National Republican., 1885-10-01

extreme and sudden changes In the volume
or quality Of the currency of n country are
evils, and the introduction Of deprecated
currency is n wrong, unless an imperative
necessity exists BY such policy property
Is transferred from one class Of persons 10
another without the consent and often
without the knowledge Of the parties as to
time and place.
some advantages. however, are incidents
Of the coinage Of silver. There can be no
general suspension Of specie payments by
the banks; the rate Of interest has been
lowered, and the recent depression In hus-
incss has been less disastrous than 1t other
wise would have been. On the other hand
all evidences Of rights Of property, repre-
senting specific sums In dollars, have been
diminished In value The debtor class has
gained; the crditOr class has lost, and thus
an act of injury has been committed by the
government, when controlling public ne
cessity did not exist.
RELIEF or REMEDY.
Two propositions of relief or remedy are
submitted to the country. First the sus-
pension of the coinage of silver. The mmG-
dute effect Of this measure would he to
further deprccate the value Of silver, and
consequently to work serious injury to
the value Of the mining interests Of the cOun-
try, and IL would also impose fresh burden
upon the debtor Class-a class not AT all
benefited by the depreciation in silver or
not benefited to the same extent. Thus n
new wrong would he perpetrated. BY this
measure our condition in the present might
he even worse than II now Is, and the pros
pGct for the future even more discOuraging
| A reduction Of the coinage Of million dol
! lars month would limit the supply Ot
| silver coin without notice to the world that
a change Of policy had been made.
! The second suggestion Is, that the govern
ment should receive silver bullion, and
issue certificates based either upon its
weight or upon its present market value,
| In either case the certificates, not bearing iu-
tercst, would enter into the circulation of
| the country, augment its volumes, create
| and foster unwhoesomc or unnecessary
business enterprise, and in the end produce
all the evils incident to deprecated cur
rency. This scheme had no advantage over
the existing syst9m, and its adoption would
he followed by many serious evils from
| which we are now free,
| 4 SUGGESTION.
For the present our metal currency must
| he silver, and venture Il suggestion as tO
its use practically First of all the attempt
to force the coin upon the public is an error,
and its success puts n burden upon the peo-
| pie which they ought not to carry. II II at
once more economical and less burdensOmC
tn keep the coin IN the stOrChOuses of the
country than to force IL into the pockets OF
the people. Bills Of the denominations OF
81, -, and 81 should be issued In quantitic.
adequate to the public wants, and In place
of bills of higher denominations to be can
celed Next, the government should re
ceive the silver dollars as they are offered IN
sums of not less than so, and issue ccriih
Gates therefor. Coin In large sums, whether
In silver or gold, can never he n convenient
or an economical medium of exchange
Finally, as to a public policy. If ",
were free to act and were to ChOOsi
between silver and gold, the prcfcrcuc,
would be for gold If other nations woulC
accept silver. But we are not now In
condition to choose our standard. W,
have made our choice and for the prescn
we must abide by IT, Resting IN the belle
that n bi-metaliC system Is the true sys
TEN, think the United States should max,
an effort, through vigorous diplomacy, :,
secure the union Of the silvcr-ising stat"
of Europe, of Mexico, and the states o
South America In support of the bi-mctalli
system. Such Il league might result, anl
probably would result, In advancing tn
price of silver, and IL would tend to brinj
all these countries into closer business rcla
tions, and so In the end compel England L
adopt policy compatible with the cqua
rights Of states and the prosperity Of tn
people in all states. A heavy busincs
pressure would be brought upon England
and that country might he compelled t
+ accept the system best adapted to promot
the welfare af mankind.