Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-12-04

slLvEs CeINAGR.


The Secretary Of the Treasury has
this to say conserving the subject Of
silver coinage:
SILVIA COINAGE.
Regarding silver coinage, he saws;
After giving the subject careful oonsid-
Grafton l have been forced to the con-
clusion that unless both the coinage Of
silver dollars and the issue Of silver
certificates are suspended, there IL dan
COR shat silver, and not gold, may be-
come our metallic standard. This dan
ger may not be imminent, but IL 10 Of 60
ssrioos character that there ought not
to be delay in providing against il. Not
only would ocr national credit be se.
riouely impaired II the Government
should be under necessity Of using silver
dollars or certificates In payment Of
gold obligations, but business of all
kinds would be greatly disturbed. Net
only %, but gold would at once
cease 70 be the circulating medium, and
severe contraction would result. The
United States 10 one Of the most power
fui Of nations. Its credit is hiah. its
resources iimitless; bat IL cannot pre-
vent depreciation Of silver, unless its
efforts are aided by the leading nations
of Europe. II the coinage of silver Ia
continued In spite of the action Of Ger
many In demonctizing il. and the limita.
ton of It's coinage by what are known
as the Latin nations. there can be but
one resalt-silver will practically be-
come the standard of value. Oar mines
produce large amounts of silver, and IL
Is important therefore that there should
be good demand for Ut. at remunera-
tive prices for the outlay In obtaining IL.
EFFECT OF SUSPENSION.
The 81 pension of It's coinage might
depress the market prise Of silver for q
time, bat the ultimate eject would
doubtless be to enhance IL. The metal
which Oriental nations and some West
eru nations nee exclusively for coin,
and all nations to some extent, which
costs in labor and capital required to
extract it from the mines more than its
standard value AZ coin, cannot be per-
manently degraded by artificial means.
The production Of gold Is diminishing
that OF silver has practically reached its
maximum; and there are strong indica-
tons that from this time the yield of
both gold and silver mines will speedily
decline. At the same time the
demand for both, for coinage
and In manufactures, will increase; the
very necessities Of the commercial
world, will prevent general and con-
tinued disuse of either as money. The
European nations, which hold large
amounts of silver, must sooner or later
come 10 its rescue. and the Suspension
of coinage in the United States would
do much to bring about on their part
action in its favor. But whatever
might be the effect of the suspension of
coinage upon the commercial value Of
silver. it is very clear that coinage can
not be continued without detriment to
general business, and danger to Nation
al credit.
COINAGE STATISTICS.
The coiDaQe OF silver dollars under
the Act of February %. 1878, has now
reached the very large amount OF 1884,
730, SO, being an increase OF y, 009. $50
for the year ending Nov. l, 1894. The
amount of these dollars in actual cir
oulation Ia II. $40, 736. The increase in
circulation for the year has OILY been
!, 80. 3i6. against an increase Of 4, l3S ,32l
for the previous yer. These figures
themselves are an insuperable argu-
ment against the continued coinage Of
silver dollars.
The Treasury would be relieved In q
measure from the burden of silver nov
held In the Treasury by withdrawal from
circulation of one and tvo dollar notes.
This would not be gain to the Treas
ury, bat would be gain 20 the country
by increasing the amount of silver in
circulation. The amount Of one dollar
notes in circulation is SO, 763. 097, and
the amount of two dollar notes in circu
latioa Is 81, 77s, 73s. Congress would, I
thiuk. act wisely In putting an end to
their circulation. Nor do hesitate TO
express the opinion that the country
would be benefited II all the
ave dollar notes should be grad
uaIly retired, and the coin
age of half and quarter dellars should
be increased. II this should be done,
the circulating medium OF the United
States below ten dollars would be silver
and gold. and We should be following
the example of France. in which there
is an Immense circulation of silver
coin. The Substitution ct gold and sil-
yer for small notes would be productive
of some insonvenienoe. bat this would
be temporary only. If the hve-doilai
notes should be Withdrawn. The Treasury
would be relieved OF the burden Of
silver in its vaults, and Is would not b<
long before the coinage Of silver might
be resumed.