The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1879-08-23
RESUMPTION AND SILVER.
We are under obligations TO the Secrela
nr thn recent Ranker's Convention al SaratO!

We are under oDllgauons 10 Inc secretary
of the recent Bankers Convention at Saratogi
for pamphlet copy Of Extracts from the
Proceedings" of said convention. The I'm
tracts" consist of portions Of the annual report
of the Secretary and of the address read to said
convention by MI John Knox, L, ;. Comp
troller of the currency Whatever may be
thought of the proprlety or fitness of govern
ment officer standing in the peculiar relation
of Mr., Knox to the National Banks attending
and taking an active part in the proceedings
of convention in their interest, there is no
doubt that he Is a thorough friend of the banks
and an unstncd admirer Of aud believer in
the system
There are several notable points ia this ad'
dress, a couple OF which we shall refer 10.
/ Firstly one John Sherman, we have noticed,
| has been making speeches in Maine, Ohio and
elsewhere, taking considerable credit to him
self for having brought about resumption OF
specie payments by accumulating 1872 100000
OF gold in the treasury consentng to receive
greenbacks for customs dues, &c. Now in his
address Mr.. Knox, if we are not mistaken, la
bors ingcniously and it must be owned sue
ccssfully to take most Of the wind ont OF Mr,
John Sherman's sails, by proving that 1t was
not John Shermans measures at all, but the
forbearance of the National Banks that made
resumption a success. On the day when Sher-
man proposed to commence redceming green
backs IN gold, the banks had IN their vaults IN
New York city 1925, 600 600 of sad grcenbacks,
Had they presented even half of them at the
subtrcasury and demanded gold, the holders of
the other 1925 100000 Of greenbacks would
have taken the alarm, and Shormans 1882
100000 of gold would not stood the run for
gold one week. But the banks commisScrated
the condition of the government, and especial |
ly their fast friend Sherman and graciously
allowed resumption to take place by not pre-
senting their greenbacks.
The other point is Nj Knox's disquisition |
on silver. He IS a firm believer with Sherman, !
Wall street, and all the great capitalists, bank.
ers and bond mongers, that gold and silver
ought to be at par with each other, and the
only way to bring them thus to q level is to
make the silver dollar larger and heavier.
Thus he says in 1884 congress passed what
was known as Bentons gold BILL reducing the
weight of the gold dollar Gll per cent, "prac
Iically demonetzing the silver com by over
vauing the gold coin and bringing the latter
into circulation to the exclusion Of the rea-
lively dearer metal silver" and he adds: If
It was proper at that time to reduce the value
If the gold coin in order to continue il in cir.
,ulation, it is certainly rs proper at the pres.
mt time to increase the quantity of fine metal
n the silver com IN order TO retain IN circula-
ion the gold"
But suppose, Mr. Knox, we put 1t in anoth-
n way. You know that the production of
,old for the last few years has been falling off,
besides which the decentralization of silver by
Germany and through her virtually by the
attn Confederation, has immensely enhanced
he value of gold, while silver has about held
is own. Would it not be vastly more fair and
lonest then, again TO raise !the value OF the
,old coin in order to continue ii in circulation
han to undertake to reduce silver? The Ben.
on gold bill, with that object in view, was an {
nire success forty.seven years ago Why not
ry it again. We don't take the least stock in
our assertion that the silver dollar is now
worth but SO cents There is not bit of truth -,
n it. On the contrary, the disparity between
he value of silver and gold is caused entirely ,
" gold having so appreciated in value that it
$ worth lib cents to the dollar Bring down
-old to its old value-that is the only honest :
way.