Savannah morning news. [volume] (Savannah) 1868-1887, 1883-10-11

pugnance of banks to become the medium
of this great revolution, Congress has de-
creed that no national bank shall be
member of Clearing House Association
which refuses to receive silver certificates
in payment of balances"
The law is expressed in ambiguous
words, which renders its meaning at least
doubtful. But accepting them for their
probable intent, greater difficulty be-
comes apparent, because
L. Silver certificates are not legal ten
der in payment Of debts.
}. Congress certainly cannot deprive
banks of their right to claim lawful money
OF each other, or compel them to accept
through clearing houses what they cannot
enforce over their counters upon their
own creditors.
>. These balances to be legal money,
must therefore be paid in silver dollars
themselves. These coins, as a general
medium OF commerce, are the subject
matter OF this legislation. ANY device by
which the inconvenience of the thing
itself may be evaded, cannot enter into
the enforcement Of the statute. But that
such devices as certificates are a neces-
slty and yet are not legal money, is at
once an admission of weakness both in the
law and its object.
4. The average daily balances in the
New York clearing house are about
six million.
>. Six million silver dollars weigh about
$4,000 pounds ayOirdupOis. To move this
mass would require 1900 men every day,
each one carrying 30 pounds, or a train Of
315 wagons, each drawing 1000 pounds,
attended by the necessary convoy of police
protectors. The effort of Congress to
overcome this physical obstacle by an ar
tlhce IN legislation, presents novelty IN
law, and coined money that requires
the creation of an attendant paper cur
rency TO make it practicable or even pos
Slble as commercial medium, is Il
strange and striking exhibition of the
impOtency Of local legislation in control
ing that which is governed by natural
law Of higher and more universal power.
OF what use then is this strange
measure, and why should it continue? If
any productive interest can possibly be
promoted by a measure which gives less
than a dOllOrs worth for Il dollar in trade,
the evil result to the whole people in
iinitelV outweighs them all.
With this steady stream of two millions
u month running into the Treasury, it is
manifestly only question of time when
these silver dollars must become the pre-
pOnderating quantity in the cash reserve,
and when the swelling volume will exceed
the limits beyond which they cannot
longer there accumulate. but must, from
obvious necessity of government, be paid
out and become the current money of the
nation.
When that unfortunate moment arrives
the governmental measure for all busi-
ness of the country will suddenly de-
scend from the standard of to-day to one
of about tiYe-siXths its value, and all
debts and commercial obligations, and
the prices OF all property and merchan-
disc must become adjusted to the change.
Two standards of so widely different pur-
chasing power cannot simultaneously
prevail. Gold coin will be hidden away,
and be exchanged with other nations
whose standard money it is, and who will
eagerly seize the occasion to make for it
the trade at the difference in market
value, and this great nation will be then IT.
retrieyably launched into a single metallic
money, and that of silver. All this, so
sClt-eVident, must have been in cOntem-
plation when the measure was adopted.
Is the prospect brighter now as the time
draws near? Let us view it more min
utely. The daily exchanges of property
through the medium of banks of
the New York Clearing House alone
average more than $50, 900. The com
mercial difference in the price of this
property, whether measured by gold dol
lars or by silver dollars of this enforced
coinage, is about $25, 10000 in one day.
Add to this the aggregate sum exchanged
through all banks and bankers of the
land, and also the large amounts passed
between private persons and merchants.
Then multiply these enormous figures by
the number of days before this new
measure Of value shall have become
equitaby adjusted by the adoption of new
and corresponding prices of property. To
this vast aggregate still further add the
total Of debts and obligations due from
one portion of the people to another, all
incurred IN the one standard, and legally
payable by the other; and then consider,
if the mind can grasp it, the infinite
confusion and injustice in the
settlement of business affairs,
the unexpected losses incurred, the deep
disappOintments, the failures and cOnse-
quent agony and social decentralization
involved in this capriciOus and gratuitOus
legislation. Remember, also, the en-
hanced prices, in cheaper dollars, OF all
articles of necessity purchased by the
people, and the always slow progress of
the wages of labor in rising to crrespOnd-
ing height, and the consequent meantime
commOtiOn and discomfort. Then say
whether the men or the Congress who inn
posed this measure upon the country ut
time OF its highest prosperity, or who now
refuse to arrest it, as they can, before these
certain and inevitable consequences begin,
will not meet the popular retribution?
Why needlessly repeat IN peace and plenty
the desperate and doubtful devices of war?
Rather than bring again the deplOrable
evils of deprecated and dCranged cur
rency upon the country, it would be bet
ter that the whole amount of these re-
lected dollars that now cucumber the
Treasury vaults be sunk into the sea: or
better still, that they be returned to their
original condition Of uncOined bullion,