The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1884-09-03
eAarirnHnral.
t. II. HosKINs. Newport. VT. Editor.
"Crazes" and "Scares."

Everybody who reads the papers has
heard of the silver craze" which means
the determination of the American people
not to have an exclusively gold coinage as
specie basis. Lately the anti.silver
presses have been trying to make the peo-
pie believe that the wolves are really COM
ing this time, basing their prediction on
small decline, much exaggerated, of the
gold reserve of the national treasury. But
the people did not scare worth cent"
and now the Springfield Republican tells
US "The silver scare is over, though the
treasury has resorted to the temporary ex-
pedient of paying half of its weekly clear
ing-house balance in New York with
greenbscks, which are of course redeem
able in gold by the holder. 1t is now as
serted that the government holds from
$40,000,0OO to $50,0OO,O0O more gold than
is necessary to meet the requirements of
the reserve and beside this over 49,.
100000 gold has arrived in this country
from Europe during the past two weeks"
The truth is that, as there has never
been any "crsze," but merely sensible
and firm determination not to abandon
bi-netallic silver currency at the dictation
of the money spectators, so there has
been no "scare." "The silver scare is
over" merely means that the attempt to
get up scare was failure. The coinage
of about forty cents per head of popula-
ton, annually, in silver dollars, (reduced
nearly one-half by loss, wear, and use for
other purposes), will neither harm nor
scare anybody. 1t is curious, and very
discreditable to the country press through
out the nation, that it follows the lead of,
the city organs on all financial questions
with no independent study or intelligent
appreciation of the subj set, and apparently
no knowledge of the fact that the city
press, is on these questions, simply the Or
gan of the moneyed interest. Take our
really very small coinage of silver dollars,
1.-TWO millions month";, and little reHec-
tion ought to teach anybody that it will
be long time, if ever, before any harm
can result from it on account of redun-
dancy of this kind of specie. AS we have
just said, it amounts only to about forty
cents head, or two dollars family "a
mere newspaper subscription), annually.
The loss by wear is not very large, but
there is considerable loss of coin in va.
rious ways, often in large sums by the
sinking of vessels, in burnt buildings, ETC.,
etc. A very considerable quantity disap-
pears, much of which is permanently lost,
by the habit amongst poor people, in sec.
tions where there are no savings.banks, of
burying coin. This is very common among
both whites and blacks in the South, and
death frequently leaves such places of de.
post unknown to the survivors. Another
way in which considerable quantity of
silver disappears is by its use for various
mechanical and chemical purposes. The
large manufacturers, of course, use bull
lion, as cheaper than coin, but all over the
country, in small jewelry shops, galvan-
izing shops, and for various petty work,
the silver dollars, being handy, are made
to supply what is wanted. In this way
much silver is permanently absorbed and
lost.
The great loss in the South and West,
of both gold and silver by burying would
quickly be stopped by the institution of
post-offioe savings-banks, which all the
great financial interests so determinedly
oppose in congress. This alone ought to
satisfy the country press that it would be
wise for them to cut loose from city leader
ship on financial questions, for that lead
ership is simply the dictate of the grossest
self 3hness.