Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-02-08


against the day Of need Altogether these
amount to q sum Of prGdisiOus dimensions,
probably equal to that of the national debt.
and far exceeding both the. capital and cir
culatiOn of the national bank. A depreci-
alton of the value Of legai tender to the
extent of only | per cent would affect The
value Of these deposits by maj million dol
lars; but depreciation man, times greater
Is threatened. These are interests OF most
numerous red BY milliOrs-the
men of moderate means, Lct to be trihsd
with, and greatly CesSrvi'g protection
against any precsriOus standard of money.
These men annually add more to the capital
OF the country than all OF the sC-ealied rich
or the prodigals Ot tne country put tOgeth-
er. No lack of capital can be supplied to
the destitute by the use of cheap paper Or
cheaper coin-cheap demagos ues to the con-
trary notwithstanding. But the general
diffusion of property in moderate holdings
throughout the United States. few having
too much or too little, is patent to the eyes
OF all observers the facilities Of the indus
trious for the requirement. Of property are
unparalleled ; and the number of paupers
or of those whI have no accumulated and
realized capital is comparatively very lin
tied. All OF our people regard their posses
sions as good a. gold, and they are rare
ly utterly empty-handed. They bold also
nearly all of the United States notes and all
the bills OF the national banks now IN cir
culatiUD, and do not want to lose 8 or 10 per
cent on this large amount By its sudden
equalization with deprecated silver. The
nation. though having little unemployed
capital, except when confidence is utterly
broken down, is not pauper: the national
banks are not paupers; landowners, with
the most abOunding crops OF the past CEN
tury and their almost universal freedom
from debts, are not paupers the merchants,
with as many bills receivable a. payable, are
not paupers; nor are the joint-stOck insur-
ance companies and none of these ask for
special fevors; they ask for even-handed
justice and for that policy which will Sc
cure to the industry, trade and commerce OF
the country their greatest prosperity. But
labor is large and perpetual creditor. nev
er paid until after the work is done, though
a constant creditor for more than the whole
annual interest on our public debt; and
both wisdom and humanity require that it
shall receive money of full yaiue-bread and
not stone. The silver dollar will furnish
no man with work; it will only eurtail its
price. lG will found no industrial enter
prises or, if it does, theyswill be unstable
and liable to ignOminious failure.
Whatever change may be made in our
monetary standard will not give US the
slightest advantage in the prices of any
commodities we buy or sell abroad. For
eign merchandise. whether tress-goods or
iron, upholstery or salt. champagne or
hardware. must still be paid for upon the
gold standard of prices, but our own pro-
ducts. cotton, beet, corn. and wheat, will
all be in the market, at the option Of the
purchaser. for either silver or gold, and
will always be paid for in the cheapest cur
rency. Commerce conducted on such
shifting ba-i--buying with the dearest and
always selling for the cheapest-must mani
testify be greatly TO our disadvantage. The
people with a cheaper currency always suf-
fer most in exchange, whether buying or
selling. The whole domestic trade of the
country would also be equally exposed to
the instability in the value OF silver, lately
so slaringly exhibited. with which green
backs would be necessarily tagging behind.
and prices OF commodities would be Increas-
ed or diminished in proportion 10 the daily
risk. Labor alOne-Inelu ding that OF sal
arIed ministers and judse>-Sould be forced
TO accept the silver dollar OF far less value
than urr present paper dollar, without hig-
CLING for anything better, and the wages of
labor would not escape silent and SIMS
ter but certain reduction. IL would have
to resort to the merciless and futile remedy
of strikes or give dollars worth of WORK
for ninety cents in silver.
1t is asserted by some rather imagip ative
lOgiclans that silver has not fallen, but that
gold has risen In value. As ludicrOusly
untenable as this assertion appears upon
its face, it may net be wholly amis1 to place
once more upon record its conclusive refuta-
hy bar bal Oplu
not risen in value as 10 other con modities
in general, silver excepted. but that it has
itself fallen in rslue and no logger wields
the purchasing power 1t pO-s ssscd twenty
five years ago. Ii this has been or can be
shown, 1t will then sppsar that silver has
not only kept equal downward pace with
gold, but that 1t has had such alaerity in
sinking as 10 find relatively far lower
deep.
That gold has not risen in value may be
proven by Comparison, WHEREVER abe gold
standard prevails. OF the prices OF VARIOUS
leading articles now, in Uniform and cen-e
slant demand, with the prices maintained
years ago. For this purpose | reier TO the
laboriously and carefully prepared table Of
the London Economist. Tbs Inciu1es forty
hive staple commodities and exhibits the
variations from 1915 TO 1876. From this
very elaborate comparison 1t IL clearly
shown that gold has diminished in purchas-
ing power since 1850 more than % per cent.
The depreciation of silver is therefore in
herent and independent, greatly surprising
that of gold, and by no means eau it be
chargeable 10 any advance in the value OF
the latter metal.
lt may be questionable whether the in
terests OF the siiyer-producing States and
Territories would not be injured rather
than promoted by a solitary attempt here to
remonetlzs the silver dollar. A more sxten-
slve and continuous demand will be needed,
and We cannot aft lrd to encourage the wild
er di>use OF silver as money IN Europe by
opening here to it, idle surplus even tenn
pOrary though narrow market. III we
would really restore silver to the monetary
systems of ths world and prevent its further
degradation, We should refuse to touch IL
until Otner nations are aiready.tO join US.
| have failed Of my purpose if | have not
shown that there has been so large en IN
crease OF the stock of silver, "a of itself. TO
effect positive reduction of its value. and
that this result has been confirmed and
made irreyersable by the new and extensive
European disuSe OF silver coinage. have
indicated the adyisibility OF obtaining the
cooperation OF other leading nations 10 fix
luz upOu q IdtlO VI Nhiuu
gold and silver before embarking upon
course of independent action, from which
there could be no retreat have also at
tempted to show that, even in the lowest
pecuniary sense of profit, the United States
could not be the gamer by proposing to pay
either the public debt or the United States
notes in silver. That such payment would
VIOLATE THE PUBLIC PLEDGES
us to the whole. and violates the existing
statutes as to all that part of the debt con
tracted since 1870. and for which gold has
been received 4; that the remonetization OF
silver means the banishment of gold, and
our degradation among the nations to 4 sec
ond or third rank; that 1t would be sweep
ing 10 per cent reduction OF all duties upon
imports, requiring the imposition of taxes.
to that extent that it would prevent further
funding of the public debt at lower rate
of interest, and give to the present holders
of our 6 per cent bonds q great advantage.
that instead OF aiding resumption 1t would
only intate currency, already too long de-
preciated, and consIgn IL to still lower
depth; that instead of being tonic TO spur
idle capital once more into activity, 1t
would be its bane. destructive OF all vital
fty. and that a. q permanent silver stand
ard, it would not only be void OF
all stability, and the dearest and cium-
siest IN its introduction and main
tenance, but it would reduce wages
Of labor to the full extent OF the
difference there might be between its pur-
chasing power acd that of gold. Should
the bill become law without the tunda-
mental amendments. ami tho evils have
anticipated not be verified. there Is no one
who would rejoice more than myself; bat
cannot shut my eyes TO the teachings OF
those eminent men who have adorned our
own history in the conduct of our national
affairs, and | cannot avoid the conclusion
that, while we may com dollars containing
as little silver as We please, yet they will
not secure more than local recognition,
nor exempt Us from frequent and great dis
asters, and at last We shall have none OF
that money which represents the combined
wants of the poor, and the rich not less
than those OF the great commercial interests
Of the human race.
NIrvrn NItSFrY INnEEp-A PENNSYLVANIA