Savannah morning news. [volume] (Savannah) 1868-1887, 1881-12-30
The Silver Question.


Hon. Abram 8. Hewitt has introduced
silver bin in the House Of Represents
tives, the chief features of which are: /,
to euualize the intrinsic value of gold
and silver dollars, and make them inter-
changeable by the government upon de-
mand of the holder, gold dollar for a
silver dollar or a silver dollar for gold
dollar as he may elect; 2, to repeal the
provision of the act of February %, 1878.
which requires the coinage into standard
silver dollars of not less than two mil
lion dollars In value of silver bullion
each month, and leave the Secretary
of the Treasury free to coin or not
coin silver dollars according TO
tue demands of business. Ii is
not likely that Mr.. Hewitts DILL. in that
shape. can pass. The advocates of con-
stitutional coin and legal tender, gold and
silver, might consent to a modification
of the present law that would require an
equality of intrinsic value between the
two dollars, if there should be added
provision for equality of free coinage
and the issuance of certificates of deposit
by the government. This would place
the country upon a solid specie basis,
and give it a currency of the people,
gold, silver and paper. interchangeable
dollar for dollar
The pretense of the enemies of silver
that the coinage is useless because $780,
600, 900 of the 100, 0O0,0 silver dollars
coined are in the Treasury, is false
one. The 500, 600, 900 are in the Treas
ury. it is true. Bat the owners of those
500 600 600 have drawn and put in cir.
culation certificates of deposit for them,
and they are used just as the business man
brings into use his deposit in bank by
issuing checks for it. Secretary Folger
in his late report treats the certificates
for silver deposited. in the Treasury as
currency of the country"-as he holds.
IAN inexpedient addition to the paper
currency"
The friends of silver do not agree with
the Secretary as to the inexpediency OF
the issuance of silver certificates and
their use, in place of the coin itself, as
currency. They believe that the people
should have the right to deposit gold and
silver dollars alike with the Treasury and
receive therefor certificates of deposit
which they may use in lieu thereof as
currency. The enemies of this kind of
peoples currency are the national
bondholders, national bankers and
money lenders generally. Prior to
the passage of the act OF
February %. 1878. requiring the Treas
ury to issue silver certificates. gold GER
tificates had been issued TO very large
amount. They are now next to nothing
about SIS 600 000 And the reason
why they have been withdrawn and no
more issued, the Treasury having the
same option that Mr.. Hewitt now pro-
poses for it in relation to silver coinage,
is that the gold certificates to the extent
of their value supplanted National Bank
currency.
With the mountains and plains of the
great West teeming with the precious
ores of gold and silver, there is no good
reason why our paper currency, instead
of being used by the Treasury through
corporations upon deposit of evidences
of debt, should be issued directly to the
people in the form of gold and silver
certificates upon deposit Of the veri-
table constitutional coin of gold and sill
yer itself. The fact that tic gold Ger
tifcates were Withdrawn at the bidding
and in the interest of the national bank
ers, and that the silver certificates are
now being assailed from the same source,
shows that the Treasury certificates of
deposit of gold and silver dollars are
superior and preferable to the national
bank currency and capable of filling its
place.