Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-25
THE ST PAUL DAILY GLOBE MoaSN DECEMBER Is 1883
wHAr OF TIE s1IvEn DOLLAR.

wHAr OF TIE sILvEn DOLLAR?
gAe Rs"rdof Trade Wants it to Gs-M1isr
Hate's Preamble @nd ResoIutiens-Reu-
tine business Of Yestsrdag's Session.
The regular weekly meeting Of the
Minneapolis board Of trade was presided
over by B. F. Nelson yesterday evening.
communication from the New Orleans
produce exchange, which spoke upon the
| trade in Central America, was received
and referred.
Judge Atwater, from the special COM
| mittee appointed for the purpose, report
ed back the matter of the publication of
| the annual report of the board explaining
| that the chamber of commerce had not
yet taken any steps in the matter, and rec
ommends that further time be granted.
| The report was adopted and the committee
continued.
The financial committee reported bal
ancs in the treasury amounting to $459.73,
! after paying all outstanding claims.
THE SILVER DOLLAR.
Major Hale took the floor to introduce
the following preamble and resolutions,
1 "N~~S> "SAS oSO RsSA WAeu eA0 IO4 oS5b bU66
all the newspapers publish the same:
WHEREAS. Congress having the exclusive
power to coin money, 10 under the highest
promptings of duty to provide the sound
est known to the world, and its duty is
equally grave to protect the people
against raising revenue by debasing coin
age. When our silver dollars were first
authorized, their intrinsic value was equal
to their nominal value, and no more were
coined than were wanted for circulation.
This was the doctrine of our fathers; and
| WHEREAS, Now the actual value of the
silver dollar is $50 cents instead of O93 in
1878, at the start OF compulsory coinage,
and We are daily doing all We can to de-
press its value at home, by laborious addi
tons to our enormous pile in the treasury
until it threatens to topple over, carrying
with it its false and himsy scafolding of
equiyocating silver certificates, which
when redeemed, must be redeemed with
metal Of quite another color. Silver will
not be accepted for certificates while any
thing much better can be had; and
WHERKAs-The accumulated tons of sill
yer dollars now held by the treasury, are
a conspicuous overproduction, recognized,
distrusted. and avoided by everybody, our
government is compelled to seek, and use
at least "a, 100000 of the revenue annual
lty. with the option which allows the use
of 48,0o0,000 above all that would be re-
quired, in order to psrpetuate the colos-
sal folly of boarding 3,445 tons Of silver
dollars with 742 tons of factionsl silver
bullion, as useless either to the govern
msnt or to the people, as the butied treas
ure of Capt. Kidd, and
|
standing, amounting to $9S,OOO,OOO, will
be rendered to the custom house, instead
of gold, the first moment eur exchanges
feel the shock Of an adverse balance of
trade, or whenever there is an excess of
imports over exports, and then the differ
ence between the STANDARD of our gold
and silver will become painfully man
ifest, as we are bound by law to accept
and receive silver certificates, in violation
of our pledged public faith, as the eauiva-
lent of gold at the custom house. When
such time arrives, as is liable to at no dis
taut time, tn. wages of labor and ell con-
tracts would at one fell blow be reduced
fifteen to twenty five per cent, bringing in
it's train untold disaster to all branches of
trade, manufactures and labor, which would
feel its deplorable effects to tbs greatest
extent; and
WHEREAS, There is now in circulation
$93,953 $50 of our silver coinage, and
Sl41, 1881, 1913 more in the treasury, which
The government would only be too glad to
unload, but cannot. Half as much frac-
tional silver and about three times as many
silver dollars are now in the treasury as
are held by tho people, and in view
of the above facts temporary suspension
OF coinage cannot reduce the amount in
circulation in the least, as it will mani
! testify be impossible for several years to
| wholly exhaust the extensive stock new in
| the overloaded vaults of the treasury; there
fore,
| Reselycd, That our senators and repre-
| sentatIves in congress be, and hereby are,
| requested by this board of trade, to use all
| iheir influence, to have the act now rec uir-
| ing the coinage Of two millions of silver
dollarG each month, repealed at the earliest
day practicable.
Resolred, That our senators and repre-
| sentatives in congress be, and hereby
| are, requested to have the law so changed
| AS to prohibit the issue OF any more
| silver certificates, and that all such
| certificates now in the hands of the peo-
pie, be redeemed at the earliest day prac-
ticable.
RESOLVED, That the three cent pieces now
IN circulation are nuisance, and should
| be redeemed at once, and no more issued.
Resolred, That the coinage of pieces of
different metals, of different values of
nearly the same size, should be discontiu-
ed, and that pieces of whatever metal and
| value, should be of different sizes and en-
oiems, SO that the people should not be
| liable TO be deceived
Resolved, That the secretary of this board
be requested to mail certified copy of
| this preamble and resolutions to each of
our senators and representatives in the
present congress.
The report was adopted, and the board
voted that the newspapers be asked to
print the same. The board then aiourn-
| ed.
HRISTMAS SERVICES.