The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1881-01-20

dollar.
In London, in the great crisis of IS47. n
a pound of English money could be be
rowed on deposit of 100000 of silve
because silver was not a legal-tender abo
thirty shillings. In Calcutta. in 1864. n
a rupee could be borrowed on $50 600
gold, because gold was not legal-tender f
any amount in India. The American dc
lar whether of gold or silver, is not a Iega
tender IL foreign countries, and can Their
fore only pass for its bullion value Henc
it makes no difference whether we put fol-
hundred or five hundred grains of Silver i
what we call dollar, it will only pass {
last for its bullion value abroad. On til
other hand, If the money value of our col
exceeds its bullion value, it will stay a
home, and We will run no risk of being pal
in our lightweight dollars by our foreig
debtors, for they will have none of them I
pay with.
1t Is true that "the extent of information
al trade generally depends upon the mean
available to liquidate balances, and to thi:
extent 1t is necessary to consider the de
mands of the commercial world. If w,
consider the world by the number of it
inhabitants far the greater number receive
| silver as money.
NATIoNs IN WHICH SILVER IS THE ONLY
| FULL LEGAL-TENDER MONEY.
The nations which make silver the stand
ard of payment and the money of account,
are Russia, Austria, Mexico, Central Amer
| lea, Ecudor, Peru, China, and British India.
These nations number about eight hundred
millions OF souls, being large majority of
the human race. If we make our money to
correspond with that of Great Britain,
compared with that of these nations, the
former has 100000 of people, the latter
had S00,000,000 of people.
NATIONS WHICH MAKE BOTH GOLD AND
SILVER COIN FULL LEGAL-TENDER MONEY
AT 15I OR Is To /.
The United States, Greece Roumania,
Colombia, Venezuela, Chill, Uruguay, Par
aguay, Japan, Holland, France, Belgium,
Italy, Switzerland, and Spain the popula-
ton of these countries amounts to 1S7 ,000,-
90, which added to 100000, 900 make
9S7 100000 people, all of whom make silver
full legal>tender money, without regard to
the few nations which have demonetized it.
WHICH HAVE DEMONErIzED
SILVER.
The nations which have made gold the
only full legal-tender money are Great |
Britain, some of her colonies, Germany, |
Denmark, Sweden, Norway, and Portugal, |
which number about 100000 900 people
cial relation with us we must give great |
need to the demands of England, which is
,he commercial and monetary center of the |
world. But looking to either | cannot see |
what advantage it would be to us to change |
he definition ofour word dollar by adding
more grains of silver to it. If we owe debt
o England, it will be expressed either in
dollars or in pounds, shillings, and pence,
Usually denomnated sterling money. If our
4, IL 1 l
o our own definition of the word if in ster-
ing money, we pay in the bullion value of
ur coin, and it is immaterial in this case
Fhat value we stamp on our coin. So at
asst it is question for us and not for other
,eOple to determine what shall constitute | {
he American dollar. The great advantage {
f foreign trade consists in the exchange of I
xports; money is only ESSENTIAL to settle the t
alance of accounts. If the balance is in our I
svor, we are paid in silver or gold coins of 1
ther nations at their bullion value; if the {
alance is against US with silrer-mone | t
ountry like India wo pay in silver at its C
ullion value; if the balance is against us u
18th England, We must pay IN gold at its a
ulliOn value and not its stamped value. 0
he addition of 100 grains to our silver dol C
II would not make it pass as money in En- n
land or any goldmOney country, and we
tie silver lower now than any silver money
alton. 1t is therefore ridiculous to talk Of
lding more silver to TO Our dollar to meet |
lie demand of the commercial world. We +
inform to what are called the demands of
e gold-standard commercial world by de-
silver entirely. But we are the
.eatest silver producing country of the
ord, ana we cannot afford to strike it from
II coinage,
We should in fact repeal the definition of
dollar in gold and !,
RESTORE SILVER d
its former position as our standard Of val W
:, and if this should for Il time drive gold Il
in from our country it would not place us r.
as bad a situation financially as we now n
e. We now rate silver at 16 to | of gold, Ell
hich is lower ratio than is adopted by IL
~ other nation of the world. If We should W
opt silver and discard gold entirely as OF
oLey, 1t would increase the value of our re
yer. But we have adopted both money, OF
id | am opposed to increasing the value of W
Their metal by discarding the other. JUS be
ce to ourselves demands that we should b.
store our coinage laws exactly as they fr
IRE when these debts were contracted, and | til
cd faith to our creditors can demand no / y
ore and Justice to our posterity, to whom DC
; propose to leave the legacy of our debts, OF
mands that they should not be required al
pay dollar heavier in weight or more o
to pay. ci
A distinguished writer has said, "Abra- co
m Lincoln described the Government of WI
e United States as one of the people, by N
2 people, and for the people" but his sue IN
;sors have perverted it into one 'of the re
by the bondholder, and for the ia
ndholder." During our late canvas for eli
esident the public were amused and delu- lal
by the payment of the debt at the rate he
a
4 by their votes they Endorsed this rapid an
recitation of their bonds. Now that the hI
cton is over, and the offices secured for mi
other four years, the payment ceases and ny
are asked to refund at long time. no
But, Mr.. Chairman, pass from the aues or
n of dollars and cents to the question of TIC
1ernmental science.
postponement of the debt may lead to tn
perpetuation. The moment the pressure spt
payment is taken from us we will hear Nj
d demands for Notifications and military are
paration on our sea coast, and at the same LII
lie demand for large expenditures on nu
Navy, and our surplus revenues will ex
only be absorbed but perhaps further the
ebtedness incurred, and when our debts
in fall due we will be compelled again to
end them.
But, sir, there in another and most serious Je
OBJECTION TO REFUNDISG sci
5 debt. The Democratic party has been he
ouncing the Republicans for creating a ILL
nb>proof sanctuary for the Investments of pos
italists, where they would pay no taxes, NJ.
now Democratic Congress is talking ten
ut doing the same thing When money LIE
growing scarce in trade and when all lou
;ses of industries are laborlng under anC
Wv loads of taxation a Democratic Con- ella
IS is talking about again bringing the Sw
into the market as a borrower Tu
with its citizens, and, wors still, mo
talking about creating six hundred and sch
enty millions of property that shall pay as
ayes, con
ir, there are a thousand industries in ev- BEL
part of this broad land only awaiting woI
quickening influence of capital to spring wit
and vet Democratic House is talking froI
ut Offering Inducements to bankers to fen