The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1884-08-21
WEEKLY HERALD, pAIIAs TExAs TLlRsbAY. AuGlSI q es

sANssa~NAaaa - -
Iftnrg ihr Mislness m iip COUNTRY NJ
IuulfNH N tlfv should NH W ihia a.
spool, ihfy would No. pfuiuptlV tnliHli
ldHmunia There would be- lat sninl|
lfUsisiturp. Whni ihps' dtutnds uft
IliIuly ~ Lr, ran hp pnsily iufrsuun, AZ
a dinner which WHs riNpu IN lluYutd
Iuvlur, lust before lis departure, ~.
| Minister Ia Berlin, When srNCro husi
ness dpprcssiuns, which followed "a,
| financial crisis Of lsj, prrluil'd
throughout III" country, sii hr-ilr one
NJ the most respectable md Intelligent
leaders uf the GruCnhnrk party, aud |
WIS amazed when he asserted THAT thi,
| dpprpssluu was caused hy contraction Z
! tho currency, aud that nothing could
| restore former prosperity except an
| emission of Ht least two thousand mi
Ions Of dollars In United States notes
" IIch were then greatly dcprcrlatcd''
Al IN not difficult Ia correctly predict
| what will bo the financial condition Of
| the country when the notes oi the Ma
, iOnal Banks are withdrawn from cirru'
| lHtion, and the existing restriction upon
| he issue of United states notes ~ RI
moved. There will 10 Just what ! pre-.
! iiCtcd In October, ls6j, another "period
If hollow and seductive prosperity, to
| he followed by widespread disaster
|
Of government notes when bankruptou
! hy war or extravaganza, History M
! forms uS Oi the result. Whether the re-
suit will bc different when the notes ais
issued by Government of ahpundin.
resources and with u full treasury, VIII
| hc uscertuncd when our National Bank
I ing system shall bo numbered among
| the things that have been.
| There Is another question or prosen
aud more pressing interest that VIII,
| doubtless, receive the attention of the
convention AT the present session.
THE ; LIVER q - l y.
| Until 1888 when IL became my duty To
| give the subject more careful oNdlnlnn
| Il, u than | had done, was mono metal
| iSt, since then have been II b,-metaliSl,
aud have Ivy observation and reflection
| Income stronger aud stronger In my
new faith. Mr.. Hamilton was right when
! he said in his masterly report of tEG:
Upon the whole, IL seems to mo most
| desirable not to attach the unit To either
metal, because this cannot be done With
out cilrctually destroying the character
| of one of them rs money, and so reduce
| IL To the character of mere merchandise.
| To unnul the use of either of the metal
us money Is to abridge the quantity OF
| circulating medium, and il liable To AL
| the objections which arise from the
comparison of the benefits of u full with
! inc OWLS pl u StAllN 'lINhlbAl'i' 4 NV
! world il not, and probably never VIII he,
In condition to dispense with the use
OF gold or silver ~ u standard OF value
| and circulating medium. Both are in
| dispersablc and neither can he reduced
| in comparative value by artificial means
below the other without prejudice To 10
| cal and international trade, nor without
| increasing the burden of debts hv de.
crcasing the amount of metallic money
! (Which is the only real money of the
| worldD in circulation. As every dollar
of gold and silver in existence has cost
in labor and machinery more than its
standard value. neither can be
deprecated except by artiii-
cinl means. Silver coin il now de
preciated in comparison with gold, not
by natural causes, but by the action OF
| European nations. \ few years ago
| gold, by the large productions of the
United States and Australia, was depre-
ciated in comparative value with SILVER.
This being the result OF natural causes
the difference in the value OF the two
metals was of short duration. National
law speedily adjusted the difference
which natural CAUSES had produced.
The existing depreciation of silver Is
not the result of the large production of
the silver mines, but of the action OF
Germany in demonctiHing 1t and the re-
striction of its coinage by the Latin ma
tons. Had not these causes been At
work the depreciation of silver, which
il now disturbing the financial condi-
ton of the world, would not have oc
CURED. The Congress of tho United
States acted wisely in monetizing
silver. Tho only mistake IL then made
was in not adopting the French stand
ard. But while Congress acted wisely
in making silver standard with gold,
it has acted most unwisely in contin-
] al, , la. i nt m
action of European nations. by doing
so il Is making the United States the
"pacll horse" of silver, which the action
OF these nations has deprecated. As
: soon as il was discovered that Europe
would not join the United States in
their efforts to restore silver TO MS Tor
mcr comparative value with gold, the
coinage of silver should have been
stopped. BY continuing to act indie
pcLdcntiy we are playing into the hands
of rival pOwers-wc are throwing upon
our own country the burden OF MAIN
tanning to Il large extent even the pres
cnt market value Of silver. The Longer
we continue the FREQ coinage OF ST 'er,
the longer will il he before limitation is
adopted by other commercial nations.
| Although the United states are the lar
geSt ilver-prOducing country III the
! world, an |, therefore, have deep III
tcreSt in its value, it would be wiser for u
, to demOuetiZc itthan to continue to com
Il. | am not sure, contradictory as IL
may seem, that the most effective way
! of appreciating silver would not be Tor
the United States to dcmOnetiZe ii. We
are, or mt least we have the means of be-
! inc. n creditor Nation. We have less
! silver than the commercial nations on
the other side of the Atlantic, and are
better able than they to stand the loss
which would be incurred by its further
L Al "a