Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-12-21

| II has already become common to look
back at the "silver craze" as we look at the
last visitations of yellow-iever 50 an cpl
demic which arose, ran its course and passed
| of. Where are the men who went 10 bed
signing and rose up in the morning grooming
| from irrepressible longing for "the dollars Of
our fathers" That the coinage of the I'M
handy, heavy, and in large amounts, unbear-
able silver dollar must be stopped-stopped at
least until the country, like one of Dickens's
heroes, casks for more-is the conviction ar
rived at by Intelligent people generally.
The cry for the "dollar of our fathers" was
got up By the silver mine interests for the
purposes Of monopoly, and as the country is
bent Upon wedding out monopolies as uncon-
scionable and rapacious graspers OF the
eountry's wealth, the silver monopoly.
EIA-aIaa- GhiaAss,-Hmusr 90" with
the rest of the macs of injustice
that has been feeding for years upon the
yitals of the people. But stronger influences
than even popular WEAKNESS of the silver
dollar are coming into play. Silver is
commodity IN the market, as much as white
lead or steel pens, and 10 liable to the same
fluctuations IS other merchandise. Silver
bullion is just now dropping to lower and
lower prices in the market, and az soon as
the completion of the Mexican railroads in
troduce flow OF the glittering metal from
the rich deposits in that country, it will GO
lower still. At present the price of silver
ia London is but fraction over fifty pence
an ounce, which is far below the average of
recent years. On Thursday last the quoted
bullion value of the silver dollar was so 1886,
less than eighty-two cents. The loves.
recorded prics of silver occurred in 1876,
forty.six and three-quarters pence; the
lowest average price for any one whole year
was in 1879, dfiy-one and quarter pence.
That the bullion value of the silver dollar
will, before long, be as low eighty cents is
regarded as extremely probable. The IDOL
lar of our fathers" that was go idolized be-
fore they were coined, is bad failure,
burden, and, what is worse, a source OF
danger to our trade. True, these dollars are
in the treasury reserves, but, like the
they are foated by the gold re-
serve. Should that reserve grow short, as it
will someday amid the fluctuations OF bust
ness, the silver dollar will reveal its true
cha acter by going below par. A piece of
bank paper, oil. 4l24 grains of stamped silver,
Will be accepted as a dollar as long as there
are gold dollars to be had in exchange for
them; but ask dollar for eighty cents worth
Of silver when a gold dollar can no longer be
got for it, and who will give that priceS Let
the banks to-day meet the demands upon
heir counters by silver dollars only, and
who would give $40 gold piece for twenty
silver dollars to- mig 1t is not the law but the
gold dollar behind the silver one that has
kept that coin from shrinking to discount.
The public were assured that the people |
we're so longing and pining for "ihe dollar of |
our fathers" that if they were coined they |
would be taken up with an avidity that would |
BRING their bullion value 10 par. To-day |
he friends of that coin, which lies by the /
on unused in the treasury vaults, are in ia
7or Of Withdrawing all the bank notes under
., so that the people may be compelled by
he exigencies of trade TO circulate them.
That wisdom suggests the expediency of
'toppiDg the further coinage of the silver
lollar is evident, for the stock of it is in ex-
;ess; ils bullion value is declining one; il
nteTferes With the import OF gold by its ac-
eptance for customhouse dues; the stoppage
4 tho eoinSge will improve the efficient
urrency of the country; the duty of Con-
ress ia therefore plain.