Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-12-04
DAILY POS. INTELL'cEHCER


sHlvgR COINAGE.
In the Presidents message references
"a had 70 the report Of the Secretary OF
the Treasury upon the question Of sii-
var coinage. He concurs with Mr.. Ne
Culioch In adopting the viess OF tbs
monometalIisss, and reconnends the
Immediate snspension Of the coinage OF
silves dollars- This 10 not only m ne
cord with the demands of the gold
gamblers In the United States. ouf .
the Enelish and German Idea. OF which
thu demonesiz ,sion Act Of 1873 vas the
sxponeus. and the subsequent disas-
irons and vide sprsad financial panic
the direct and inevitable result. As
Mr.. McCullooh has been London
banker, il Is perhaps not 80 surpris.nR
that he should share the English idsa
upon this question a. that the frssi-
dspt should coincide with him.
II may be added, however. that w
this respect the President and seese-
tary have bat followed the iine OF pfecs-
dent. since the passage Of she 70.
moustizina Ass Of 1873. Ia every annual
msssaee Of the President and report OF
The Secretary OF the Treasury the as
sumption has been made that the COIN
ACE Of silver 10 . menace 10 the imam
eisl stability and standing OF this Ma
tiou that ID would inevitably drive
cold from the country and force u 70
an exclusively silver standard. As IN
tbs present instance, neither facts nor
figures support She assumption. On
the contrary, the history Of the past six
Years absolutely eostradicts and multi
Aes the truth of these annual pFophe-
cies.
When, In 1879, the present act be-
came q Law, the country bad not recov-
ered from tue disastrous panic OF 1878.
ureciuitased by the demonstration act
Of that year. Indeed, the period OF
lowest depression and greatest financial
strincency was about coincidsnt with
its passage. The prosperous years OF
1879, 80, 81 and 80 followed, and II
ssnnot be successfully denied that the
coinage act was an important agent 10
bringing about better times. IL vas.
moreover, the rsmsnetization OF silver
that made possible the resumption Of
specie payments by restoring public
condolences and opening prospect Of
relief 10 the debtor classes. The Silver
Coinage Act was and 10 opposed By the
msnometailists and money bags Of the
Eastern and European money centers
With great energy. Their opposition 10
made known by foroible assertions Of
impending calamities. but never sub
stansiatsd by facts and logical deduc-
tions. Not one Of tho injurious effects
20 freely prophesisd by this element has
yet BEEN verified. On the contrary,
!rrefutabls facts and feures establish
the error of their predictions.
Il was said that other nations having
the gold standard would absorb all our
gold and leave as debased currency,
not available 10 pay our debts. and
frightful pictures OF our future condi-
too were drawn. A large majority Of
the great Eastern journals-orRans OF
capital and the creditor class--railed
and sneered at the advocates Of the
double standard, styling them ssh
YER infiation.sts," "Silver lunatics,' -
Cranks," Dishonest Debtors" etc.
etc. Congress, hewever. With excep-
tional independence and rare good
sense passed the silver coinage act.
What was the result Within eighteen
months from date Of its passage the net
smports OF gold into this country amount
cd 10 round numbers 20 $4,000 600.
and today-the act having / cen in opor-
alton nearly seven vears-the store of
gold in the United States. obtained
from imports alone, exceeds by $500
000,s00 that on hand when silver was
remonesixed. How then can IL DO said
that gold is being driven from the
country" and that there is danger Of
silver becoming our exclusive standard
and circulating mediums. Even the
message OF tho President. In which he
makes the nnsound aud inconsistent
recommendation 10 suspend silver coin
age, shows that the net Imports of specie
Tor the year ending June 30. 1884, aRsre-
gated SIC, s2s, $40. II need not be added
shat this specie was almost wholly gold.
An examination Of the facts will prove
10 any inquirer that at no correspond.
Ing time during our National history
has 90 much gold been added to our
store as since the passage Of the silver
coinage act. Ia the face Of these facts
why is IL found necessary TO repeat The
annual prophecy that continued coinage
OF silver will drive gold from the coun
try, and that silver will at no dist ant
day become our sole metallic standardY
France IL a" double standard" nation
Great Britain and Germany are "eold
standard !" countries. In 1880 the total
amount of specie in France was 81 .b35,.
10000. OF this S927, 00o, 900 was gold
coin. At the same date the German
Empire held $st4.ooo, 900. OF which
tsss. 900 600 was gold. and Great Britain
had s6ss. 0o0. Geo. of which $685. .ooo. ooJ
was gold. In the Usited States the
figures thea stood Gold, <3z5, ooo. 600
silver, tl5o.ooo, 200. Total, kS2s. oo0. zoo
France has always used silver as our.
rency. She Ia by far the richest nation
In specie on the globe. The use % sll
yer has never driven gold from France
nor has there ever been danger ,ha,
silver would become her " sole metallic
standard" On the contrary, the rela
ton Of gold TO silver in France In iss
was as . 10 6. or % TO 20 per cent. The
ratio OF the two metals in the United
States At present Is over g. Of gold to 81
Of silver.
Silver coin always has been, and al.