The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-03-19
The FinancinIPeriI.

To the Editor OF the Press:
The discussion of the present coinage Of silver dol
lars now being carried in newspaper and bus
iness organizations, should be general possible
that tine thoughtful business man may clearly
understand in what direction the continued coinage
of he silver dollar tends This is not paftisau
ques ion but one that is of tue most intensely prAc
IlcAl ma ure to the eltire business community of
whatever political stripe
For the past six years the government has been
coming silver dollars the rate OF S2S 900 per
year, SO that up to November i, 1883, there had
been coined $3.50, ,7u9, ,949. The pubic having re-
fused to use the silver, the government ras been
obliged to build new vaults in which to store it,
Now, the question before the country Is, how long
this method can be continued without bringing fn-
ancial disas ter TO the business community? The
time must come hen The attempG will be made 10
force into circulation, the silver thus hoarded We
have already silver certificates floating about which
wi represent part of tbe amount of silver dollars
must adopt other methods to secure the circulation
of The vast amount of silver in the vaults.
Already the question IL becoming defined throuR b
the suggestion made to Mr.. Camp manager of the
Clearing House Association in New York as to the
effect OF his paying bis balance hereafter in silver
dollars. The assistant treasurer says his gold may
prove insufficient (Which is probably auotner way
of saying that his silver is getting troubles ,me9
This proves one OF the first principles Of monetary
laws, which Is that the metal if issued large
ly will crowd out the dearer metal. As sug ested
the first note of al ,rm has been sounded by this
question of the assistant treasurer what wonld he
The result should the clearing house balance be pad
in silver instead of gold?
The result would be simply this-within sixty
days from the payment of the silver dollars, the
banks would suspend god payments. At once peo-
pie would begin TO hoard gold for the sake of the
premium which it would command. Gold woulo be
demanded I the government for greenbacks and
the business men of this country would wake up
some nne day Ind tina, the goevrnment had been
r, duced to a silver standard. This is no fancy
sketch. Alrealy bids have been made in New York
by responsible par les Of 70 or per cent. Tor the
right 10 call gold at 1Ol any time during the
year.
The advocates Of the silver bill In 1878, alleged
that The passags Of the would aid this. country in
its endeayor to get other nations adopt btmetasn.
The result has proved that tnis was falAcy. The
other governments of the world will not adopt
double standard while this country is willing to coin
two millions of dollars per month OF silver dollars
and erect vaults iu which to store theml There is
no surer metho of defeating the very end de-ired
than the present system, The government shuulu
yer in bulk and do their own coming and in The
course time there might be some hope of bi.met-
a sm being adopted by the Brotherhood OF ma
lions.
Our people are now being aroused to the necessi
ty of action and meeti gs have been held BY the
business rganiz atoms Of New York, Boston vii
mtngton, D-l., Milwaukee, Wis, and Galvaston.
Texas, ami resolutions adopted reecommsnd,ng 10
Congress the passage OF an act stopping the image
NOW Ae' rof'i"nu 10 likewise TIC. w.