Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1880-05-20

currencya a mixed currency of both coin
and paper. But few in our day would
be willing to dispense with poper mon
ey. 1t is as necessary in modern COM
merce as bills of exchange and drafts,
but it must always be redeemable and
promptly redeemed on demand. In this
sense our paper money since January
| lst, 1879, has been sound currency. l
am one of those who believe a portion
of this paper money can properly and
proftably be issued by the Government,
but it should be carefully limited in
amount and so guarded by coin reserves
| that it will be, without doubt or Sques-
| tion, always maintained at par. And
this paper dollar should have no false
pretenses about it. 1t should be what it
purpOrts to be-a promise to pay money
and nothing more, depending for its
credit and value only upon sure and
prompt fultillment of that promise on
demand. We want no fiat money, but
we want coin and paper money, that
rests upon the secured promise of the
Government or of corporations that it
can be converted into coin when needed.
| All our coin should he of market value
| 1t may be of either gold or silver, or
both, but, if of both, the dollar of either
must contain enough grains to be equal
in value to the dollar of the other. If a
dollar in silver is not equal to dollar
in gold in market value, you must put
more grains in the silver dollar or less
III the gold dollar. As great CONNER
clal and creditor Nation, we want the
best and highest standard. We could
now convert S6S,000,O00 of silver coin
and bullion, lying uncalled for in the
Treasury, into silver coin of equal mar
ket value to gold coin, dollar for dollar,
at cost not greater than the SO-called
profit we have already derived from
coming it. One months surplus reve-
nue. will secure this result. We cannot
have sound currency until it is settled
that the gold dollar and silver dollar
shall be of equal intrinsic or market
value.
There is one other branch of your
toast to which [ should allude, the en-
largement of our agriculture, manufac-
ture and shipbuilding. You need not
disturb yourselves about our agriculture
and manufactures. No country in the
world can vie with US in the production
of food, in its cheap transportation and
convenient facilities for shipment. In
the production of cotton, wool, and the
chief articles of food, we need not fear
the rivalry of any nation. Our manu-
factures have, for the last ten years,
more than doubled. In one great indus
try alone we show our National weak
ness. We have lost our supremacy in
building ships. Iron ships have driven
from the sea the great body of Ameri-
can vessels. 1t is reprOach to us that
three-fourths of our foreign commerce
is conducted under foreign flags. To
correct this should be the primary OBJ
iect of American statesmen and Amer
lean merchants. Ship building should
be encouraged, and, if. necessary, ships
should be admitted, like other foreign
merchandise, at such rates of duty and
with such facilities as will enable us to
compete for the trade of the world. The
rapid changes made during the last few
years have greatly adVonced the build
ing of iron ships in this country, and if
you can aid in promoting this great OBJ
ject you will complete the triumph of
American industry. Then our agricul-
ture, commerce, and manufacture, sup
porting each other, and alike developing
all industries, will make this great city
the center of international exchange.