The daily gazette., 1879-10-18
..TURDAY. oCrOBER Is 1879.
Tur Acr1ox of the Democrats

VI thS = ~
Congress in forcing the government l"
remopetize and coin silver is now pe'hs
shown To be one of the most wise ana
,.o.c;ms labors of the House. The re-
suIts show that the government was en-
.bled to do without the use OF gold tha'
had been boarded in Europe. And as
soon as silver was remonetized goid ieh
in value and greenbacks would nave
been at par long before they were hau F."
not been known by the brokers that 'ohh
Sherman was ready, willing and waiting
to buy fifty millions of gold at haii
per cent. premium, when it had IN iac'
been at par several times during tne
month preyious. This man actually
paid away millions of the peoples
money to the banks for gold, when 1t was
not wanted by the government ana
,.,s uarv oold laid in tho henls f'H'--
which 1t had been bought for months
and months serving them as basis Tor
DISCOUNTS all the while, and docs so still,
never having been used by the govern
ment. The coinage Of silver rendered
us independent Of the holders OF gold
and heuce gold is now flowing into this
country at the rate Of thirty millions a
month. No one buys god now because
by the action of Democratic Congress
we have plenty of silver. Our position
il thus rendered extremely favorable,
And no part OF our people are better or
more favorably served by this state OF
affairs than the controllers of the BANK
ing institutions. They are now enabled
to take the position the Democratic
narty claimed for them, and desired that
tbey should. Gold and silver are likely
to be rendered so plenty and 50 cheap II
that term may be used in referring to our
money standards that no safe bank need
be without sufficient specie reserve to
render 1t independent.
Even the newspapers that favored the
single gold standard in order to keep
up the price Of gold and play into the
hands of the brokers now begin TO dis
cover their mistake, and hence they are
recommending return TO tine old coin
standards and customs before the war
as will be seen from the following from
the money column Of the Ledger. Tha
paper, which few months ago repeat
edly said that il silver was remouetizeC
and coined, all the U. S. bonds woult
be sent home from Europe and all tn
gold in the country would take wing
and fly away to Europe, now come
around to the old Democratic "method
employed before the war;" and says =
that the Clearing Houses both here an
at New York have decided to make
common storehouse of all the gold he
by the banks, and to accept in settleme
of exchange balances the certificates
deposit of gold in that bank. This is
return to the methods employed befC
the war, and will have the effect Of p,
ting into circulation a new class
paper, namely, certificates represent
gold actually on deposit in the bal
Had the same gold been deposited
the Treasury 1t could have been rel
sented in circulation by greenba
only, since the issue of gold certiiic;
has ceased, aud the amount OF gre
backs to be issued at any time is lii
ed. 1t was proposed last year that
utilization of bank reserves should
accomplished by an arrangement
open deposit account by the banks
the Treasury, and under that pla
was thought the Treasury would
kept the entire coin reserve. The
now adopted will probably lead t.
accumulation of large coin reserv
the banks, and will in that respect
der them more independent. BY Sc
free the gold held. too, it practi
adds to the currency" ...
Who would have supposed
months ago, when Congress was III
the necessity for the use of coin ct
Gates that the papers that were thel
posing such use OF paper and callil
advocates inflationists would so so'
made to acknowledge the necessit
the use of coin certificates. II c.
Gates are necessary to save the ira
aud shipment of gold, how much
j. it necessary to use certil
for silver which is 50 much
weighty?
Now, let the Government use its
to retire its greenback circulation
give the people currency based
solid, constitutional coin-gold an
yer; let all this talk about incr'
the silver dollar to 440 grains su
since there is now scarcely posi-
Of the people being robbed of
much more silver for the benz
bondholders or any other favored
of creditors.
READINGS WATER FAMINE
Ing, our sister city of PennsyIva
dreading water famine. Their