Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-01-04
THE SILVER DOLLAK AND TRADE.

Z
but one Of purely commsrcial interest. An
able correspondent of the New York Post has
called attention 10 the question of the dis
continuance Of the silver coinage as q com-
mercial question, and his temperate and dis
criminating exhibition OF the silver question
merits serious consideration from every
merchant and business man in the
land. The silver dollar, it must be
remembered, is lawful payment 10 any
extent where some other mode Of payment ia
not stipulated, or where payment in gold is
not made an express condition. AS long as
the silver coins maintain their value at par,
no contract is impaired by this state OF
things, but when their value falls below par
then the value OF all debts will be scaled
down. Within five years 100, 1000, 900 Of silver |
dollars have been coined. In his late report
to Congress the Secretary OF the Treasury
said that the treasury vaults are incouveni-
emily taxed TO store the 2400 tons of silver
coin lying in the public vaults. He adds:
"If the coinage Of standard dollars is kept
mp, and the demand for them for circulation
IL no LIZ 90 hOW1 II ~ bC a
question where the Treasury Department
will find, in public r~eceptacles, room there
for" The bullion value OF the recent quo
tations OF each OF these coins is but eli ghly-two
cents. On Saturday the quotation was
S0.s205j some days before it was under
eighty-two cents. AS there is talk CT a posi-
bility OF the English government stopping The
coinage OF silver for India, and as the rail-
roads now building in Mexico will nateri-
ally add to the supply of silver, it can be
readily seen that no permanent advance
upon eighty-two cents can be expected. To
take the yalae Of the coin at eishty-fve
cents, fifteen per cent. discount as what the
coins will circulate at when the next "bard
times" brings them TO a discount, will not be
regarded as an underestimate. Our gold
coin contains % 32-100 grains of pure gold,
the silver dollar 371t grains of pure silver.
At present the public debt is paid in gold or
its equivalent. To continue coming silver
dollars will cut off the treasury supply Of
gold by exhausting the reserves Of that
metal, and silver or its equivalent must be
resorted to, a change that can be thought of
| only with dismay. We can see that it would
NOT be right to reduce the weight o. the gold
| coin 10 the value of the silver coin, nor would
it be right for Congress 10 reduce the value
of the greenback fifteen per cent, yet Con-
gress ia doing what will result in SO reducing
the value Of the greenback if it allow
the coming Of silver dollars 10 60 on,
for the greenback and the silver certif-
cate will decline in value with the silver
dollar. Silver will be the standard of pay
ment, and gold will quote sixteen to seven
teen per cent. premium. Then neither prin-
cipal nor interest of the public debt will be
paid in gold. Formerly the imports were
paid in gold; now they can be paid in silver,
silver certificates or greenbacks. With gold
at a premium custom duties will be paid in
silver and its equivalents; consequently the
public debt and interest will be paid in the
same. The people refuse to take silver dol
lars, in proportion as they are coined, into
circulation. Why, then, should We each
year coin $27 ,000, 1000 more of them? This
refusal shows that only the silver mine peo-
pie desire the coming TO go Oh, and they
want it that the United States may be a GUS
toner tor their merchandise. To bring the
silver dollar up TO the gold standard, 4S0
grains, instead of 4l2, would be required,
and that is the only way to BE-
cure the double standard, as no other
nation untrammeled by that standard will
adopt it, spite of the efforts our government
has made to induce them to do SO. Those
politicians whose creed is Hmore money"
will be disappointed when thay find the
standard dollar circulating at eighty-fve
cents, and the $4,000 900 of greenbacks,
national bank notes, silver dollars and sill
yer certificates circulating for not more
than 500, 000,0 900 in gold, owing to the
falling off of the silver coin from its nominal
10 its bullion value. 1t was most confidently
predicted by those who clamored for the
silver dollar, that other nations would follow
US in the adoption of the double standard,
Not one of them has done so. 1t was no less
confidently predicted that if we coined silver
dollars the price of silver would rise. Al.
though we coin 100000 of that metal
weekly, the metal has declined about nine
per cent. since we began to do SO. These
facts tell US that the coming of silver
dollars was begun under mistaken views
Why should we continue the practice now
we know that it is a blunder? Our own ex'
p~erience and hat of other nations makes nj
fully aware of what the effect of a depreci'
ated currency will be-a currency at a dis
count Of at least fifteen per cent; the pay
ment Of all outstanding debts, where golt
payment was not stipulated, in currency
worth fifteen per cent. less than the currency
under which the debt was contracted, ant
this without any advantage to the debtor, al
the values he holds are all fifteen pc
! cent. lower. The conclusion will be a periot
; of "hard times" as people will not manufac
ture or purchase goods for stock when a de
: clining currency makes it likely they will
l have TO sell their merchandise for less thai
it cost them. Any merchant who read
! what we have here said can see there j
: neither Misrepresentation nor exaggeratior
I He knows how injurious to business wer
' the deprecated greenbacks after the wal
and he must see that his interest, and that o
' commerce generally, require him TO demau
!. that Congress shall do its duty and stop III
coinage of the silver dollar.