New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1885-12-16

Nsfries md interests which have been,
snoea1aeed ~ sach laws and l. IN wnlen
,6 not b ruthlesaly injured or destroyed
Ne shouid also deal with the subject IN sncn
s. t. ne capital sRs 81 onr
10 stability snd proper remunerssion Iuan
;1e most justtdskle pIetext for protectve
oolicy. Within trese limitations certain re-
lnction should be made on our customs revenue.
rho Amount Of such reduction having besl, de-
;ermined. the inquiry follows Wnere can IL pe es
eased from duty in the interest OF our Queens
I think the reduction should be made IN the rev
.ssaries of life We thus directly lessen the
cost Of living in every family of the land. ana re-
ease to the people IN every hu ~ PIE. nJu I
anger measure OF the fe"atoS ol 11usaA Ia
1ustry.
During the wear ended Nov !; 1883, SD ma.
1onal banks were organized, with an aggresate
capital OF SIG 93s. OOO and circulating notes
nave been issued to them amounting to -, III
SO. The whole number of these banks IN ex-
silence on the day above mentioned was 2,12I
The very limited amount OF circulating notes
ssued by our national banks compared with the a
| amount the law permits them to issue, upon
deposit OF bonds for Their redemption ina1cases
that the volume of circulating medium may
De largely increased through this instr!i-
mentality. Nothing more Important than the
he government has, under the compusorypr 80
,oined tho same at the rate Of more tia,
81, 100000 every month. BY this rT9ce
e silver the oo,,p present have dasf ls
reasonable appreciation of delegat"'
power to the general government woulq As@
exercise without express restrictive wore
peoples needs and the requirements OF = IA
lie welfare Upon this theory the au lI a.,
loan money, as given to congress by the col
stitution If 1t permits the purchase by the gov s
,rnment of bullion for coinage in any event
does not justify such purchase and coinage To
.ho q n
sufficient circulating medium. The desire tc n q
utilize the silver product OF the country should
power. The necessity for such an addition &c
The silver currency Of the nation as is com"
THE SILVER COINAGE ACT, @
ls ne2at1yed by the TACT that up to the present
90 coined have actually found their way into cir
culation leaving than 81 65 COO. 900 In pos -
ba of sss
the construction OF vaults for it's deposit.
Against this latter amount there are outst and
OOO, 600 Every month 100000 of gold in
the public treasury are paid out for So, COO, 600
mass already accumulated. If continued long
enough this operation will result in the subSti-
luton of silver for all the gold the government
owns applicable to it's general purposes. 1t Will
not do to rely upon the customs receipts of the
government co make good this drain OF gold. be-
cause the silver coined having been mad Iale
tender Tor all debts and dues, public
vate, at times during the last six mt
cent OF the receipts Tor OuG1eS naE'AyJ16QO
silver or silver certificates, while the ~ A1lp'
within that period has been 70 I
TIE PROPORTION Of silver and its Gert tiff pp Rive
as time goes on, for the reason that tn
the period approaches when it will be o
offer silver in payment OF lis obilgaS
greater inducenent there will be co hos ,o~.o,
against depreciation in the value OF silve !"
the purpose OF speculati1nlgg; This .hoart,E2s
gold has already begun When the tine ~
that gold has been withdrawn frora rifUu!h<1on .
then will, be apparent the differentr between the
real value of silver dollar ami; a dollar in
gold, and the two coins win part company. Gold
still the standard OF value and necessary in
our dealings with other Countries viii be at a
premium er silver. Banks which have substi-
tuted gold for the deposits OF their.customers.
may pay them with silver bought with such
gold, thus making handsome profit. Rich
spectators will sell their boarded golf to their.
neighbors, who heed it to hquidate their foreign
debts, at ruinous premiums over silver and the
iaboring men and women of the land, most:ae--
lenseess OF all. will find that the dollar received
Tor the wages OF their toll bas been sadly shruak
| In It's purchasing power II may be said that the
latter result will be but temporary and that
ultimately the price Of labor will be adjusted to
the change. but even ii this takes place the wage
worker cannot possibly gain, bus must inevita-
bly, loose since the price he is compelled to pay
coin heavily depreciaLed and fiuctuatins and
| uncertain in its value, but this uncertainty in
the value of the purchasing medium will be
made the pretext for an advance in prices be-
sond that justified by actual depreciation. The
words uttered IN l934 by Daniel Webster, in tie
senate OF the United States, are true to-day:
| "The.very man of ali Others who has the deep
est interest in a sound currency, aud who suffers
most from mischievous Legislation in money
matters is the man who earns his daily bread by
his daily toll.
The most distinguished advocate of bimetal-
written: mo American citizen had fcls the SEN
sation Of cheapness, either in receiving
i've by labor OF legitimate trade Never viii feel
That sensation of cheapness However plenty
silver dollars may become they will not be dis
t1buted as gifts among the people, and Ii the
iabOring 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
and comforts of life" Those who do not fear any
disastrous consequences arising from the con-
ttnued compulsory coinage Of silver as row
directed by law. and who suppose that the
addition to the currency of the country, in
/ tended as its result, Will be public benefit are
reminded that history demonstrates that the
point is easily reached in the attempt to float at
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 If this silver coinage be continued we NAV
reasonably expect that gold and It's equivalent
will abandon the field Of circulation to silver
alone. This of course must produce a severe
/ contraction Of our circulating medium instead
Of adding to it, 1t will not be disputed that any
| the circua ton Of silver dollars worth 80 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 thisw with
| the evident disposition to hoard gold gives
| rise to the suspicion that there already
exists lack of confidence among
| the people touching our financial procasses
There is certainly not enough silver now in cir
culation to cause uneasiness, and the whole
amount coined and now on hand might, after
| time be absorbed by the people without appre-
hensien. 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 entireIy