The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1885-12-17

the circulation Of silver dollars worth
eighty cents, side by side with gold dollars
worth one hundred cents, even within the
limit that legislation does not run counter
to the laws of trade, to be successful must
be seconded by the confidence Of the people
that both coins will retain the same pur-
chasing power and be interchangeable at
will. A special effort has been made by
the Secretary of the Treasury to increase
the amount of our silver coin in circua-
ton, but the fact that large share of the
limited amount thus put out has soon re-
turned to the public Treasury in payment
OF duties leads to the belief that the peo-
pie do not now desire to keep it in hand,
and this, with the evident disposition to
hoard gold, gives rise to the suspicion
that there already exists a lack Of conf
dence among the people touching our
financial processes. There is certainly not
enough silver now in circulation to cause
uneasiness, and the whole amount coined
and now on hand might, after a time, be
absorbed by the people without apprehen-
sion but it is the ceaseless stream That
threatens to overflow the land which
causes fear and uncertainty.
FAILURE OF INTERNATIONAL ACTION.
/ What has been thus far submitted upon
this subject relates almost entirely to con-
siderations of home nature, unc0nnected
with the bearing which the policies Of
other nations have upon the question.
/ But it's perfectly apparent that q line II
action in regard to ear currency canBet
wisely be settled upon or persisted III wish
out considering the attitude on the sub
! ject of other countries with whom we
maintain intercourse through commerce,
trade and travel. An acknowledgment of
this fact is found in the act by virtue
| OF which our silver is cOmpulsorily coined.
| 1t provides that 1.-THE President shall in
vite 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 conferenceto adopt a common ratio
between gold and silver. for the purpose of
establishing internationally the use of BIZ
metallic money and securing fixity of rela
tive 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
| imperative and unexecuted, and without
an ally or friend we battle upon the silver
| field in an illogical and losing contest.
THE LATIN UNION.
The President here relates the result of
efforts and injuries made in Europe. Which
show that the attitude of the leading
powers remains substantially unchanged
since the monetary conference of 1881 and
that the views of these governments are in
each instance supported by the weight Of
public opinion. The steps thus taken have
therefore only more fully demonstrated
the uSelessnesS of further attempts at pres
n of q n a
ject with other nations. In the meantime
we are accommodating silver coin based
upon our own peculiar ratio to such an eX-
tent and assuming so heavy burden to be
provided for in any international negotia-
ti0nS as will render us an undesirable
party to any future monetary conference
of nations. 1t is a significant fact that
| four of the five countries composing the
Latin Union mentioned 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 governments
and that such as has been already coined
and in circulation shall be redeemed in
gold by the country of it's coinage. The
resort to this expedient 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 proyions of our silver coinage act.
A MATTER OF CONCERN.
The condition in which our Treasury
may be placed by persistence in our pres
ent course is a matter of concern to every
patriotic citizen who does not desire his
government to pay in silver such of its
obligations 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 bearing obligations, which we
have the right now to discharge and thus
avoid the payment of further interest
thereon.
We have now on hand all the silver
dollars necessary to supply the present |
needs of the people and to satisfy those
who from sentiment wish to see them in |
circulation and if their coinage is sus-
pended they can be readily obtained by all
who desire them. If the need of more is
at any time apparent their coinage may be
renewed.
PROSPERITY HESITATES.
That disaster has not already oyertaken |
us furnishes no proof that danger does not |
wait upon continuation of the present |
silver coinage We have been saved by
the most careful management and unusual
expedients, by a combination Of fortunate |
conditi ons and by a confident expectation
that the course of the government in re-
gard to silver coinage would be speedily
changed by the action Of Congress.
Prosperity hesitates upon our threshold
because of the dangers sand uncertainties
surrounding this question. Capital tlmldly
shrinks from trade and investors are un-
willing to take the chance of the question
able shape in which their money will be
returned to them, while enterprise hats
at risk against which care and sagaGions
management do not protect. Asa neces-
sary consequence labor lacks employment
and suffering and distress are visited upon
a portion of our feloW-cltiZenS especially
entitled to the careful consideration OF
those charged with the duties Of legisla-
| tion. No interest appeals to ms so strongly
| for a safe and stable currency as the vast
army of the unemployed.
| I recommend the suspension of the COM
| pulsory coinage of silver dollars directed
| by the law passed in February, 1878.
THE NAVY.
All must admit the Importance Of an
| effective navy to nation like ours, having
such an extended sea coast to protect, and
yet we have not a single vessel of war that
could keep the seas against a first-class
vessel of any important power. Such
condition of things ought not longer to
continue. The nation that cannot resist
aggression is constantly opposed to 1t. Its
foreign polley,is, Of necessity, weak, and
it's negotiations are conducted with disad-
vantage, because it is not in condition 90
enforce the terms dictated by its seLse OF
right and justice.
Inspired, as l am, by the hope, shared
by all patriotic citizens, that the day is not
| far distant when our navy will be such as
BELTS our standing among the nations OF
the earth, and rejoiced at every step that
| leads in the direction of such consumma-
tion, deem it my duty to especially direct
/ the attention of Congress to the close of
| the report of the Secretary of the Navy
| in which the humiliating weakness Of his
department is exhibited and the startling
abuses and waste Of its present methods
are exposed. The conviction is forced
upon us with the certainty of mathematical
demonstration that before we proc. ed
further in the restoration of a navy we
need thoroughly reorganized Navy De-
partment.
NISDIRECTED EFFORT,
The fact that within seventeen years