Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-02-13

lc1t's'''.'s ''s.s...' ...s..........S luhu
1860 ..... ............................. t5nO
2.i00
ls62.. .............,.....,...... ......... 500
..",",,.........".-.....~. SlhO,0 o
lsbi-ls6g 1882
..... eHOO q
2S Un0,0
ls72.".. 2s0u0. o
35,7b0.o
$4,000 u
~ SzuNo,p
Estimating the production OF lSl
aud 1877 the same us 1875, ana "
tind that the entire amount OF silv,
ielded by the mines of the Unite
States since they began to pay i,
! working them has reached but II trlf
over the comparatively small sum ,
$3.50, 100000. This is less than on,
hall the amount Of our present vulun
OF currency yet when those who al
Interested in making and keeping
scarcity OF money in circulation, notice
an increase OF only sl2,00O, 900 irol
1870 To 1872, they took the alarI
which resulted IN the act of 1873 pr
scrlbing and outlawing it from th
companionship OF gold as money. !
will not do to say that the demand f,
silver had failed, for aside from wha
our own people needed ut home, tn
demand from abroad was ~ great tha
IN the very act Of demouetizlng il her
provision was made for the coinage o
II dollar that we found necessary i0
our foreign trade. 1t was n dollar u
the weight OF l2O grains troy, and tn,
Secretary of the Treasury, in bis reccn
report, says
This provision was made at a tins when tucl
a dollar was worth in the market l02l2 10 god
and was drsil ned for the use Of trade in Chiua
where silver was the only standard.
The great demand for this coin
especially in our trade with China. T.
shown by "reports made by the NV,
leading foreign banks OF China, tn,
Oriental Bank aud the Hong Kun.
aud Shanghai Banking Corporation
dated respectively January 81 aud 30
1877, and furnished by the Untet
States Consulate at Hong Kong to III,
Secretary OF The Treasury fin
these reports quoted by the Director
Of the Mint, and extract from them
the following statements
! The United States trade. dollar has been wei
received in China, and IL eagerly weIcnm,d IL
those parts oi the country where The true yalu
of the epin 10 known. Il Is u legal tender NJ III,
ports Of FoO-ehoo and Canton, VI China, and ais,
at Saigon and Singapore and. although no
legally current In this colon. II l. ankinusly
soughf after by the Chinese, and In tue haItars il
Is seldom to be Iur hasrd. In proc Of he esima
tiDn 10 which the trade dollar Is held In he south
Of rhins, We MED nnly state that the hulN NJ tn,
direct exchange business between hong KONG
aud Ban Francisco, which Is very considerable. 4,
done In this cuin, the natives pteerring It u the
Mexican dollar La adyIers trOm Sau francise'
report thai so great q d mand for trade dollars tot
shipment To China that the California Mint II
unequal to the tack OF tuning nui the coin fas
enough to ratisiy requirements Ms
opinion Is that ultimately It will be curreui al
"ver China II is the best coin iba ever has beer
imported. and, hripg produced a. the fountain.
head ot sii,er, ran be hail down more cheipl,
than any other dollsr. China 70
qurss many millions Of dollars annually, and
~hile the clean MeAieab dollar will he imported
.Or the north ot China, the trade. .dnliar pill b,
| imported tor the south. would roughly estimate
that the san franciscO Steamers viii hring iron
tOur To- six lacs o. trade dOlafs (iron four To six
hundi III aud each ioFtGi. .hily trip q N,
year r,und.
The Secretary Of the Treasury also
informs us that since the trade.dullaI
was authorized il has been coined u
the large amount ol $40, ,7l0, 600, mainly
10 meet this and other iorelgn demands
for silver money. 1t is true, however,
that be further states that the export
demand for the trade dollar has now
almost ii not quite ceased. 1t il not
strange that this should be 50, when
this Government has done all IN Its
power TO dish0nor IL ut home first
limiting ii Us legal tender to the in
significant sum OF S5, and fastening
r0on aiierward TO strip ii OF even this
small badge of respectability. Distant
people, naturally suspicious OF our IN
stitutions, would necessarily reject u
coin on which We ourselves have placed
such stigma of disgrace, however
great, as We have seen, may bc their
demand for silver money. In fact, no
aitifct, no cunning device has been
spared to bring the silver dollar into
contempt aud to drive it out Of exist.
ence, although the American people
and the people Of all lands aud Of every
form Of civilization plead for its rest ora.
tion to favor and to an ample circua-
tion.
Ii there are some. however, who still
think that these assaults on silver were
inspired by any other motive than the
fear oi too much money, allow me To-
recall an incident in financial history
full OF teaching on tins point. When
the revelation Of gold took place in
California, aud on the other side of the
world IN Australia about he same time,
All impulse was given TO the progress
Of mankind greater than has been pro
duced by any other one event since
Columbus discovered America. II
quickened every energy OF labor,
aroused all the great industries every
where into new and startling activity,
se''Veu 'nc dropping sa,'T o' commerce.
IN every sea ahu sent tne 'oaueu cara
vans VI ra''roai transportation nyihg
10 every ~, ulrec.lo, over 'no laee 9' IN, .nc
ear'h. inc wh",e worIu rJolcea WIN
one exception me cred't"r e'ass W
every e,lme beneath INC sun iooked
on u, suiien ulS'ruSt ana oreaa' ana u,
1900, when ,he production oi goln hau
reached us highest point, ana wnen u