Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1883-01-01
2ailp 9en,ltbtf 5OurnaI.
Augusta. Monday Morning, Jan. l.
From the Providence Journal.
The Deprecated Silver Dollars.

rate of two millions per month, that it
would increase the value of silver until
the worth Of the standard dollar was
equal to or exceeded in the intrinsic value
Of its material its UNCONVENTIONAL rate.
Whether they actually believed this or
not may be somewhat doubtful; but the
argument was used with considerable
effect as showing a method for an appre-.
citation Of the value If an important native
product and favoripg large native indus
try. But slight examination would have
resulted in the knowledge that the COM
pulsory purchases of the government
would not keep pace with the increasing
product Of the mines, and that it could do
no more. il as much, than to sustain a
falling market. As matter Of fact, it
had not been able to do as much as that
The United States Treasury, under the
law Of compulsory coinage. has purchased
more than $3.50, 600, 900 worth Of silver,
the greater portion of which has been
piled up in its vaults and Withdrawn from
use, and yet the value of silver has been
constantly depreciating until the
bullion value Of the standard dollar is
only eighty-three cents, and its tendency
10 constantly downward in the scale. 1t is
true that If the government should cease
its purchases. the price of silver would
fall still lower; but the mining interest is
mt IN. ho atpat fb1, nj al ~ gro va
danger TO the credit Of the nation and of
serious loss and disturbance to the whole
people. II is supreme folly to underesii-
mate or ignore the danger that results
from the presence of large amount of
currency inferior in value to the real
standard. This actual standard is now
maintained by the good sense of the peo-
pie. who refuse to use the deprecated
currency TO an extent that makes it harm
full. But this is only because money is
plenty and the balance of foreign trade il
in our favor. Let there be commerce. al
crisis or stagnation of industry, result
ing from speculation or over production,
or let the balance of trade turn against us,
draining the country of gold, and this de-
preciated currency would at once fix the
standard at eghty-three cents, instead of
the dollar, to the utter confusion and I'M
settlement Of values, and general
loss and damage. The money. which is
seventeen cents less in value than gold
or greenbacks, so long as the latter are
payable in gold, would at once come into
use as basis of currency and gold would
disappear as completely as in the days of
the deprecated greenback currency. This
is certain, and Congress is merely triflng
with danger which is almost sure to be-
come real through the vicissi,udes of trade
and industry. and the laws of the flux and
reflux of prosperity. The only arguments
in favor of the reconciliation of silver
that were honest and not intended for an
imitation of the currency, which were
those of convenience and for bringing the
value of silver up to that of gold, have
been shown to be fallacious by experience
The people will not use the clumsy coin
for coincidence. and the value of silver is
constantly depreciating under ratio of
production greater than the demand.
There is not the slightest possibility that
foreign nations will adopt the silver stan
dard, and we are only preparing for the
danger of a non.exportable and deprecated
currency for no sensible purpose or practi-
cal benefit whatever. The coinage of the
legal tender dollars should be stopped
where it is. and without an hours delay.
If II were possible.
There is no occasion to attempt to ban
ish silver as circulating medium. But
II should be in honest coinage. represen-
ting within reasonable margin the actual
value of the metal. And from its nature
II must be. In a great measure, subsidiary.
Perhaps room could be made for three
hundred millions by the withdrawal of
the treasury notes ofthe smaller denomin-
ations and contraction of the bank note
currency of the same kind. This would
neither be announcement nor dishonest, and
silver would have its proper and reasona-
bic part in the circulating medium. But
this piling up of vast sums in deprecated
dollars to be let loose upon credit and the
stability OF values upon the first breath
affecting the general prosperity. or the
first accident, is sin against absolute
knowledge and the light of experience.
which is inexcusable. 1t is like letting
the waters of a reservoir accumulate in
careless security because the dam is now
sufficient to hold them in, but which will
surely give way by the laws of gravisa-
ton in due time, if not by accident. The
deprecated dollars do not even serve the
purpose which it was expected or pre-
tended they would. and the uncompen-
stated danger is all that remains.
The appointment Of two commissioner.
in Vermont, to inquire into the condition
Of the forests of that State and to recon-
mend such measures as may be needed
for their protection, is a step in the rich,