franc, the form, and
the mare was reprOach to the in
telligence of the nineteenth century
and presented an insurmOuntable
obstacle to the freedom of commerce
and exchange. They came up
fresh from the minis, and +" Sicklied
DER with the pale cast of thought
from dusty closets. They laid siege
to royal councils and stood in the
Hobbies of democratic legislatures.
They wrote and published they
clamored for recognition, and at
last their efforts were crowned with
success. They received recognition,
and by authority were gathered in
council. Learned essays We're read :;
first principles were stated with
dOgmatic force distractions were
formulated into seeming practical
wisdom a unit was found but,
unfortunately, although it would
measure one metal it would not
measure both i'm the relations of
value tiXe,l by the different States.
But To the dOctrinnaireS this de-
feet presented a trifiing impediment.
gfk.,~ 4.,..l- Dr,A4hn -fnr, f,F.NHro Il n pA1
announced that perfect system re-
uuired the abandonment of one of
the precious metals as money. They
did not hesitate To recommend it.
Listen 10 the sage opinion of, one of
their number, Il servant of the Uni
ted States, who i'm an official report,
speaking Of an international coin
age, says, and Tegretfully, that no
substantial progress has been made
i'm the direction of the assimilation
of the cOinages of the world; that
the Quilted states, Great Britain,
France, and other States adhere to
their money of account, and it is
not probable that they will adopt
any other.
All therefore
says he
That can b" reasonably expected Ia result
from the frequent discussions of this subject
i that gold will u universally adopted a.
The measure OF value ana money OF COM
m"rcC.
| read from the report of DIR. Lin
derman, the Director OF the Mint
of November /, 1873 and | agree
with the Senator from Kentucky
Mr.. Beck that if we wish the sill
4, g., F,,ArAI,,.aI
the service of the people of the Uni
ted States it cannot be done without
positive instructions from the Con-
gress of the United States command
ing il to be done.
Advanced to this point, they be-
came the allies Of another class,
who believed that money was get
ting t. be too abundant, who re-
GREETED to see its purchasing power
diminished, and looked with alarm
upon the reduction i'm values of fix
ed incomes. Their coniOint influ-
ence was thrown against silver, and
its doom was pronounced. The de-
cree went forth that from that time
gold alone should be money.
What influence their COunsetS
may have had on the German Gov
eminent we can only conjecture.
The motives" as stated in 1872,
by the ministry, when the first coin
age bill was proposed, were
The Inconvenience of the silver coin led
ct necessity 10 a very considerable Circula-
lion OF paper means OF pay ment, which in
ordinary times are willingly taken
welcome facility, but in critical times OF
awakening miStrut contain the germs Of
serious dangers. The artificial demand for
paper means of payment created by the eN-
elusive circulation of silver made II neCeS-
Sary in framing laws for banks To have re-
gard 10 considerations which placed impe-
dimrntS difficult Ia SuTmOunt in the way Of
a thorough AMI rational regulation OF the
banking system through banking legislation
common To- all GpTmnnN.-ENtract from the
&" Report ot the British commission ON the
depreciation oi silver, page Is.
But whatever " nlOfiURS - may
have controlled the government,
the purpose To change the standard
was announced as far back as 1871
and 1872. Measures were taken
which were brought into efficient
action i'm 1873. The silver coinage
of the empire was supposed To he
S3D0, Ou0, OJO; il was believed that
not more than SlOO, 900, 200 would be
ss.,,fp..I q, ftrrT .b e. -TIbsiI0rN. ppiO-