Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1885-12-10

Dy tne CONSTITUTION, III NpeIuuU inc
purchase by the government Of bullion
for coinage, in any event does not justify
such purchase and coinage 10 An extent
beyond the amount needed for q sufii-
cient circulating medium. The desire
/ to utilize the silver product Of the coun-
4 try should not lead toa misuse or the
perversion Of this power.
The necessity for such an addition to
the silver currency of the nation - Is
compelled by the silver coinage act Ia
negatived by the fact that up 10 the
present time only about fifty millions Of
silver dollars 10 coined have actually
found their way into circulation, leaving
more than $165, 600, 900 in the possession
of the government, the custody Of which
has entailed considerable expense for
the construction of vaults for its deposit.
Against this latter amount there is out
standing silver certificates amounting to
about S93, 900, 900.
Every month 81. 900, 900 Of gold iu the
public treasury are paid out for 81, ,000,-
600 or more Of silver, to be added to the
idleness already accumulated. If re-
naming long enough. this operation will
result in the substitution Of silver for oil
the gold the government owns, applicable
to its general purposes. 1t will not do
to rely upon the customs receipts OF the
government to make good this drain of
/ gold, because the silver thus coined hav-
ing been made legal tender for all debts
and dues, public and private. At times
during the past six months 80 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 portion of silver and its certificates
received by the government will proba-
bly, increase as time goes on, for the rea-
son that the nearer the period approaches
when it will be obliged to offer silver in
payment OF its obligations, the greater
inducement there will be to hoard gold
against depreciation in thevalue of silver
or for the purpose of speculation. This
boarding of gold has already begun.
When the time comes that gold has
been withdrawn from circulation, then
will be apparent the difference between
the real value of silver and gold dol
lar and the two coins will be apparent
with gold. still the standard Of value and
necessary in our dealings with other
countries will be at q premium over sill
YER. The banks which have substituted
gold for the deposits of their customers
may pay them with silver, bought with
such gold, thus making handsome
profit. Rich speculators will sell their
hoarded gold to their neighbors who
need it to liquidate their foreign debts at
a ruinous premium over silver and the
laboring men and women Of the land,
the most defenseless of all, will find that
the dollar received for the wages Of their
toll, has sadly shrunk in its value.
! It may be said that the latter result
will be but temporary and that ultimate
ly the price of labor will be adjusted to
the change, but even if this takes place,
the wage-worker cannot possibly gain,
but must inevitably lose, since the price
he is compelled to pay for his living viii
not only be measured in q coin heavily
deprecated and fiuctuating and uncer-
tain in it's value but this uncertainty in
the value Of the purchasing medium
will be made the pretext for
an advance in prices beyond that
justified by actual depreciation.
The words uttered in 1884 by Daniel
Webster in the senate Of the United
States are true to-day: "The very man,
of all others, who has the deepest inter
est in sound currency and who suffers
most by mischievous legislation in money
matters ID the man who earns his daily
bread by his daily toll" The most dis
tinguished advocate Of bimetalism, dis
cussing our silver coinage, has lately
written: ssNo American citizens hand
!, has yet felt the sensation Of cheapness,
either in receiving or expendmg the sill
yer act dollars" and those who live by
labor or by legitimate trade never will
fell that sensation of cheapness. How
ever plenty silver dollars may become,
they will not be distributed as gifts
among the people and if the laboring
man should receive four depreclated
dollars where he now received but two.
he will pay in the deprecated coin more
than double the price he now pays fol
all the necessaries and comforts OF one
Those who do not fear any disastrous
consequences arising from the continued
compulsory coinage Of silver, as nov
directed by law, and who suppose tina
the addition to the currency Of the coun
try intended as it's result will be public
benefit, are reminded that history dem
: onstrates that the point is easily reachet
in the attempt to float at the same tlm'
two sorts Of money Of different excel
lence when the better will cease to be il
circulation. The boarding OF gold which
has already taken place indicates that W
! shall not escape the usual experience il
such cases.
So. if this silver coinage be continued
: we may reasonably expect that gold an'
9 it's equivalent will abandon the field o
9 circulation to silver alone. This. Q
course, must produce severe contrac
tion of our circulating medium, instea'
9 Of adding to it. 1t will not be disputes
Z that any attempt on the part Of the gov
9 ernment to cause the circulation Of silve
4 dollars, worth eighty cents, side by sid
9 with gold dollars, worth one hundre'
= cents, even with the limit that Legislation
: does not run contrary to the laws Q
trade, to be successful must be seconds
by the confidence Of the people that botl
|, coins will retain the same purchasing
|, power and be interchangeable at will.
], Special efforts has been made by tn
d secretary Of the treasury to increase TIN
Is amount of our silver coin in circulation
j. but the fact that q large share Of tn
IS limited amount thus put out has soon re
Il ri.