The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1884-12-05
THE MOVE AGAINST SILVER COINAGE.

among the most PROMINENT uUJcctstrcAt
In the Presidents message and In the report
of Secretary Mccullough, is the silver ques.
ton. There Is lying In the treasury vaults
Of the United States, constituting . large
part of that "surplus" which gave Hendricks
and 90 many other Democrats the bulk OF
their campaign arguments against the Re-
publican party, $l43, 4o4 ,093 in silver coin.
The increase by coinage In the year ending
November /, 1884, was SOS, 0O9, $50, and the
increase Of circulation only 81, 260, $40, show
ing that more than twenty were coined
where one went into circulation. The year
preceding over four million dollars had gone
into circulation, and the view Is taken that
The demand for these coins has been practi-
caly supplied, while under the coinage acts
the creation Of this coin will continue aud
the surplus In the treasury inevitably Increase
unless some means can be devised Of crea-
ting foreign demand for them and of caus
ing their absorption into commerce as cir
culating medium, instead Of through the
issue Of certificates, causing an increased
accumulation Of silver in the vaults and
supplanting the use Of gold with silver GER
tificstes, which would seriously disturb Gem
merce and impair the National credit. This
Is matter that very seriously effects Mon
tans, and although great deal of considera-
ton appears to be bestowed upon the effect
It will have on the silver producing regions,
and 1t Is argued that ultimate good will
come Of the immediate depression, we ap-
prehend that legislation adverse to the silver
mining interests OF Montana, with other
communities, will result Secretary Nc
Cullough says:
After giving the subject careful considera-
ton, ] have been forced TO the conclusion
that, unless the coinage of silver dollars and
the issue of silver certificates is suspended,
there is danger that silver and not gold, may
become our metallic standard. The danger
may not be imminent, but IL Is of so serious
a character that there ought not to be any
delay In providing against It, Not only
would the national credit be seriously i'm
paired IL the government should be under
the necessity Of using silver dollars or certi-
fcates in the payment of gold certificates,
but business Of all kinds would be greatly
disturbed; not only so, but gold would at
once cease TO be circulating medium, and
The United States Is one of the most power
full of nations. Its credit is high, its resour-
ces unlimited, but 10 cannot prevent depre-
citation Of silver unless its efforts are aided
by the leading nations OF Europe. III the
coinage Of silver Is continued In spite of the
action Of Germany denonetizing 1t, and the
limitation of its coinage by what are known |
as the Latin nations, there can be but one |
result-silver will practically become the |
standard OF value. Our mines produce large |
Ia sas sl...~
fore, that there should be a good demand at |
prices for the OUTLAWS in OBJ |
tanning it. The suspension OF its coinage |
might depress the market price Of silver for |
a time, but the ultimate effect would doubt
less be to enhance 1t. The metal which ORR
entail nations and some Western nations use
exclusively for coin-and all nations to some
costs, in the LABOR and capital
to extract IL from the mines more
than its standard value as coin, cannot be
degraded by artificial means.
The production of gold is diminishing that
mum, and there are strong indications that
from this time the yield of both gold and sill
yer mines will speedily decline. At the same
time the demand for both for coinage and in
will increase. The very nsces-
sites Of q commercial world will prevent a
general and continued disuse of either AZ
money. The European nations which hold
that large amounts Of silver must sooner or
later come to its rescue, and the suspension
Of coinage in the United States would do
is favor. But, whatever might be the effect
Df the suspension Of coinage upon the COM
nercial value Of silver, 10 Is very clear that
he coinage cannot be continued without
ietriment TO general business and danger to
he national credit.
These arguments, however faulty we
nay regard them, will undoubtedly be
Urged in Congress with q view to securing
he immediate suspension of silver coinage
md the issuance of silver certificates, while
Is q means of relieving the treasury of silver
low in the vaults, the Secretary recommends
hat all present outstanding one dollar and
wo dollar notes, amounting 10 about fifty
our million dollars, be withdrawn from cir
,ulation, compelling the use of silver to
arge extent In their stead. He even goes SO
ar as to suggest the gradual retirement of
III five dollar notes, and the coinage of half
md quarter eagles in their stead, so that
eventually all the circulating medium below
80 would be in coin. These measures
would not, however, help the silver produ-
ling regions materially, as 1t is proposed to
top the coinage Of silver, and the dollars
ent out to supercede the small bills would
merely be q portion Of the accumulation
low in the treasury. 1t Is true the President
uggests reciprocal relations being estab-
ished with the other countries of America,
which would increase the commercial trans
Ictions Of each, and that as some of them do
lot produce the noble metals, uniform cur
ency and vastly increased transactions might
esult In the demonstration Of silver and q
evival OF the industry; but even If that Is
there must be tedious lapse
'efore there would be . material rise in
alue. II Congress shall consider favorably
he suggestions made there will inevitably
10 q serious depression in the silver produ-
ing industry, and 1t will reach the laborer
8 well as the capitalist.