The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1883-02-07
WAR UPON THE SILVER DOLLAR.


On the ID of January the Treasury held sl25.
0o6 727 in silver and Sl71 504 SOS In gold One yeal
ago 1t held only s99 4Os In silver and s72,6l7
49, in gold. Nearly the whole of the silver dol.
lars coined In the year 1882 lodged IN the Treas
ury. in spite of especial efforts made by the De.
partment to push them into circulation. year
ago II held 500 600 900 of these coins for which no
use could be found; now IL holds S94 600 900, and
yet Ii continues TO coin at the rate of $1,000 O0C
each month. Can there b. given any good reason
for this course. long after the amount that can
be used in this country has been supplied2-New
York Tribune.
Il NewYork illustrated paper recently start
ed has proclaimed its belief that "the truth
well stuck to is as good as a lie," while the
Tribune, in discussing the silver dollar ques-
ton, evidently believes that lie we'll stuck
to is as good as the truth. 1t will be observed
that the Tribune says the Treasury now
holds So, 100000. The assertion is deliber-
ately false, and its purpose is
to mislead the public mind.
Of the $4,000. 900 in the Treasury only $685.
100000 is owned by the Government The
remainder, $65, 500, 600, is virtually in circu-
lation in the shape of silver certificates,
which areabroad answering all the demands
of a circulating medium: and it may be
said without the possibility OF successful
contradiction, that the $2S, 100000 in silver
dollars in the Treasury over and above the
amount represented by silver certificates,
could be, if the Government was so disposed,
put into circulation in a week. Take, for in
stance, the disbursements required for pen
s1ons; the amount of standard silver dollars
in the Treasury would barely answer
for quarterly payment. and no pensioner
in the broad land would object to standard
dollars. But it is contended that these
dollars would speedily find their way back
TO the Treasury. Whether this be fact or
fiction is of no consequence. If they should
find their way back to the Treasury, let them
be paid out again and thereby kept in circu-
lation. The objection to the standard silver
dollar originated and is kept alive by the
National Bank monopoly of the country,
and it is well said that the present Secretary
of the Treasury is in league with the banks,
as was Sherman and Window, his immedi-
ate predecessors. The American Register
in late issue discusses the question of
"Gold and Silver Certificates as Our Paper
Money" with consummate ability. 1t says:
That gold and silver Treasury certificates, as a
paper money circulation, have been tried and
proven to be a success not be controverted;
although it has been manifest that the National
Banks and their adherents. aided by the Secretary
of the Treasury and the whole influence OF the
present Administration, have used all possible
means and influence TO discourage the circulation
of this currency as wen as the circulation of the
silver coin. Stability and uniformity are most
important indeed essential qualities in the stand
ard of value. And this currency. based as it is
dollar for dollar on gold and silver, the money of
the commercial world, deposited in the Treasury
Department could not be subject 70 artificial
or Fictitious fluctuations, but would make the
most stable and reliable paper money circulation
that can possibly be devised.
Paper money based on credit has no limit or
governing principle as to the amount of the
issues, but the capacity OF the numerous banks
to comply with the terms prescribed. and force
their paper into circulation on the specializing
projects and adventures they undertake TO aid.
Consequently IL is subject to contractions and ex
Psnsions which are continually changing and de-
stloying uniformity In the standard Of value
Where is there to be found free and sensible
people who would knowingly place it I'm the
power OF any one man, or set o men, to say when
money should be plenty and when 1t should be
scarce; in other words when to expand and
when to contract the paper money issues, or,
which is the same in principle. when to
contract and when to elongate the yard
stick; every change in the rule taking money out
Of the pockets of one set of men and putting 1t
in the pockets of aaother set2 But now this very
power is placed In the hands of 1000 banks,
which contract and expand the paper-money
standard just as may suit their specializing and
adventurous projects Besides the losses and in
justice incident to this variable standard Of value
this money system based ON credit brings about,
every ten or fifteen years, paper-money revul-
sion, producing widespread disaster and ruin in
business lasting for years and causing great losses
to the people. which can neither be described nor
calculated adequately.
The Register further shows that il is
entirely practicable for the United States to
have paper currency based upon gold and
silver in the form of gold aud silver certif-
Gates. In this connection the Register re-
marks: IF the policy of issuing gold and
silver certificates as the permanent
circulating medium OF the country
shall be adopted, the entire paper
circulation Of the country can be