The Middlebury register and Addison County journal. [volume] (Middlebury, Vt.) 1883-1885, 1885-12-18

have upon the question. But it is perfectly
apparent that n line of action in regard to our
currency cannot wisely be settled upon or per-
sisted in, without considering the attitude
ON the subject of other countries
with whom we maintain inter
course through commerce, trade,
and travel. An acknowledgment of this fact
is found in the act by virtue of which our sill
yer is compulsorily coined. 1t provides that
"the President shall invite the governments
of the countries composing the Latin Union,
so called, and of such other European nations
as he may deem advisable, to join the United
States in conference to adopt Il common ratio
between gold and silver for the purpose of
establishing internationally the use of bi-me-
tallic money and securing hXity of relative
value between these metals"
This conference absolutely failed, and
similar fate has awaited all subsequent efforts
in the same direction. And still we continue
our coinage of silver at ratio different from
that of any other nation. The most vital
part of the silver-coinage act remains lnopera-
tive and unexecuted, and, without an ally or
friend, we battle upon the silver field i'll an
illogical and losing contest,
To give full effect of the design of Congress
on this subject | have made careful and
earnest endcavOr since the adjournment of
the last Congress To this end delegated a
gentleman well instructed in fiscal science, to
proceed to the financial centers of Europe,
and, in conjunction with our ministers to
England France and Germany, to obtain
full knowledge of the attitude and intent of
those governments in respect of the estab-
lishment of such an international ratio as
would procure free coinage of both metals at
the mintS of those countries and our own.
BY my direction our consul-general at Paris
has given close attention TO the proceedings
of the Congress of the Latin Union, in order
to indicate our interest in its objects and re
port its action.
1t may be said in brief rs the result of
these efforts, that the attitude of the leading
powers remains substantially unchanged since
the monetary conference of lSNl, nor is it to
be questioned that the views of these govern
mcnts are in each instance supported by the
weight of public opinion The steps thus
taken have therefore only more fully demon
stratcd the useleSSncss of further attempts at
present to arrive at any agreement on the
subject with other nations.
In the meantime we are accommodating sill
yer coin, based upon our own peculiar ratio,
to such an extent and assuming so heavy
burden to he provided for in any information
al negotiations, as will render us an undesira-
bic party to any future monetary conference
of nations.
1t is a significant fact that four of the five
countries composing the Latin Union men
toned in our coinage act, embarrassed with
their silver currency, have just completed an
agreement among themselves, that no more
silver shall be coined by their respective gov
ernmentS, and that such as has been already
coined and in circulation shall he redeemed
in gold by the country of its coinage. The
resort to this eXpcdlent 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. ali the silver we may coin under
the provision of our silver coinage act
The condition in which our treasury m9y
be placed by persistence in our present
course. is n matter of concern to every patti
otto citizen who does not desire his govern
mrnt to pay in silver such of its obligation.
as should be paid in gold. Nor should our
condition be such as to oblige us, in a prudent
management of our affairs to discontinue
the calling in and payment of intereSt-bear-
ing obligations, which we have the right now
to discharge and thus avoid the payment of
further interest thereon
The so-called debtor class for whose benef-
the continued compulsory coinage of silver is
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 the country, in order that they may cancel
their present debts by paying the same i'll de-
preciatDd dollars. Nor should it be forgotten
that it is not the rich nor the money-lender
alone that must submit to such a read just
mcnt enforced by the government and their
debtors. The pttance of the widow and the
orphan and the incomes of helpless bene
ticial'ieS of all kinds would be diSas
truuSly reduced The depositors in savings
banks and in other institutions which hold in
trust the savings of the poor, when their little
accommodations are scaled down to meet the
new order of things, would, in their distress,
painfully realize the dcusion of the promise
made to them that plentiful money would i'm
prove their condition.
We have now ON hand all the silver dollars
necessary to supply the present needs of the
people and to satisfy those who from Sent-
mcnt wish to see them in circulation; and if
their coinage is suspended they can be readily
obtained by all who desire them. If the need
of more is at any time apparent their coinage
NAV be renewed.
That disaster has not already overtaken us
furnishes no proof that danger does not wait
upon a continuation of the present silver
coinage. We have been saved by the most
careful management and unusual eXpedients,
by a combination of fortunate conditions, and
by a confident expectation that the course Of
the government in regard to silver coinage
would be speedily changed by the action of
Congress
Prosperity hestates upon our threshold be-
cause of the dangers and uncertainties sur
rounding this question. Capital tlmidly
shrinks from trade, and investors are I'M
willing 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 manage
meIft do not protect.
] As a necessary consequence labor lacks EN-
! ployment, and suffering and distress are Wis
/ tied upon portion of our felow-citizens
/ especially entitled to the careful consideration
of those charged with the duties of legisla-
lation. No interest appeals to us so strongly
for a safe and stable currency as the vast
army of unemployed.
: l recommend the suspension of the COM
pulSory coinage of silver dollars directed by
the law passed in February, 1875
THE WAR DEPARTMENT.
The report of the secretary of war is here
. with submitted. The attention of Congress is
invited to the detailed account which it con
tans of the administration of his department,
and his recommendations and suggestions for
the Improvement of the service.
THE NAVY.
The report of the secretary of the navy
gives a history of the operations of his depart
ment and the present condition of the work
/ committed to his charge.
He details in full the course pursued by hin
to protect the rights of the government in re
spcct of certain vessels unfinished at the time
Of his accession to office, and also concerning
the despatch boat Dolphin, claimed to be
completed and awaiting the acceptance
of the department No one can fai
to see from recitals contained in thi,
report that only the application of business
DriuciDlpS has been insisted uDOn in the trent