The weekly miner. [volume] (Butte, Mont.) 1878-1881, 1881-12-20
SILVER


The report of the Secretary Of the Treas
ury, the recommendations of the President,
and the opening speeches in Congress indi-
cate that financial questions are certain to oc-
cupy = large share of the attention Of the
present Congress. The moneyed interest of
The country IS again elamoring for the demon
stization of silver. 1t has no interest in sta
bility Of values, but increases its gains most
in periods of 1uctuation. Punctuation in
wolves distress; but capital is always asle to
take care of itself, and it is the laboring man
ard producer that suffers. The prospect OF
an international agreement for the restoration
of silver to its former place does not at this
moment seem to be very bright. There is
some reason to believe that Germany and
England-the two nations Which stand in the
way of any arrangement Of that kind-will
in time be induced to view the question in
the light in which France and the United
S. ates presented it. But for the time being,
the moneyed class in both csantries-th par
ties who have largely invested in government
bonds--are in the ascendant. The contrac-
ton of the currency to the single metal Of
gold greatly snlargcs he purchasing power OF
tina capita! invested and tie interest paid.
The increase of value 10 Dnndholders is so
muct loss to the class from whom the rev.
enue is drawn. Exact justice dictates that
the value of their securities shall neither be
enhanced nor that the revenue producers
shall be oppressed to raise tho additional sum
aprAa az ptaI nv Siirl, enhancement Tha Gil
yer question, then, is one in which silver
producing countries are not alone interested.
The whole American people will suffer
through characterization TO tho extent of the
amount of silver now coined and in circula-
ten.
1t is only a plausible arsum.n. against the
further coinage Of silver that the circulation
of a deprecated currency drives the more
valuable out of the country. Thi. is a matter
that must inevitably be regulated by the
laws of trade. When the balance of trade is
against us we fee! a stringency of the money
market, and necessarily abridge the volume
OF cur imports. Coin flows back aud prosper
iy again returns. A nation, like an
individual, cannot live beyond its
means for any great length
of time. 1t requires a Ger
tain volume of some circulating me-
tns fer its foreign an domestlcd
commercial transactions. The laws
of trade must inevitably bring this
volume to a healthy standard. 1t is
evident that, if all the gold were drawn cut
of the country, our foreign dealings would
have to cease until some of it flowed back.
The fact that England and Germany will
not take silver for what they have to sell is
not any good reason why the coinage of sill
yer in this country should cease.
There are seine notifications of onr ffnan-
cial system that would be adventsseousto the
and especially to the silver producing
The withdrawal of all bills under
the denomination Of SO would not be a hard
ship to business ~interes.s anywhere, and is a
change upon which the silver countries
should insist. Upon the general question of
of mone-mettallism the sentiment of the
is sound. Arthur and Folgel may
view the question as the interests of Wall
street may dictate, but the members of con-
gre,s from tho west and south-Democrats
and RepublicaRs-can be relied upon to pro-
the pisneers and investors in mining en-
from the Injurious designs of mon.
eyed speculators and sha-perss whe have no
interest in the question further than the op-
portunities it will give them to thrive from
public misfortune.