Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1885-12-19

coinage OF silver - now directed By Law and who
suppose that the addition to the CUR icy Of the
country Intended as its result will b.. public
benefit. are reminded that history demonstrates
that the point is easily reached in the attempt to
6oat at the same time two sorts of money of diff
fsrent excellency when the better will cease to be
In circulation. The boarding OF gold which has
already taken place indicates that we shall not
eecaps the usual experience in such cases. SO
~ THIS SILVER COINAGE BE CONTINUED,
we may reasonably expect that gold and it's
equivalent will abandon the field Of circulation
TO silver alone. This, Of course, must produce a
severe cont action OF our circulating medium,
instead of adding to it. 1t will not be disputed
that any attempt on the part OF the government
70 cause the circulation Of a silver dollar worth
% cents side by side with gold dollars worth iG0
cents even within tho limit that legislation does
not run contrary TO the laws of trade, to be sue
c~essful must bo seconded by the confidence Of
the people that both coins will retain the same
Viii.
Special effort has been made by the secretary
Of the treasury to increase the amount Of our sill
yer coin in circulation, but the fact that a large
share OF the limited amount thus put out hasisoon
returned to the public treasury in payment ~
duties, leads to the belief that the people do not
now desire to keep it in hand. and this. with the
evident deposition TO hoard gold, gives rise To
the suspicion that there already exists
A LACK OF CONFIDENCE AMONG THE PEOPLE
touching our financial processes. There is GER
tainly not enough silver now III circulation 10
cause 'uneasiness. The whole amount coined
and now on hand might after a time be absorbed
by the people without apprehension. but IT, is the
ceaseless stream that threatens 10 overflow the
land which causes fear and uncertainty. What
has been thgs FIR submitted upon the subject re-
lates almost entirely to considerations of "A
home nature unconnected with the bearing
which the policies of other nations have upon
the question; bat il is perfectly apparent that Il
line OF action ~ regard - onr currency cannot
wisely be settled upon or persisted in without
considering the attltuI - Un the subject of other
countries with wn"m we maintain intercourse
h1lIaIh IN. trRLtA 81 rA frp uAl An nn
acknowledgement of this j. found in the act by yir-
tue OF which our silYer j. comlul,orily coined.
Ii provides that the president SHALL invite the
governments OF the countries composing the
Latin union, sO-caiied, and OF such other Eu-
ropean nations AZ he may deem advisable, TO join
the United Stat 5 IN "a conference to adopt COM
mon rates between gold and silver for the pur-
pose of establishing universally the use Of
birnetalic money and
SECURING 4 FlXITY OF RELATIVE VALUE
between these I%netals. This conference abso-
lutely failed ana u similar fate has awaited all
subsequent efforts ia the same direction, and
still We continue our coinage Of silver at "A ratio
different from that Of any other nation. The
most vital feature OF he silver coinage act re-
mains imperative and upexecuted. and without
an ally or friend we battle on in this silver aud
losing contest. To give full ctt set to the design
of congress on this subject ! have made careful
and earnest endeayor since tG' adjournment of
the last congress. TO this end | delegated power
to gentlemen well instructed in h.cai science TO
proceed To the financial centcrs Of Europe. and,
III UNI ~ oMl ilillfN'lb w ilSi'Alib,
France and Germany, TO obtain "A fuil knowledge
Of the attitude and Intent OF these governments
respecting the establishment OF such inter
national ratio as would procure free coinage of
both metals at the mints OF those countries and
our own. BS 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 interests in its object
and report itr action. II may be SAID, in brief,
= - tho ,,nYi .F - hH.a, ~ AYfA hat th. lft IffItn ~
the leading powers remains substantially un-
changed since the monetary conference of 1881;
nor is it to be quo STONED that the views Of these
governments are ia each instance separated by the
weight Of public opinion. The steps thus taken
have therefore only more fully demonstrated the
uselessness of further attempts at present 10 ar
rive AT any agreement On the subject with other
nations. In the meantime we arc accommodating
silver coin based on our own pecuIiar ratio to
such All extent, and assuming SO heavy a huul' n
to be provided Tor IN any international nrgOtla-
tions as will render us an undesirable party To
any future monetary conference Of the nations.
1t il a significant fact that -four of the fly" coun-
tries com posiES the Latin union mentioned IN
our coinage act, embarrassed with their silver cur
rency. have just complet q an agreenon among
themselyes that no more silver shall be coined
by their respective governments, and that such
As has already been coized and ia circulation
shall
DE REDEEMED IN GOLD
by the country of It's coinage. The resort to this
sYpedipnt by these countries may well arrest the
attention OF those who suppose that we can sue
coed without shock or injury in Che attempt 10
circulate upon It's merit. all the silver we may
coin under the provisions OF our silver coinage
act. The condition III which our treasury may
be placed by "A persistence IN our present course
Is a matter OF concern to every patriotic citizen
who does not desire bN3 government 10 pay IN
silver such uf las obligations a. should be pAd
In gold, nor should our condition be such AZ e
obligo US in a prudent m~an@eemcut OF our aitairs
10 discontinue the calling in AMI payment uf in
terest- bearing obligations winch we have The
right now To- discharge, and thus avoid the pay.
ment of further interest thereon. The s%o-chlled
debtor class, for whose bentnt the contlnueC
compulsory coinage of silver - insisted uDun. ART
not dishonest because they are in debt, and they
should not be suspected Of q desire TO
JEorARplzE TIE FINANCIAL SAFETY OF TIL
COUNTRY
in order that they may cancel their present debt,
by paying tie same in deprecated dollars, no
should il he forgotten thar IL IL not the rich no
the monoy-lcndeT alone that must submit 20 sncl
q REIMBURSEMENT enforced by the government and
their debtors, The %piltaLce Of the, widow anc
orphan and the incomes of the helpless bene
hciaries of all kinds would be dis}stTously ~
duced. The depositors. in savings bank
and other Institutions which hold IN trust TIN
savings Of the poor, when their l,tle accumula
tons are scaled down to meet the new order o.
things, would in their distress painfully realiz'
the delusi"n Of the promise made % them tina
plentiful money would improve their condition
We have now on hand all the silver dollars nee
sssary to supply the present need OF the people
and TO satisfy those who from sentiment wish e
= ii'l ~ a' ~ -S"l' N'HNE' -
suspended they can be readily obtained by thOs,
who desire them. Ii the need Of more is at An!
time apparent their coinage may be resumed.
THAT DISASTER HAS NOT ALREADY OVER
TAKEN Us
furnishes no proof that danger does not wal
upon a continuation of the present silver coin
age. We have been saved by the most careful
management and unusual expedients, by n com
bination of fortunate conditions and by a conf
dent expectation that the of the gov
eminent in regard to silver coinage would b.
speedily changed by the action Of congress
Prosperity hesitates upon our Threshold becaus'
Of the dangers and uncertainties surroundins
this question. Capital timidly shrinks from
trade and investors are unwilling To take th'
chance of the questionable shape in which Their
money will be returned to them. while enterprise
halts at the risk against which care and sagacioui
management do not protect. Asa necessary con
sequence labor lacks employment and ~sufferin.
and distress are visited upon a portion OF on
fellow citizens especially entitled to the careful
consideration Of those charged with the duties
Of legislation. No interest appeals to us 81
strongly for a safe and stable currency a. the VISA
army of the unemployed. i recommend the aus
pension Of compulsory coinage of silver dollar
A;r~DtoI hy tho luxr ,uss.i in Eahrvarv 1879