The Warner sun. (Warner, Brown Co., Dakota [S.D.]) 1885-1???, 1885-12-18

tuted gold tor the deposits OF their cnstomers
nay pay them with silver bought with sucb
golu, tnus making a handsome profit. Rich
SPECTATORS will sell their hoarded ypid - +Lea.
5eignpofs, who heed IL to liquidate their foreign
uepes, az Tuinous premiums over silver. and the
fanoaiu us men and women Of the land, most de-
sonseiess Oh all, VIII ind that the dollar received
ior the wages OF their toll has been sadly shrunk
Ia us purchasing power. II may be said that the
ihtGer result VIII be but temporary and that
ultimately the price of labor will he adjusted TO
the change, but even IL this takes place the wage
worker cannot possibly gain, but must ineyita-
eiy loose since the price he is compelled to pay
Ior MS living will not only be measured in q
coin heavily deprecated and fiuctnatin1 and
uncertain In It's value, but this uncertainty In
the value OF the purchasing medium will be
t nnn Sne PreteSt Tor an advance in prices be-
yond that Justified by actGal Depreciation. The
words uttered In 1884 by Daniel Webster, In the
senate OF the United States, are true to-day:
Inc very man OF ali others who has the deep
est interest In O sound currency, and who suffers
most from mischievous legislation in money
matters, Is the man who earns his daily bread by
his daily toll"
iisni, discussing our silver coinage, has lately
written: Nc American citizen had felt the SEN
satlon or cheapness, either In receiving or ex-
pending the silver act dollars" and those who
live by labor or legitimate trade. never will feel
that sensation OF ~cheapness. However plenty
silver dollars may become, they will not be dis
tributed as gifts among the people, and If the
laborlng man should receive four deprecated
dollars where he now receives but two, he will
pay In the deprecated coin more than double
the Price he now pays for all the necessaries
ana comforts OF life" Those who do not fear any
disastrous consequences arising from the cou-
tinued compulsory coinage of silver as now
directed by law, and who suppose that the
addition to the currency of the country. in
tended as its result, will be a public benefit, are
reminded that history demonstrates 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
circulation. The boarding of gold which has
already taken place indicates that we shall
not escape the usual experience in such cases.
So Ii this silver coinage be continued we may
reasonably expect that gold and It's equivalent
will abandon th9 field Of circulation to silvec
alone. This, of course, must produce q severe
contraction of our circulating medium instead
OF adding toit. IL will not b5 disputed that any
attempt on the part of the government to cause
the circula tion of silver dollars worth so cents
side by side with gold dollars worth 100 cents,
even with the limit that legislation does not run
counter to laws of trade, to be successful, must
be seconded by the confidence of the people that
both coins will retain their same purchasing
power and be interchangeable at Will. Special
effort has been made by the secretary OF the
treasury to increase the amount Of our silver
coin in circulation, but the fact that a large
share Of the limited amount thus put out has
soon returned to the public treasury in payment
of duties leads to the belief that the people do
not now desire to keep it in hand: and this. with
the evident disposition TO hoard gold. gives
riss TO the suspicion that there already
exists a lack of confidence among
the people touching our financial processes.
There is certainly not enough silver now In cir
culation TO cause uneasiness, and the whole
amount coined and now on hand might, after a
time. be absorbed by the people without appre-
hension. But it is the ceaseless stream that
threatens Co oyerf.w the land which causes fear
and uncertainty. What has been thus far sub
mitted upon this subject relates almost entirely
10 considerations Of a home nature, unconnected
with the bearing which the policies of other ma
tione have upon the question. But 1t is per-
fnctlu ay,yNapenf that "A line Of action I'm rn0Qrf RI
our currency cannot wisely be settled upon or
persisted N without considering the attitude OF
the subject OF other countries with whom we
maintain intercourse through trade
and travel. An Acknowledgements Of this fact
is found in the act BIZ virtue of which oar silver
is compulsorily coined. II provides:
~The president shall invite the governments OF
the countries comprising the Latin union, so
called, and OF such other European nations as
he may deem advisable. to join the United
States In a conference 60 adopt a common ratio
between gold and silver for the purpose of es-
tablishing internationally the use OF bimetaliic
money and securing fxity OF relative value be-
tween those metals.
This conference absolutely failed, and a sim
liar fate has awaited all subsequent offers in the
same direction. and still we continue our coin
age OF silver at a ratio different from that OF
any other nation The most vital port OF the
silver coinage act remains imperative and I'M
executed, and without an ally or friend. We
battle upon the silver field in an illogical and
losing contest. To give full effect to the design
OI COIlkIsE6 Ou Ihlc SuUJCOb Il i0N 1NO
and earnest endeavor since the adjournment of
the last congress-
REFERs TO MR.. MARBLE.
To this end / delegated a gentleman well In
structed in fiscal science to proceed to the imam
cial centers o. Europe, and In conjunction with
onr ministers to England, France and Germany,
to obtain a full knowledge OF the attitude and
intent of these governments in respect or the
establishment of such an international ratio as
would procure free coinage of both metals at the
minis of those countries and our own, BY my
direction our consul general at Paris has given
close attention to the proceedings of the con-
gress OF the Latin union in order 60 Indicate
our interest In its objects and report its action.
IL may be said in brief, as the result OF these
efforts, that the attitude OF the leading powers
remains substantially unchanged since the
monetary conference of 1881. nor Is 1t TO be
questioned that the views OF these govern.
ments are supported by the welght OF
pubii @ opinion. The views thus taken have
therefore only more fully demonstrated the USE
lessness of further attempts at present TO arrive
az any agreement on the subject, with other
nations. In the meantime we are accommodating
silver coin based upon our own peculiar ratio 10
such an extent, and assuming SO heavy a burden
TO be provided for in al " international negotla-
tions, as will render us an undesirable partxto
any future monetary conference or nations.
IT is a significant fact that four OF the live coun-
tries composing the Lat n union mentioned In
our coinage act. embarrassed with theH silver
currency. have Just completed an agreement
among themselves that no more silver shall De
coined by their respective governments, and that
such IS has been Already ColDcu duu ia ShSuA"
tion shall be redeemed in gold by the country of
its coinage. The resort TO this expedlent by
these countries may well arrest the attention OF
those who suppose that we can succeed wIthout
shock or injury IN the attempt to circulate upon
its merits all the silver we may coin under the
provisions of our silver coinage act. The condi-
ton in which our treasury may be placed by
a persistence in our present course - q matter
OF concern 70 every patriotic citizen VINO does
not desire his government to pay IN silver snen
OF its obligations as should be paid In gold. nor
should our condition be such as TO oblge US, IN
a prudent management OF our affairs, TO discon-
ttnue the calling in and payment OF interest
bearing obligations which we have the rignt
now to discharge, and thus avoid the
navment of further interest thereon.
The so-called debt or class. for whose benent
the contfaded compulsory coinage OF SILVER =
insisted upon. are not dishonest because they
are in debt. and they should not be suspected OF
a desire TO jeopardize the financial safety OF tne
conntry in order that they rnay cancer tneli
present debts by paying the same In depreci tIeo
dollars. Nor should it be forgotten that II Is no.
fhe rich nor the money lender alone that must
.nst - such reimbursement forced by the gov