The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-08-14
THE HERALD DALLAS TEXAS, THURSDAY AUGUST A. 1884.

LAS, TEXAS. THURSl
them currency, and because the power
of Congress TO authorize the issue of
such notes is now established. The eX-
listing legal tender notes are popular
with the people, so popular that if the
notes of the banks should be retired,
there would be an irresistible demand
for further, if not unlimited, issues. The
average voters will not be likely to UNI
derstand, until the experiment has been
tried and proved to be disastrous, why
their Representatives in Congress should
not be able to determine how much cur
rency the business of the country re-
quires. If they should fail in this re-
spect, they would be. promptly onlight-
ened by their constituents, to whose
demands there would be but small
resistance. What these demands are
likely to be, can be easily foreseen. At
q dinner which was given to Bayard
Taylor, Just before his departure, as
Minister to Berlin, when severe bust
ness depressions, which followed tho
financial crisis of 1873, prevailed
throughout the country, sat beside one
OF the most respectable and intelligent
leaders of the Greenback party, and |
was amazed when he asserted "that this
d preston was caused by contraction Of
the currency, and that nothing could
restore former prosperity except I'm
emission of at least two thousand mi
| ons of dollars in United States notes,
wl!ch were then greatly depreciated.'
IL Is not dllllCult TO correctly predict
what Will he the financial condition Of
DO t1f tsXy ,t1 ,n # a.
tlunal Banks arc Withdrawn from cirCu-
lation, and the existing restriction upon
The issue OF United States notes is re-
moved There will be Just what | pre-
dlctcd in October, 1865, another "perlOd
of hollow and seductive prosperity, to
be followed by widespread disaster
Othcr nations have reslftcd to the issue
oi government notes when bankruptod
by war or extravaganza History in
forms us of the result. Whether the re-
suit will be different when the notes are
issued by Il Government Of Astounding
resources and with a full treasury, will
DE ascertainod when our National Bank
ing system shall be numbered among
the things that have been.
There is another question of present
ana more pressing interest that will,
doubtless, receive the attention of the
THE LIVER q EsrIaN.
Until 1879, when it became my duty TO
give the subject more careful eNamina-
II than had done, was mono metal
lst since then | have been bi-mGtalist,
and have by observation and reflection
Income stronger and stronger in my
new faith. Mr.. Hamilton was right when
ne said in his mastery report of 1892:
pom the whole, il seems to me most
desirable not TO attach the unit TO either
metal, because this cannot be done with
out eiiectually destroying the character
OF one of them as money, and so reduce
1t to the character of mere merchandise.
TO annul the use of either of the metals
rs money is to abridge the quantity of
circulating medium, and is liable to all
the objections which arise from the
comparison of the benefits of a full with
the evils Of scanty circulation" The
world is not and probably never will be,
in condition to dispense with the use
of gold or silver as a standard of value
aud circulating medium. Both are in
dlSpcnSable and neither can be reduced
IN comparative value by artificial means
below the other without prejudice to To-
cal and international trade, nor without
increasing the burden of debts by de.
crcasing the amount of metallic money
(Which is the only real money of the
worldl in circulation. AS every dollar
OF gold and silver in existence has cost
III labor and machinery more than its
standard value, neither can be
appreciated except by artili-
prcciated in comparison with gold, not
by natural causes, but by the action of
European nations. 4 few years ago
gold, by the large productions of the
United States and Australia, was dcpre-
ciatod i'm comparative value with silver.
This being the result OF natural causes
the difference i'm 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, hut of the action of
Germany in demonotizing it and the re-
striction of its coinage by the Latin ma
tons. Had not these causes been at
work the depreciation of silver, which
Is now disturbing the financial condi-
ton of the world, would not have uc-
Cured. The Congress of the United
States acted wisely in monet2ing
silver. The only mistake it then made
was In not adopting the French stand
ard. But while Congress acted wisely
in making silver standard with gold,
IL has acted most unWisely in cOntin-
uiug the coinage of it in the face of the
action of European nations. By doing
50 IL is making the United States the
pack horse of silver, which the action
of these nations has deprecated. As
soon rs it was discovered that Europp
would not Join the United States i'm
their efforts To restore silver to ITS for
Z al. o. Hi
coinage of silver should have been
stopped. BY continuing TO act indie
peudcntly we are playing into the hands
of rival powers-wc are throwing upon
our own country the burden of MAIN
tanning to a large extent even the pres
cut market value of silver. The longer
we continue the free coinage of silver,
the longer will IL he before limitation is
adopted by other commercial nations.
Although the United states are the lar
gest silvcr-producing country in the
world, and, therefore, have dccp in
tercSt in its valued would he wiser for us
to demOnetize it than TO continue to coin
II. am not sure, contradictory rs il
may seem, that the most effective way
of appreciating silver would not bp for
the United states to demunctiZe It, We
are, or at least we have the means of he
D
| silver than the commercial nations on
the other side of the Atlantic, and are
/ bettor able than they to stand the loss
/ which would be incurred 10y its further
/ depreciation. In the increased scrabble
/ for gold which would follow such action
/ ON our part, we should not be the chief
| SuaOrer
| There is another consideration in re-.
/ gard To continuing the silver coinage, of
| pressing interest, If not Of vital import
ance. by continuing to coin il we are
not increasing to any considerable eN,
/ tent tine amount ofmotallic money in cir.
culation. We are filling the treasury
with dollars for which there is no dc
mand. Instead of increasing the circu.
lang medium, we are doing what mus
eventually produce some contraction
i Unless our policy is changed the GOV.
eminent win, ere long, bc compelled {,
pay a part, ifnot the whole, of the intpr