The silver state. [volume] (Unionville, Nev.) 1870-1903, 1885-12-10

sorts of money OF different grades of ex-
cellency, when the better will cease to
be in circulation. The boarding OF
gold, which has already taken place,
indicates that we shall not escape the
usual experience in such cases. So if
this silver coinage be continued we may
reasonably expect that gold and its
equivalent will abandon the field of cir
culation to silver alone. This, OF
course, must produce a severe contrac.
ton of our circulating medium instead
of adding to it. 1t will not be disputed
that any attempt on the part OF the
Government, to cause the circulation OF
silver dollars, worth Sc cents, side by
side with gold dollars, worth 100 cents
even with the limit that legislation
does not run contrary to the laws OF
trade-to be successful must be Sec
onded by the confidence of the people
that both coins will retain the same
purchasing power, and be interchange
able at will.
A special effort has been made by the
Secretary Of the Treasury to increase
the amount of our silver coin in circu
lation, but the fact that large share of
the limited amount thus put out has
soon returned to the public Treasury.
in payment Of duties, leads to the be-
lief that the people do not desire to
| keep it in hand, and this, with the
evident
| DISPOSITION TO HOARD GOLD,
1 Gives rise to the suspicion that there
| already exists q lack of confidence
among the people touching our fnan-
cial processes.
There is certainly not enough silver
now in circulation to cause uneasiness,
and the whole amount coined and now
on hand might, after time, be alb
sorbed by the people without apprehen-
| sion. Bat il ls the ceaseless stream
| that threatens to overflow the land that
causes fear and uncertainty.
Whatahas been thus far submitted
upon this-sabject relates almost entirely
to oonssd erstions of home nature, un-
connected, with the bearing which the
policies of other nations have upon the
question. Bot it is perfectly apparent
that line, Of action in regard to our
currency cannot wisely be settled upon,
or persisted ia, without considering the
altitude on, the subject of other coun.
tries with whom we maintain later.
course through commerce, trade aad
travel. Acknowledgements OF this is
fonnd IN the Act by virtue of which
our silver is compulsory coined. 1t
provides that the President shall invite
the Governments of the countries COM
posing the Latin Union, 90 called, and
of such other Eseopean nations as he
may deem advisable, to join the United
States in a conference to adopt COM
mon ratio betwseR gold and silver, for
the purpose of establishing information
ally the use of 'bi.metallic money, and
securing fixity OF the relative value
between these metals.
THIS oONFERRScE FAILED,
and a similar fate has awaited all sub.
seauent efforts in the same direction /;
| and still we continue our coinage of sill
! yer at rate different from that of any
other nation. The most vital part of the
Silver Coinage Act remains imperative
md unexecuted, and without an ally or
friend. We battle upon the silver field
in an illogical and losing contest
kftO iutt CIlcCt W lHC ucSlRu Vi
Congress on this subject have made a
careful aud earnest endeasor since the
adjournment of the last Congress. To
this end l delegated gentleman well in-
structed in fiscal science to proceed to
the financial centers of Europe, and in
conjunction with our Ministers to Fog.
land, France and Germany, to obtain
full knowledge of the attitute and in
teot of these governments respecting the
establishment of such an international
rsoio as would procure the free coinage
OF. both metals at the MINIS of these
co1Ekries aud our own. By my direc.
tion eur Consul General at Paris has
given close attention to the proceedings
of the Congress of the Latin Union, in
order do indicate our interests in its
objects and report its actions. It may
be saide1o brief, as the result of these
efforts, that the attitude of the leading
powers remains substantially unchanged
since the monetary conference Of 1881;
nor 10 it ITO be questioned that the
views OF these Governments are
in each Instance separated by the
weight of public opinion. The steps
thus taken have therefore only
more fully demonstrated the uselessness
az further attempt at present to arrive
at any agreement on the subject with
other nations. an the meantime we
are accommodating silver coin, based
upon our own peculiar ratio, to such an
extent. and assuming so heavy burden
to be provided for in any International
negotiations, as will render us an unde-