The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1883-12-19
Mr.. Morrill, on the Coinage.
TEMPORARY SUSPENSION OF COINAGE.

A temporary suspension OF the coinage OF
silver cannot reduce the amount In circulation
In the least, as 1t will manifestly be impossible
for several years to wholly exhaust the extern
sive stock now In the overloaded vaults OF the
treasury; and all those whose opinions are
most entitled to our respect advise that such
suspension will be the only effective policy to
checkmate the anti-silver fanaicism supposed
to prevail among some foreign nations. II
would be stupid to suppose that these nations
will ever abandon their gold policy while we
are exerting our utmost power to sustain 1t,
not here but there, by rolling out Of their path
the chief obstacle which blocks their way, but
which, like the rock Of Sisyphus, always rolls
back to crush ourselves. A temporary suspen-
sion is also indispensable to enable us to re-
form and to vastly improve our annual display
OF coinage, which In 1882 was equal In amount
to One.half OF the combined annual coinage OF
all other leading commercial nations. The
purpose of the proposition to cease issuing one
and two-dOlsr United States notes is to bring
into circulation larger amount OF silver dol
lars. The money order system and postal
notes Of the post Office deparim Unlikely. az
am informed, soon to be greatly improved
fully demonstrate that small bills are no longer
| indispensable for remittances, and may prop.
| erly be pushed aside to make room for silver
| dollars.
EXCESS OF SILVER.
There are in circulation at the present time
| $93 953 78n NJ our silver coinage. There are
also Sal 337 533 more In the treasury which
| the government would bs only too glad to un.
about three times rs many silver dollars are
| now in the treasury az are held by the people
Where il 1t to GO? Cui bono9 The treasury
Is thoroughly gorged, and the stomachs of the
people are suffering from hopeless indigestion.
1t can hardly be doubted that the two or more
millions OF silver bullion which has been bought
| every month, and by the overtasked minis con-
verted into more millions Of dollars, amounting
| In five wears and sevan months to the prodg-
| ious sum of S154, $40, $780, would have been
more largely accep ed and held az ready money
| by the people II the government had left silver
| to stand On its own merits, and had not en-
listed In what seemed almost q crusade to force
| an excessive and unnatural amount into crcu-
lation. Sober legislators appeared to rely upon
| coercion to popularize the diffusion of silver
| and also upon the Onderous creation of an abb
| solute supply to create an equally absolute de-
| mand; but the public, wandering In unbeief,
declined to be coerced, and subsequent ex-
perence, to considerable extent, may have
confirmed the general and more pronounced
lack of faith. 1t is true that the government
has been and Is regnl trly In the market for its
moon-struck supply OF bullion yet any advan.
tage Of an increased or fictitious creation Of
value upon the general product of silver mines
| has been and Is impossible, because all the rest
OF mankind, or the major part of consumers,
are entirely free to buy or not to buy, and es-
pecialiy free to take notice OF the fact that our
government Is a purchaser on sheer compul-
sion, bound by positive law to buy and to
hoard swelling surplus that must ere long
break through all barriers and inupdate all
markets. Beclouded by such surroundings, IL
Is not wonderful that the price OF silver has
been rather adversely affected. The London
quotation for silver, February 2S, 1873 was 81
pence per ounce, and has rarely IL ever been "a
much since, being TO-DAY 50h pence per ounce
British standard Binding itself hs a per.
petual purchaser has placed the government
too nearly in the attitude OF the reckless spec.
ulators Of the stock exchange, or OF buying all.
yer TO make corner" In order to sque, ze
some outsider. But the action OF the govern
ment is rs bootless as WAS the stamp Of the ty.
rants foot to raise armies. We have nothing
, to show for II except our own Precipitation
The patronage OF government, bestowed upon
silver mines or nickel mines, or copper mines L
secure their permanent prosperity, Is unreliable
and no more should be sought after by then
than can be justified by the actual require
menis OF the government. IL should also b,
forever borne In mind that the annual produc
tion OF our gold mines, heretofore much tn,
largest IL now q little less than our silvel
m mes, and no more favoritism should be shown
, to one than to the other When our standard
money Ia Of universal value, circulating with
out loss elsewhere as we'll as at home, thu
, increase or decrease OF its volume does no
materially effect the price OF commodities
The INSTRUMENTATION Of the markets OF tn,
1 world preserves values at nearly universal lev
el, and redresses fluctuations ut the bare Cos
OF the transportation OF coin. II would iousl
be to our great hurt IL our specie should lacl
harmony with the standard Of other CONNER
! cal nations with whom our chief intercours
, must be maintained. Different standards O
, money are worse and more inconvenient thar
fferent languages Whatever disAdvantag e
. m now or hereafter arise from adverse ex
cIanges must be borne exclusively by thos
y who adhere to the inferior standard. II w
make one dollar in gold, OF one dollar in silver
!, OF the same intrinsic value each bears In Lon
I don, Frankfort, and Paris, we may coin few o