The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1885-11-27

n ECdSOIdDlc dpDTcClALkOu u III u UetckaJlOQ OI
power to the general government would limit ita
exercise without express restrictive words to the
peoples needs and the requirements of the pub
lie welfare. Upon this theory the authority to
loan money" as given to congress by the cOn-
stitution. IL 1t permits the purchase by the gov
eminent of bullion for coinage in any event,
does not justify such purchase and coinage to
the extent beyond the amount needed for
snfficient circulating medium. The desire &c
utilize tho silver product OF tho country should
power. The necessity " for such an addition to
the silver currency OF the nation as Is COM
THE SILVER COINAGE ACT.
IL negatived by the fact that up to the present
time only about fifty millions of silver dollars
40 coined have actually found their way into cir
%cuiation, leaving more than $l65, DOC, 900 in pos
session of the government, the custody Of
which has entailed u considerable expense for
the construction OF vaults for its deposit.
Against this latter amount there are outstand-
ing silver certificates amounting to about $93,-
100000. Every month 50, 600 900 OF gold In
the public treasury are paid ont for 81, OOO, 600
or more Of silver dollars to be added to the idle
mass already accumulated. If continued long
enough this operation will result In the substi-
tuition Of silver for all the gold the government
owns applicable to its general purposes. 1t will
not do to rely upon tho customs receipts Of the
government Co make good this drain OF gold, be-
cause the silver coined having been made legal
tender for all debts and dues, public and pri-
vate, at times during the last six months. So
per cent OF the receipts for duties have been In
silver or silver certificates, while the average
within that period has been 20 per cent.
The proportion OF silver and its certificates re-
ceived by the government Will probably increase
IN time goes on, for the reason that the nearer
the period approaches when IL VIII be Obliged TO
offer silver in payment Of its obligations. the
greater induce ment there will be To hoard gold
against depreciation In the value OF silver and for
the purpose OF specniatimg; This hosrding OF
gold has already begun. When the time comes
that gold has been withdrawn from circulation,
then will bc apparent the difference between the
real value OF u silver dollar and q dollar In
yptn mud tho 4 un aninQ will mart nnTnnanV (tntH
still the standard Of value and necessary In
our dealings with other countries will be at q
premium over silver. Banks which have substi-
tuted gold for the deposits OF their customers.
may paw them with silver bought with such
gold, thus making n handsome profit. Rich
spectators will sell their boarded gold TO their
neighbOrs, who heed 1t to liquidate their foreign
debts, at ruinous premiums over silver, and tho
labortng mel and women of the land, most de-
fenseless OF all. will find that the dollar received
for the wages OF their toll has been sadly shrunk
In It's purchasing power. IL may be said that the
latter result will he 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, bu: must inevita-
bly, loose since the price he IL compelled to pay
for his living VIII not only be measured ina
uncertain In Its value, but this uncertainty in
the value Of the purchasing medium will be
yond that i%ustified by actual depraciation. The
words uttered In 1884 by Daniel Webster, In tho
senate Of the United States, are true to-day:
"Ine very man OF all Diners VINO mas Tie deep
est interest in a sound currency, and who suffers
most from miscellaneous legislation In money
matters. is the man who earns his daily bread by
his daily toll"
The most distinguished advocate OF bimetal-
lism, discussing our silver coinage. has lately
written: mo American citizen had felt the SEN
sation of 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 DC dis
trihufad aQ Gifts among the neDpla and IL tho
laboring 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 neccssaries
and comforts of life." Those who do not fear any
consequences arising from the con-
tinued compulsory coinage of silver as now
addition to the currency OF the country, in
tended as its result, will he a public benefit, are
that history demonstrates that tho
point IL eas.ly reached in tho attempt to float at
the same time two sorts III 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 il this silver coinage be continued we may
reasonably expect that gold and it's equivalent
will abandon The field .pf circulation to silver
alone. This, of course, must produce u severe
contraction of our circulating medium instead
of adding to 1t. 1t Will not be disputed that any
attempt on the part OF the government to cause.
the circul alton of silver dollars worth 80 cents
side by side with gold dollars worth 100 cents.
Will IL ilIiiiI tutJ q ttCS lOL Tuh
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 Mt 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 q large
share of the limited amount thus put out has
soon returned to the pnbl!c treasury in payment
of duties leads TO the belief that the people do
not now desire TO keep 1t in hand: and this. with
the evident disposition to hoard gold, gives
rise to the suspicion that there already
a lack OF confidence among
the people touching our financial processes.
culation to cause uneasiness, and the whole
amount coined and now ON hand might, after u
time. be absorbed by the people without arpre-
hension. But it is the ceaseless stream that
threatens to overflow the land which causes fear
and uncertainty. What has been thus far sub
mitted upon this subject relates almost entirely
to considerations of a home nature, uncOnnected
with the bearing which the policies of other ma
tiors have upon the question. But 1t IL per-
fectly apparent that u line OF action in regard to
our currency cannot wisely be settled upon or
persisted In without considering tho attitude OF
the subject OF other countries with whom we
intercourse through trade
and travel. An acknowledgements of this fact
Is found in tho act b; virtue OF which our silver
is compulsoriiy coined. 1t provides:
,n The neI president ro shall invite ,S the I governments mnsna Of
called, and of such other European nations as
he may deem advisable, to join the United
between gold and silver for the purpose of es-
internationally the use of bimetaliic
money and securing fiyity of relative yalne he
tween those metals"
This conference absolutely failed. and n SIM
liar fate has awaited ali subaeGuent offers i'm the
same direction. and still we continue our coin
aye Of silver nj n ratio different from that az
any other nation. The most vital port of The
silver coinage act remains Imperative and nm
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
of congress on this subject / have made careful
earnest endeayor since the adjournment of
the last congress.
REFERS TO MT. MARBLE.
To this end / delegated a gentleman well I'm.
In fiscal science to proceed to the finau.
ciaI centers of Europe. and in conjunction wilt.
onr ministers to England, France and Germany.
To obtain a full knowledge of tho attitude ana
intent of these governments In resDect Of the
establishment of such an international ratio as