The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-02-18

Monday, Febr'y le. 1878.
THE PROS AND CONS OF
SILVER.


of expansion. From present indica-
tions the party of expansion have the
lead. II was the former that placed
President Hayes in bis scat; bat it re-
Quirss the lacking Of the latter TO keep
him there.
These two interests, unfortunately.
are in conflict. but they ought not to
be. The policy OF contraction and close
control Of the volume of currency which
is the policy OF the gold party. means
the contraction OF the population a.
we'll as Of the circulating medium. The
farmer would sell less produce. because
there would be less money to buy with
and fewer customers to buy. For the
same reason the merchant would sell
less goods. and every class of business be
contracted. If not destroyed. This po-
sition 10 proven by the depression and
distrsss'that has prevailed for the past
few years on account of the contraction
that has taken place.
The question Of the use Of silver as .
regal tender presents . different aspect
in the United States from what it does
in Europe. because tho financial con.
ditioDs are different. Europe has an
over-suppiy Of money capital-Americs
an under-supply. On the same ground
the question has . different bearing in
the west and south, from what it has in
the more Eastern States.
There Gro several physical - well %
moral arguments against the adoption
Of silver as legal tonder. Its greater
bulk and weight are against it. Is much
20 in kind. if not in degree, as against
the iron money of Lycurgus and as .
matter Of convenience it is more desi-
rsble to have single standard than
. double standard Of fluctuating values
relative to each other. But these are
Offset BY the insuperable objection that
tho gold cannot be coined fine enough
to serve for the ordinary transactions
OF the community. In fact, in the old
States, where the conditions of business
have become settled on a bed rock
basis. It is necessary to make extensive
use of nickel and copper coins. Alb
strsctly, there is no earthly reason
Why the Government should not put it's
coin stamp upon silver as well as gold
metal. The only question then to
settle is the relative ratio of yalnes of
the two metals respectively with re-
spect to tho quantity of each required
to constitute dollar. That was settled
long ago. The laws of nature are un.
changing. Tho relative supply of gold
aud silver is not materially different
from what il was when the standard
was established. The fact that trade
dollars could be up to 10. and then
run down to 80. aud afterwards rise to
. premium, shows clearly enough that
tho cause OF the discount on silver 10
not natural but artificial. This bandy-
ing Of the price of the national ccins
between the bulls aud bears of the
money exchange is IN iniquity which
the Government should pat stop to, in
the name Of public. morality. If the
Nevada bonanza is thought to have auy.
thing to do with the fall of the price Of
silver. that will b but . temporary
disturbance. ALREADY the prics of the
bonsuxa stocks are steadily tumbl;ng
toward zero. in anticipation Of the
speedy exhaustion Of those leads.
Az to the moral aspect Of the ques-
ton. If It i . swindls 70 decree the re.
payment Of the bosds. that were bought
with paper at 81 csnts ON The dollar Of
gold or silusr. In silver, on which there 10
factitious disooant Of per cent.
would Il not b . more infamous
windls to cast the industry IT the
country helpless ct the feet Of the
foreign brokers. and decree that the
lsboeer who earns his bread by the
sweat Of his brow, shall b paid for IN
honest dollars worth of honest toll q
dollar in dsmonstised and deprecated
silver, worth only what the broker may
choose TO offer. We believe In . sound
snd honest money. but We believe. too,
in justice. What 10 . dollar for the
vood-chopper or the plownan must be
dollar for the bond.holder and the
tax-gatherer too.
The great difficulty 10 the way Of
specie resumption 10 the inadequacy OF
the supply Of specie in the country. II
then ons-half the specie resources oi
the country consist in silver, would it
not be stupid 10 refuse to make avail Of
only the ons-half OF that supply. merely
for tho sake of increasing the price Of
the boards of gold in the Golfers Of the
money kings Of Earcpss
81 The telegraph wires are still
IL