The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1885-12-17


the deposits of their customers may
pay them with silver bought with such
gold, thus making a handsome profit
rtch speeulatOrs will sell their boarded
GOLD to their neighbors who need it to
lIuuidate their foreign debts at q ruin
Gus premium over silver, and the la
boring men and women of the land,
most defenseless OF all, will find that
the dollar received for the wage of
their toll has sadly shrunk in its pur-
chasing power.
1t may be said that the latter result |
will be but temporary, and that ulti-
mately the price of labor will be ad-
justed to- the change, but if this takes
place the wage worker cannot posi-
bly, gain but must inevitably lose,
since the price he is compelled to pay
for his living will not only be measur-
ed in a coin heavily deprecated aud
fluctuating and uncertain in the value
of the purchasing medium will be
made the pretext for an advance in
prices beyond that justified by actual
depreciation. i
Those who do not fear any disas-
trous consequences arising from the
continued compulsory coinage of sill
yer and who suppose that the addition
to the currency Intended as its result
will be public benefit are reminded
by the president that history demon
strates 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 will cease
to be in general circulation. So that
if silver coinage by continued we may
reasonably expect that gold and lis
equivalent will abandon the field of
| III Il ~ Silxar otnna. onH this
must produce a severe contraction of
the currency instead of add NJ to it.
The fact that after special efforts by
the secretary of the treasury to in
crease silver circulation. large share
of the limited amount put out has
soon returned to the treasury in the
! payment of Duties. Leads to the belief
that -the~peopfe- do not now desire to
! keep it on hand, and this, with the
evident disposition to hoard gold, give
rise to the suspicion that there already
ex ists a lack of confidence among the
people touching our financial pro-
! ceSseS.
There is certainly net enough silver
| now in circulation to cause uneaslness;
and the whole amount coined and on
hand, might after time be absorbed
by the people without apprehension,
| DuL IL Is IIO CSdSSlSSS Jllat
threatens to overthrow the land which
causes fear and uncertainty.
| Leaving considerations of home
nature in the discussion of this subject
the president says a liue of action in
regard to our currency cauhot be wise
ly settled upon or persisted in without
considering the attitude of the subject
of other countries With whom We
maintain commercial relations. The
| attitude of the leading powers remains
substantially unchanged since the
monetary conference of 1881, and the
steps already taken to secure the adop-
ZION of common international ratio
between gold and silver, demonstrate
the uselessness of further attempts at
present To arrive at any future none
tary conference of natious.
Returning to discussion OF the
question at home, the president says
we have now Oh hand all the silver
dollars necessary tosupply the present
needs of the people and to satisfy those
who from senti ment wish to see them
in circulation. If their coinage is sus-
pended they can be readily obtained
by all who desire if the need of more
is at any time apparent coinage can be
renewed. The president discusses the
silver question exhaustively devotiDg
more space to it than to any other sub
ject in his message, and closes dis
cussion with the following words:
THAT disaster has not already over.
taken US furnishes no proof that dan.
ger does not wait upon continuation
of the present silver coinage. We
have been saved 10y the most careful
management t and unusual expedients,
but continuation of fortunate cOndi-
tions and by confident expectation
that the course of the government in
regard to silver coinage would be
speedily changed by the action of con
gress. Prosperity hesiLates upon oul
threshold because of the dangers and
uncertainties surrounding this ques-
ton. Capital timidly shrinks from
trade and investors are unwilling to
take the chance of the questionable
shape in which their money Will be
returned to them, while enterprise
halts at risk against which care and
sagacious management do not protect
las necessary consequence labor
lacks employment, and suffering and
distress are visited upon a portion OF
our fellow citizens especially entitled
to the ca. eful consideration of those
charged with the duties of legislation
No interest appeals to us so strongly
for safe and staple currency as the
vast army of the unemt loyed."
Reviewing the report of the secreta
ry of war, the president recommends
reform in court martial proceedings. a
remedy to the present defenseless con-
dition of our sea coasts and.a law pro
hibiting the construction of bridges
over navigable rivers in such man
ner as to obstruet navigation.
10, ,Ni,,S -. -
aut to a nation like ours, having an
extended sea coast 10 protect, he ex
presses the hope that the day is no!
far distant when we will have a navy
gu, h as BELTS our standing among na.
tiops but before we proceed further
in the restoration OF the navy We need
a thoroughly reorganized navy de
partment. If We desire to build ships
for prt sent usefulness instead of naval
reminders of days that are past we
must have department organized fol
work. He earnestly cOmmends The
portion of Secretary W-hituey's report
devoted to this subject to the attention
of congress, in the hope that his sug
gestions touching the reorganization
of the navy department may be adopt
ed as the first step toward the recon.
struction of our navy.
OF postal affairs lie says that the In.
terpreted and natural revival of postal
revenues has been oppressed aud re-
tarded hy the unfavorable business
condition of the country, of which the
postal service is faithful indicator
The gratifying fact is shown, however,
by the report of the postmaster general
that our returning prosperity is mark
ed by gain of $500 900 in the lsttel
half of the past year over the cores
ponding period of the predicting year
and he confidently expects that after
short period of reawakened prosper
ity, by proper economy, even the
present low rates, now as prosperous
as any country affords, will be ade'
quate to sustain the cost of the service
OF ocean subsidies he thinks that Il
such gifts of the public money are to
be made for the purpose of aiding any
enterprise in the supposed interest Of
the public, the amount to be paid and
the beneficiary should be determined
, by congress
| 4, l..