The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-10-05
The Currency Of the Future.

Geo. s. Coe. President Of the Bank
ers' Association. opened the Saratoga
Convention BY a speech on the currency
OF the future. Without expressing any
definite ideas rs to what the future eur.
rency WIS to be, he dNclt upon the re-
suits which would follow loss of ona
gold through expectation. consequent
npon lad crops. provided We continued
the "compu sorry COIN - If silver" He
said, Il continuance OF the present
compulsory coinage. and the rapid ac-
canulation of inferior silver dollars in
the treasury. would preeipitate this ma
ton irrcvocablv upon lower standard
OF value.
a light crop last Year was followed
by net export If S23Onn,OOO of gold
during the five months ending june I'D.
Ii such change takes place in single
yea. owing mainly. rs admitted Oh all
hands, to deficient crop in this conn
try, it is not rash to predict serious con-
sequences from single Ind harvest"
In case Of another bad harvest. Mr. Zoe
apprehenls that the foreign demand on
Us for goo NIGH. he five time, Sl3.uOn.-
OOu. Such Il demand. lie says. would
almost necessarily fall largely on the
national treasury. And ii the process
of sub ,tituting liver for 20 4 should 20
on in the meantime as it has heretofore.
through the process 81 compulsory sill
yer coinage. the treasury. and with the
treasury the whole financial system Of
the country. would be forced down to
the silver standard
Here is an interesting field for
thought and discussion. and when thor
oughlv understood it will not appear
strange that MIR. Zoe predicted that he
would BE- set down by certa philoso-
pliers as gold bug and "Shvloek !"
Ii the gold is drained ont Of the coun-
try in consequence Of hal crops. or
from any other cause, the country
would necessarily he forced down to
the silver standard. provided We continue
To furnish the silver dollars for such
standnd This is the conclusion to
which Mr.. Coe comes. and he i right
Now as the coinag. oil silver does not
facilitate the outflow Of gold, the ont
flow would take place just As rapidly.
and from the same causes, If no silver
We're being coined.
So the outflow of gold is foregone
conclusion. in case of bad crops, in
which case the country vii be forced to
one OF two standards: First, the silver
standard if We have plenty Of il for all
coin payments, or. secondly, to dopre-
ciated greenbacks and suspended hank
note currency.
Ii the silver standard should he
forced, Shylock" aud goll-bng'
would be obliged to receive coin in pay.
ment for interest and principal of his
bonds But if We have no silver coin
then lie could take deprecated papc,
currency, at its gold value
The silver standard would save sus
pension and panic, bnt it would depr.
c,a.e Shylock's bonds from gold I,
silver value.
The silver standard would depreeiat,
the value of Shylock's investments: i
would make debts worth less. but mncl
easier to pay. and, IN proportion to TIA,
depreciation Of the value Of coin obi
cations. il would enhance the value q
all kinds OF prope tv and commodities
The loss of our gold. with no silve
to fall back upon, would inevitabl,
cause IA suspension OF specie payments
which would result in panic and wide
spread financial disaster among tin
people. but il would he rich harvest
time for Shylock, who. with his coin
graphing hooks, could rake in III
wreck.
For these reasons he would depriv
the country of silver and all other deb,
paving money that would interfere wit
his harvest. So long a we have col
obligations to meet, AMI gold is 50 lia
bic to take wings and ily away, silver
our only rock of salvation: our onl
anchor of hope: orr only harbor d
refuge from the Sh,laek pirates vii
infest every commercial nation Oh
rago Express.