The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-02-14

e.Nf
50 .-.. ....-........... sos tUO
lsti ........... s,tOV, 90
lS4-lS69 (avefage) u Gsb OOu
"a . $500, 100
1911 ~ ~ go
s'-...-''.'.'. h,NO,00
70 So. 3 .Ttp, 60
Ioft-.-... - y o. 900
Ao''''-'-'s.. S',tNo, 90
Estimating the productions of lS76
and 1917 the same as 1915, mi we find
that the entire amount of silver Weld
ed by the mines of the United States
since they began to pay for working
them, has reached but tIifle over the
comparatively small sum of $3.50, OOO,-
! OOO. This Is less than one-hall the
amount OF our present volume of cur
rency; yet when those who are inter
ested IN making and keeping search
/ ty of money in circulation, notice a nm
increase of only $I2 200. 900 from 1870
to 1872, they took the alarm which re-
suited in the act of 1873. prescribing
and outlawing il from the companion
ship of gold as money. IL will not do
to say that the demand for silver had
failed, for aside from what our own
people need at home, the demand from
abroad was so great that Ia the very
act demonetizing IL here, provision was
made for the coinage OF dollar which
we found necessary for our foreign
trade, Ii was dollar of the weight
OF 40 grains troy, and the Secretary
of the Treasury, In his recent report
says:
"This provision was made at a time
when such dollar was worth In the
market l02 II i'm gold, land was design
ed for the use OF trade In China,
where silver was the only standard.
The great demand for this coin, espe-
cially In our trade with China, Is shown
by reports made by the two leading
foreign banks of China, the Oriental
Bank and the Hong Kong and Shanghai
Banking corporation, dated respective
ly January 80 ana 81, 1877, and Iurnish-
ed by the United States consulate at
Hong Kong, TO the Secretary OF the
Treasury. find these reports quoted
by the director of he mint, and eN-
tract from them the following state
ments:
"Ihe United States trade dollar has
been. well received i'm China, and is en-
gerly welcomed in those parts of the
country where the true value OF the
coin is known. It is legal tender at
the ports of FoochoO and Canton, in
China, and also at Saigon and SingA-
pore; and although not legally current
in this colony, II Is anXiOusly sought
after by the Chinese, and Ia the baZaars
it is seldom To be purchased. I'm proof
of the es timatiOn In which the trade
dollar is held In the south of China, we
need only state that the bulk of the di-
rect exchange business between Hong
Kong and San Francisco, which is very
Is done In this coin, the
natives preterring IL to the Mexican
dollar. Late advices from San Francis
co report that so grea. is the demand
for trade dollars for shipment To China
that the California mint is unequal to
the task of tnring out the coin fast
enough To satisfy requirements.
My opinion Is that ultimately IL will be
all over China. IL Is the best
coin that has ever been imported, and
being produced mt the fountain head
Of silver, can be laid down more
cheaply than any other dollar.
China requires many millions Of dol
lars annually, and while the clean
Mexican dollar will be imported for
he north OF China, the trade dollar
will be imported for the south.
would roughly estimate that the San
francisco steamers will bring from
our to six laos OF trade do lars iron
our TO six hundred thOusandl each
trip ali the year round"
Informs us that since the trade dollar
vas authorized, IL has been coined 90
be large amount of $50, 40, 100, mainly
D meet this and other foreign demands
Or silver money. 10 Is true, however,
hat he further states that the export
emand for tine trade dollar has now
lmOst IL not quite ceased. IL Is not
TRANCE that tins should be so. when
his government has done all in its
over To disbonor 10 at home; first
hitting IL as "A legal tender TO the in
gnificant sum OF So, and Fastening
BON afterward To strip it Of even this
nall badge of respeclability. Distant
eOple, naturally suspicious OF our
lstitutions, would necessarily reject
Jin on which we ourselves have placed
Ich "A stigma of disgrace, however
reat, as we have seen, may be- their
smand for silver money. In fact, no
'u1ice, no cunning device has been
JARED to bring the silver dollar into
'ntcmpJ and to drive IL out OF exist
lce, although the American people and
10 people of all lands and every form
civilization plead I, its restoration 10
vOT and 10 an ample circulation.
II there are some, however, who still
link that these assaults on silver
ere inspired by any other motive than
e fear OF too much money, allow me
recall an incidcntin financial history
II of teaching on this point. When
e revelation OF gold took place ia
and on tho other side OF the
OTld In Australia about the same
ne, an impulse was given 10 the pro-
ess of mankind greater than has
zen produced by any other one event
nee Columbus discovered America.
quickencd every energy Of labor,
Oused all thesgreat industries every
here into new and startling activity,
vived the dropping sails Of commerce
every sea, aud sent the loaded car
ans Of railroad transportation dying
every direction ever the face of the
rth. The whole world r. jOiced with
Ie exception. The creditor class in
cry cline beneath the fun looked ON
sullen distrust aud dread. And In
SO. when the production Of gold lad
lched Ia. bighes. point, and when u
~ supposed that IL would continue
increase. this class broke forth la
e different countries OF Europe Ia
yOr Of demOnetizing gold, because
e supply WIS making money too
sntiful De Quincy, Chevaller,
a other writers, made earnest and
lboratc arguments 10 show that the
crease In the fiOw Of gold was 10 great
AT soon II would be within the easy
ach OF all classes, and then H. power
purchase labor and property In large
IRntities for very small sum would be
rever gone. Germany and Austria,
a some other European govern
ents, needed those arguments, and In
81 actually demOnetized gold in OF
r 10 maintain the scarcity OF money.
be reason why this question did not
riously agitaie the financial circles Of
r. United States u 10 be- found In the