The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1883-10-10


strong class of capitalists like those of
England, they desired to follow in the
same track, and gain power over the
people, and in time over other nations, by
the self.same method, the demonetizng'
of everything but gold, because gold can
be monopoiz ID.
With this end in view, silver was
quietly demonetized; but the people,
awake to their own interests, reversed
this action, and in spite of all the ridi-
cule and all the representations of evil
that could be imagined, the American
people have continued to insist that ell
yer should be coined, and remain lawful
money.
1t is now five years since the monthly
coinage of So 900 900 of silver was begun.
What evil has resulted ? No one is able
to tell. There has certainly been no in
Aation of the currency. On the contrary,
all the gold and silver that has been
mined and imported has not over-sup-
piled the demand for money in this rap
idly growing Nation. This is shown by
the fact that prices, instead of advancing,
as they always do when there is initiation,
have declined, showing that there is no
excess of money whatever. And this
fact shows, too, what farmers are greatly
interested to know, that had not the sum
of S150,000,0O0 of silver dollars been
added to the specie basis of the country,
money would have been slight" and
prices Of all sorts of produce would have
greatly declined in consequence. 1t is
true that considerable part of this silver
remains in the treasury, but it is nearly
all represented by paper in the form of
silver certificates, and forms, with the
gold reserve, a substantial part of the
specie basis of our currency.
Germany, striving to dominate interior
Europe financially, in imitation of ED-
gland, demonetized silver after the victory
over France, and threw upon the market
some 5000, 0000 C0 of silver as merchan-
disc. This had depressed the mercantile
value of silver bullion, and the depression
will continue until that large sum is dis.
tributed over the world. 1t has given our
government an opportunity to buy silver
cheap with which to make silver dollars.
The weight of the dollar was not changed,
because this depression is not believed to
be permanent. Meantime, the government
receives these dollars for all debts due to
it, and makes them legal tender for all
private debts. This keeps the silver dol.
lar as money on a perfect equality with
gold, the credit of the government being
behind the temporary difference between
the coin value and the bullion value. The
moneyed interest of the country is I'M
friendly to silver, but it has not been able
to depreciate the silver dollar a single
MILL The silly charge which is contin-
ually reiterated that the people are de.
frauded of the difference between the coin
value and the bullion value of our dol
lars deceives no one, and every one willing
ly takes them. The government guaran-
tees the difference. 1t does 80 without
loss now, and with eventual profit when
the metal regains its original value. Mean
time, as long as the people willingly rely
upon the government for the entire value
of our paper money they are not likely to
be alarmed about the slight bullion def
cheney of the silver coin.
In the last North american Review Toe.
tobel) there is an article upon this sub.
ject by the republican senator, N. P. Hill
of Colorado, that is we'll worth reading
We have made no use of Mr.. Hills paper
but subjoin one extract which fully sup.
ports our view that only creditors and
creditor nations desire the demonetiz ion
OF silver, because by thus. reducing the
quantity of money in the world, they are
able to get more from the debtor class
than is equitable and just.
"All the conditions have changed since the
commencement OF the agitation for a single
metallic standard. There was then greater
production OF gold, and very much less con
SUMPTION luz otHer tHau monetary purposes
and 1t is not strange that many persons hon
estly believed that the steadiness OF prices
could be best secured by combining the fnnc
tions OF money to gold alone. But 1t is diff
cult to understand how it can now be believed
under the complete change of circumstances
that perseverance in that policy can have an,
other result than a prostration In the prices O
every species of property aud in the wages o
labor, and the serious injury of all indebted
persons, classes and nations.
The conditions, 1t must be admitted, arr
modified where creditors and debtors do no
live In the same country. The London Econo
mist Of April u, 1883, closes its comments upoI
Mr. Goschen's address by saying: There /.
some consolation to us In the fact to which HI
directs special attention: that any increase IL
: the purchasing power of gold Is benefit /,
creditors. Nearly every nation on the face O
the earth Is indebted to us, and the result O
? an appreciation of gold is, that we obtain
, larger quantity of their commodities in settle
l ment OF our claims.
: This view of the Economist is one of tn
explanations of the support given to gol,
. mono-metallism by classes which are powerful
!. and, perhaps, dominant in some other coun
tries of western Europe besides Great Britain
1t shows how idle the suggestion Is that W
!, can force the English and similarly situate
nations into bi-metallism bya gain demonetiz
: ing silver ourselves, and thereby precipitation
v q still further decline In prices. Such a declin
s precisely the object which, as internations
l nu dnatE Nv NJ,