Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-07-05
OUR ERRONEOUS SILVER POLICY

The United States is a silver producing
country, and it is therefore TO its interest to
promote a demand for silver in other coun-
tries, so that our commodity may find a mar
ket in all commercial cities in the world. In
the face of this we carry out a policy which
makes ii 10 the interest of Europe not to buy
and coin silver. For an ounce Of gold they
give only fifteen and one-half ounces of ell
yer. We give sixteen ounces. If Europe
accept our silver at this rate, her own rate
must conform TO it. To do this, all the silver
money they have would lose about three PEI
cent. of its value. 1t ia therefore TO their
interest to keep our silver out of their mar
kets. Here the United States obligingly
steps in and assists them to do so by taking
from fifty to ~sixty-fve per cent. of the
product OF it's mines, coming it, and shutting
it up in treasury vaults, 30 that it does not
press on the worlds markets. In this way
we relieve Europe OF a pressure of silver,
and Of course make it to its interest not to
make silver a standard, fer if it did so that
would attract the silver, which it finds to its
interest to keep at a distance in the coun-
try where it is mined. England is the
principal opponent TO monetizing sill
yer, because its plan OF using gold as
the only standard gives it a valuable
monopoly. II a merchant doing business in
any distant seaport take out his pay in bills
upon England, he knows he shall receive
gold for them; if he take them on a BIZ
metallic country he may have to receive silver.
That is, instead OF receiving what in the
worlds markets brings 100 cents for every
dollar, he may have to take what will bring
only eighty-seven cents for every dollar.
This makes London the clearinghouse of the
worlds markets, a position which yearly adds
millions to her wealth. She can keep this
place, however, only by securing gold enough
to meet all obligations, and she demonetizes
silver and adopts every other possible policy
10 enable her TO increase her stock OF gold.
We, on the contrary, have a policy that scat
tiers gold. We buy silver for coinage with
gold, then we receive in payment of custom
duties eighty-seven-cent pieces of silver as
equivalent to 100-cent pieces OF gold, in this,
and in some other ways, our gold : gliding
away aud silver taking its place. True, a
bad harvest in Europe and a good one here
may temporarily interrupt this out
flow of gold and inflow OF silver, but
the steady regularity of England's efforts
TO increase her stock OF gold, in connection
with our provision for allowing silver to dis
place gold, must end in England getting the
advantage in the struggle for gold, especially |
as we help it by keeping more than one-half
the silver our mines produce from coming
into the worlds markets as on obstacle to
their policy. This ia "Yankee smartness"
turned upside down and working in favor of
European objects and against our own. The
OF American railways, capital and
enterprise into Mckee will result in greatly
increasing the production of silver. This
will still further decrease its market value,
and consequently make our silver dollars
worth less than the present eighty-seven
cents. This change will increase the desire
Of holders to pay them in at the custom
house, where they are taken at 100 cents.
The result will be that government, receiving
most silver, will have to pay out silver. For
United States payments tine silver dollars
will be paid away as 100 cents, but when
are mduc III liz WOIlu 8 hd hcIS
they will bring only the price the increased
production OF silver in Mexico has left them.
Gold will therefore be wanted to make pay
mems in foreign markets, and silver will re-
maia for United States circulation. The re-
suit will be that England will increase her
supply of gold, and silver dollars will be at
a discount. Ia this way experienced Europe
will teach young America a very valuable
out a very expensive lesson. While we buy
up $4,000 900 Of gold every month and ease
he European market of silver pressure to
hat extent, We are aiding the designs of
hose countries that demonetize silver and
ling to the monometalic system. With all
his before US Congress is about to separate
without having acted upon its committees
commentator to suspend the further COIN
lge of silver dollars until wanted for public
irnulation