Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-03-16
ORR silver DOLLARS.

! lug
!
ORR SILVER DOLLARS.
There are two powerful reasons why the
people of the United States should desire the
monetization of silver, by the universal &C.
ceptation among commercial nations of
| the bi-metallic in lien o; the mono
| metallic system. We have large debts to
pay. The mono-metallic system, by increas-
ing the demand fer gold, increases its cur
rent value, and in that way compels the pay
ment of our extensive debts, or interest spon
those debts, in a currency of higher value
than the currency in which a large portion
OF those debts were originally contracted
We have a silver producing country, and it
is to our interest that the current value of
silver should be maintained, which it would
be if the bi-metallic syste m was extensively
adopted. In pursuing this object-the ex-
tension of the bi-metallic system-we must
beware Of INDUCING an ardor in the pur-
suit that may involve us in other difficulties
resulting in loss on one hand while seeking
to escape from it on the other. We have
adopted the bi-metaliic sy stem for ourselves,
but in putting our theory into practice we
are coming silver dollars beyond the require
ments of the people or OF our trade. The
coins are not taken up in business. Even
with the certificate plan to help them the
treasury now holds $104, S15 900 Of silver in
its vaults, and is continually adding to the
amount, for, during the month OF February,
there was an increase of 81, 565 800. What
ever theory the reader may maintain, if
person Of intelligence, he cannot view this
increase of silver coins, with no increase in
the call for them, without concern. One Of
the plainest and commonest maxims of trade
is not to increase stock without there is
demand for it. This maxim VIC are steadily
violating. Is this unnecessary accumulation
OF silver to go on Indefinitely? Are we to
continue minting coins beyond what the
people will accept in circulation, and beyond
what the merchant requires in trade? We
think no sensible person will regard it as
wise that we should go on the next five years,
or even one year, making coins that serve no
immediate practical purpose. That we
should stop coming until the present stock
is taken into circulation appears reasonable,
when we reflect that the mint can resume its
labors as soon as the country shall be in
condition to require that it should do so.
That there ought to be no delay in acting on
this rational conclusion is intimated to
US by changes that are taking place
in the commerce Of the country. Our ex-
ports are decreasing, while our imports have
become much larger. Europe appears to
N Of borvsct in ha foil III at
will reduce its need for our wheat. Notwith-
standing the moderate crop of cotton we have
grown this year, the demand for it is not suf-
fcient to support proportionate advance in
the price OF it. We are exporting gold, we
buy the silver we coin with gold, we pay the
bonds we call in with gold, we discharge the
interest ON those that remain with gold, we
pay the debts we owe abroad in gold, and
with decrease in the proportion of our ex-
ports TO our imports, we have decreasing
receipt OF gold. What will all this
lead to? What would it lead to in
the case of a bank or a store? Is
there not something that demands rehee-
ton in all this? Our eighty eight-cent dol
lars will not help us materially, for we can
not pay The greater part of the obligations
we have to meet with those coins. We have
seen of late that speculation, with all its at
tendant dangers, has greatly increased
among our people; we see that the buoy
ancy that existed while we we're send
ing off countless ship-loads of grain, to fill
the void caused by bad harvests in Europe, TO
no longer exists; we know that vast railroad
enterprises are rapidly reducing our floating
capital aud putting it into a fixed form
where ii must be years before it makes re-
turn; our best cotton lands lie under heavy
floods, aud fences, seed, cattle, implements
and machinery are destroyed. All these
things must in some degree restrict our
means, and with that restriction are we GER
tain to retain The fund of gold we recently
gained in Europe, when the calls upon our
government for that metal are so great and
numerous? We have not decreased the calls
upon the government for gold, while we have
partly cut of its receipts by compelling it to
receive silver, with which its vaults are
already overlooking, in many cases where it
formerly received gold, and that silver is
not available in payments outside the United
States. Our trade is in sound condition
now and our prospects are good, but the
reader knows that, in the nature of things,
"hard times" are sure to trouble us again
some day. Then everybody would want
money, for as usual, credit would be restricted,
and every means of turning securities into
money would be used. Gold would be in
especial demand. The banks would hold to
what they held as their main stay. The
merchant would seek to possess 1t as his
safest capital. Private citizens would hoard
it as their most secure possession, beyond
danger from breaking banks and crashing
companies, and failing speculations. Silver
certificates would be paid to government
instead of gold; the revenue of government
would decline from diminished trade, their
reserves and those of the banks would shrink (;
no United States bonds could be called in to
relieve the pressure by paying them off.
With receipts mainly in silver, and payments
usually in gold, what would be the condition
of the national treasury Let it be seen that
the government was nearing the time when
gold could no longer be paid out. except
abroad and for interest where obligatory,
and desperate efforts would be made to get
hold of that metal. Silver would be pushed
into circulation in spite OF the dislike toward
the deprecated, heavy coins, and the conse-
uuence would be offers OF a premium for
| cold where it must be had and silver was
unavailable. Then, when silver dollars
came TO discount, it would prove that the
friends of bi-metallism had played the part Of
being its worst enemies, had reduced the cur
rent value of silver by the frantic, unriser
shortzighted policy they had pursued in their
futile efforts to put it on an equality with
gold, by putting an eighty-eighteeut silver
coin by It's eide and enacting that 100 cent?
in gold and lightweight cents in silver should