Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-11-08
HAYES AESSAGE.

W.. hayes is now engaged in the prepare
t on OF his annual message. He has held a
consultation with members of his cabinet
for the purpose of ascertaining their views
on ,he financial question, and seems to have
determined upon pursuing nearly the course
a. marked down in his last screed to Con
gross, with the single exception of the silver
question. The dollar of our dads having
ben remonetized during the year. in spite of
n veto, he cannot protest in favor Of a
M ono-metallic currency. He will do the
next worst thing, however, and endeavor to
cast as much odium upon the dollar as pos
sible. He is reported to have stated during
the conference referred to that in the pres
g 1T condition of the silver coinage act there
WIS danget of such a quantity of cheap
dollars being put upon the market as to
drive gold entirely out Of. circulation, and
lelve silver standard for the money circu-
latlon. The discussion had upon this SUBJ
ject was free, but without accomplishing
anything more than an expression Of opinion
AS Indicated, the President is in favor of
limiting tho silver coinage SO as to preserve,
if possible, the bi-metallic standard. Some
of the members of the cabinet thought the
same result could be accomplished by in.
creasing the value of the silver dollar in
weight SO that it would then be put upon q
par with gold coin. Between recommends
ing an increase in the weight of the dollar
coined and limiting the coinage the main
discussion lay. Although some of the cabi-
net are out-and-out silver men, and in favor
of letting the present act stand undisturbed,
it can be said upon good authority that when
the President comes toiwrite his message he
will make some suggestion looking to the
Limitation OF silver coinage or enhancing the
value of the silver.dollar coined. It is also
said that Mt. Hayes will take occasion to de-
fend the national bank system, and to urge
that the resumption act be not interfered
with.
In making these Recommendations Mr..
Hayes is true to his previous record and true
to his party. His policy has been and is to
create and maintain uncertainty in values.
In regard to silver, we have not now, and fol-
years to come atthe present rate of coinage
will not have, enough of silver to meet the
requirements of trade in making change. To
limit the coinage would be to embarrass every
business man who is required to change q
i've dollar bill or any greater amount. While
there would be no objection that We can see
to increasing tie weight of the silver dollar,
if it had been done in the first place, the
people will not submit to it now. To do SO
would be to rob every person now holding
silver of from ten to fifteen cents on
every dollar, for the effect of suc1 a. change
would be to give the present standard dollar
only a bullion value. Thus the holders of
silver would be defrauded out of from two
to three millions Of dollars by a piece ot
petty theft, not to mention the disturbance
OF values and the Inconvenience that would
be caused by sucha course. go 81 lIs4l!} T,:.; !;
As-to the rational bank system, no defense
OF it tat Mr.. Hayes can make will
avail t ) save j; f:om popular condemnation.
The Peep sLwln continue to insist that. it be
tb 'l:she .aad currency issued under it re-
plaesd. BY greenbacks, sothat the expense Of
maintaining it and the interest on over three
hundred millions of bonds may be saved.
We want currency issued by the goyern-
ment that shall be receivable for all govern
ment dues as well as private obligations. ): {
{; The resumption act will probably and
very properly be repealed BY the present
Congress. II is too expensive . luxury. The
preparation for resumption has already pro-
sduced such q stringeney in the money mar
ket as we have never before felt except at
the outbreak Of the war when the failure Of
80 many State banks as retired 50 large q lot
of currency from circulation. Fhe prepare
tlons for carrying out what at best is q
mere theory, has brought ruin to thousands