Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1885-12-09

pdreu WIN tue amount the Law permits
them to issue upon n deposit of bonds
Tor redemption, indicates that the value
OF our circulating medium may be largely
increased through this lnstrumentality.
Nothing more important than the present
condition of our currency and coinage
Gun claim attention. Since February.
1878, the government has, under com.
pulsorp provisions OF law, purchased siI.
yer bullion and coined the same at the rate
Of more than 50 600, 600 every month. BY
this process, up 70 The present datc, S2i5,-
759,4 35 silver dollars have been coined
Sheet 30
The necessity for such an addition to the
silver currency OF the nation as is COM
PEELED by the silver coinage act Is mega.
lived By the fact that up to the present
time only about fifty million of the silver
dollars coined have actually found their
way into circulation, leaving more than
one hundred aud siXty-fiye millions in the
hands of the government, the custody OF
which has entailed considerable
expense for the construction of
vaults for its deposit Against this
latter amount there are outstanding
silver certificates Of about s93 ,000,0 900 !
Sheet on
Every month 100000 of gold in the
public treasury are paid out for s., 000,-
900 or more OF silver dollars to be added |
to the idle mass already accumulated. II
continued long enough this operation will |
result in the substitution OF silver for /
all the gold the government owns applica- |
bic to It's general purposes. It will not |
do to rely on the customs receipts of the |
government to the silver thus coined /
having been made legal tender for all |
dcbis and all dues, public and private, at |
AL times. During the last six months 50 |
per cent. OF the receipts for duties have |
been in silver or silver certificates, |
while the average OF gold within |
that period has been 20 per cent. |
Sheet 90
The proportion of silver and its certin- |
Gates received by the government will |
probably increase as time goes ON for the |
reason that the nearer the period APP !
proaches when it will be obliged TO offer |
silyerin the place of obligations, the great |
er induccment there will be TO hoard gold !
against depreciation in the value of silver |
or for the purpose of specializing This |
boarding OF gold has already begun. |
When the time comes that gold has been |
Withdrawn from circulation, then there |
will be an apparent difference be-
tween the real value of Sill |
yer dollar and dollar in gold, |
and the two coins will part company. l.,
Shhet 80
Gold Is still the standard of value, and is !
necessary in our dealings with other
countries and will be at a premium over
silver. The banks which have substi-
tuted gold for the deposits of their Gus
toners may pay them with silver bought |
with such gold, thus making handsome |
Npf sol hot
boarded gold TO their neighbors who need |
1T to liquidate their foreign debts at a .
ruinous premium over silver, and the la
boring men and women of the land, most |
detensel4ss Of all, Will find that the dollar
RECEIVED for wages for their toll has
sadly shrunk in its purchasing power
sheet "a
1t may be said that the latter result viii |
be but temporary, and that ultimately the .
price OF labor will be adjusted to the |
change, but, even if this take place, the !
wage-worker cannot possibly lose, since |
the price he is compelled to pay for his |
living Will not only be measured ina coin |
deprecated and fuctuating and uncertain |
in its value, but this uncertainty in the |
value of the purchasing medium
viii be made the preteXt for
an advance in prices beyond that |
justified by the actual depreciation.
Sheet %
The words uttered IN 1884 by Daniel Web |
ster in the senate of the United States
are true to-day: "The very man of all |
others who has the deepest interest in
sound currency, and who suffers by mis-
chievous legislation in money matters. is
the man who earns his daily bread by his
daily toll"
l,g III III. ..
metallsm, discussing our silver coinage,
has lately written: "No American citi-
zcn's hand has yet felt the sensation of
cheapuess, either in receiving or ex-
pending the silver act dollars,
Sheet 9G
and those who live by labor or legitimate
trade never will feel that sensation of
cheapness. However plenty silver dollars
may become they win not be distributed
as general among the people, and il the
la5oring man should receive four depre-
ciated dollars where he now receives but
Two, he will pay in their deprecated coin
more than double the price he now pays
1orall the necessaries and comforts of lifen
Sheet97
These who do not fear any disastrous
consequences arising from the continued
compulsory coinage of silver as now di-
rected by law, and who suppose that the
addition TO the currency of the
country intended as its result. win
DE public benefit, are reminded that the
point is easily reached in the attempt to
float at the same time two sorts OF money
OF different excellence, when the better
VIII cease to be in circulation. The hoard
ing of gold, which has already taken
place, indicates that we shall not escape
The usual experience in such cases.
Sheet 9S
so II this silver coinage be continued we
may reasonably expect gold and it's
equivalent will abandon the field of cir
culation to silver alone. This, of course
must produce severe contraction of orr
medium instead of adding to
H. IL viii not be disputed that apy at.
tempt on the part of the government TO
cause the circulation of silver dollar
worth so cents side by side with a cold
uoilar worth loo cents must be secured bv
lhe confidence Of the people that both
CONS may retain the same purchasing
Powerand not become changeable at wllI
Sheet lOl
An acknowledgment of this fact is found
IN the act by virtue OF which our silver IL
oohpplSOrlly coined 1t provides that
toc president shall invite the governments
81 the countries composing the Latin
mon, so called, and of such other Euro.
tt0n nations AS he may deeD, .,,t,;s,t,t-