Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1879-08-07

From tho Chase Chronicle,
For the last ten years we have produced
on an average about eighty millions of
precious metals annually nearly evenly
divided between gold and silver. When
the war broke out there were about one
hundred and fifty millions OF gold and
silver in the country. Notwithstanding
the comparatively great yearly yield in
the eighteen years since, amounting in
the aggregate to about fifteen hundred
millions, it was with the utmost exertions
only that the Secretary OF the Tresury
could get one hundred millions together
upon which to begin pretended resump-
tiOn by receiving greenbacks at the Gus
tom.house. Where have the silver and
gold products of the country gone? The
vast increase in coin in the bank of Eng
land, bank of France and of Holland,
Netherlands, Germany and Austria,
answer. Even during the last few years
when the balance OF trade has been so
largely in our favor, our coin aggregate
has not increased. What is then likely
to occur in the next four years to change
the situation so that gold and silver that
we produce will remain at home? We
have seen no satisfactory explanation.
Under the influence Of the demoneti-
zatlon Of silver in Germany and the sus-
pension of silver coinage by France and
Switzerland, there may not be so great a
demand for silver abroad. This country
may become the dumping ground" for
silver from Europe. If it should, for
every hundred OF million silver secured a
hundred millions Of gold will be taken
away. The import OF one will be fully
offset by the export of the other. Hence
there Is nothing in the proposal for the
free coinage Of silver to change the condi-
tions that have taken to other countries
the products of our mines. There is much
deeper, broader, and more subtle prob
lem that decides the quantity of coin that
this country can retain, than any involv-
ed in the mere question of free coinage,
and silver greenbackers will find it out
later when the suA'erings of the country
shall force them to listen to the voice Of
reason.
But for the sake of the argument let us
see what we might reasonably look for, if
we count on retaining our whole yield Of
both gold and silver. Out of the eighty
millions yearly produced we could not
after mechanical and artistic uses had
made their draft, depend on fifty millions
for the mints. 1t would at this rate re-
quire ten years to increase the volume of
circulation five hundred millions. From
1865 to 1868, that volume was reduced
twelve hundred millions, which laid the
foundation for the terrible industrial ruin
which has spread devastation everywhere
in the land, deprecated our property from
one hundred to four hundred per cent. and
turned millions of willing needy laborerS
adrift from work to beg or piIfer from
those who still exc out pitiful subsist-
enCe.
If the contraction OF the currency twelve
hundred millions in few years, caused
such result, what is the natural REM
edyp Will the expansion of the volume
Of money by fifty millions a year of coin
furnish itp No twelve-year old school boy
but who will answer this question easily.
Was there ever time when there was
too much money; when business was too
good? What do you farmers who used to
have your pockets full of greenbacks,
think about it. Are you willing to settle
down and say that all you require is the
free coinage of silver, even if that would
give fifty millions year improvement?
But what ought you to say when it is as
certain as anything can be that is proved
by experience that, under no circum-
stances likely to come up is it probable
there will be any increase in the quantity
Of coin we shall be able to retain in the
country.