Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-12-21
THE SITTER PROBLEM.

Mr.. Ewing, of Ohio, submitted to the
House committee on banking and currency
on Wednesday q bill designed as substi-
tute for all others now before that body re-
ating to the standard silver dollar. His
measure embraced three propositions, which
were
First-That any national bank which dis
eliminates against the standard silver dollar
shall be placed in liquidation and have its
circulating notes Withdrawn by the govern
ment.
Second-To make United States notes and
standard silver dollars interchangeable at the
treasury.
Third-To provide for exchange at the minis
of standard silver dollars for trade dollars and
the recoinage of the latter Into standard dol
lars, with prohibition against the further
coinage of trade dollars of the present weight
and fneness.
The first of these propositions meets our
most hearty approval. A bank that exists
only by the suferance Of Congress, and
which attempts to nullify an act OF the au-
thority that gave it its existence, deserves no
sympathy from either Congress or the peo-
ple The arrogance of these institutions in
attempting to exercise judicial powers-to
decide for themselves what laws shall or shall
not be binding upon them, is insufferable. If
they shall refuse to obey not only the letter
but the spirit of toe laws passed by Congress,
they should be treated like any other class
of transgressors-dep of their privi-
leges under the laws. Some rigorous meas.
ures are Unnecessary to check the incipient re-
bellion that has already been inaugurated by
the banks to degrade the currency Of the
government and cause monetary loss to
every citizen of the republic. If Congress
shall neglect to take some such Step as is
contemplated By Mr.. Ewing's bill, it will
prove derelict of dnsy,
The second proposition of Mr.. Ewing is
one that can meet with little opposition.
Currency of all sorts is issued simply for the
convenience of the people, and whenever a
measure is designed to obstruct this pur-
pose, it is unwise and injurious. If a mer-
chant or manufacturer wants to
procure silver for the greater con-
venience of his business, he has right
to demand and recei7e it in exchange for his
greenbacks If he requires paper currency,
he has an eqEal right to demand and receive
it in exchange for silver or gold. Without
this interconvertible quality either silver or
currency, OF both, are liable to frequent f1uc-
tuations and to cause hindrance to trade and
variations i'll values. It is MIR. Sherman's
ayowed policy to refuse to exchange green
backs for silver after the LIST of January
next, thus throwing block in the way of
real resumption, and imposing great incon-
venience upon people who handle the cur
rency for purposes of trade. Such policy
is 1nanifestly Injurious: and ought to be
checked by Congress before it has wrought
the harm it inevitably will cause.
Mr.. Ewing's third proposition, requiring
the minis to receive trade dollars in exchange
for standard dollars is, perhaps, as good a
way as any out of bad dilemma. We now
find ourselves with two silver dollars in cir
culation, one of which-and that one of the
greatest intrinsic value-is not legal tender
and is therefore received by the government
that issued it at large discount from its
face value. 1t is seemingly homogeneous, but
is nevertheless existent. Some measure
must be devised to retire the trade dollar
from circulation entirely or to give it legal
tender value. The latter is perhaps imprac-
ticable, for they could not very we'll circulate
side by side on the same terms. We are
afraid that this matter cannot be adjusted
without doing all injury to some class of our
people, but it must be met and settled, The