National Republican., 1885-12-09

b pared with the amount the law permit
them to issue, upon n deposit of bonds I,
TIER redemption, indicates that the volum
ol our circulating medium may be largcl
incte1std through this instrumentality.
Nothing more important than the preser
condition Of our currency and coinage On
claim your attention.
since February, 1873, the government hai
under the compulsory provisions OF Law
purchased silver bullion and coined IA
same at the rate Of more than two million
OF dollars every month. by this process u
90 the present date 2l5, 100, l3l silver dollar
have been coined.
A reasonable appreciation Of delegation
OF power to the general government woult
limit Its exercise, without express restrictive
words, to the peoples needs and the re
quirements OF the public welfare.
Upon this theory, the authority to "ooii
money" given to Congress by the const!tu
Ton, II II permits the purchase by the gov
eminent Of bullion forCoinago i'm any event
does not justify such purchase and colnag,
to an extent beyond the amount needed fo
n sufficient circulating medium.
Inc desire TO utilize the silver product OF
me country should not lead TO a misuse Oh
the pcrycrsion Of this power.
The necessity for such an addition to tho
SILVER currency OF the nation as Is compelled
uy the silver coinage act, Is necatlyel b,
the fact that up TO the present time oplyy
about hity millions Of th1 silver dollars 50
coined have actually folud their way into
circulation, leaving more than one hundred
| and siNty-Hye millions IN the possession OF
| the government, the custody OF which has
entailed considerable expense for the con.
| struction OF vaults for its deposit. Against
tils latter amount there arc outstanding
| bllNer certificates amounting to about
ninety-tlree millions Of dollars.
Every month two millions Of gold in the
| puzzle treasury arc paid out for two mil
| hons or more OF silver dollars, 20 bo added
TO the Idle mass already accumulated.
II continued long enough this operation
VIII result In the Substitution OF silver for
all the gold the government owns applicable
10 its general purposes. 1t viii not do to
rely upon the customs receipts of the roy
eminent to make good this drain gold,
because the silver thus coined having been
made legal tender for all debts and dues,
pubic and private, at times during the last
SIX months IS per cent. Of the receipts for
duties have been In silver or silver certill-
Gates, Willie the average within that period
mas mas been 20 per cent. The proportion of
silver and its certificates received by the
government viii probably increase as time
goes ON, for the reason that the nearer the
period approaches when It will be obliged
10 oiier silver In payment Of its obligations,
Tue greater inducoment there will be to
hoatd gold against depreciation IN the value
OF silver, or for the purpose Of speculGting.
his boarding of gold has already begun.
Mhen the time comes that gold has been
Withdrawn from circulation, then will be
apparent the difference between the real
value OF theslver dollar ana q dollar IN gold,
ana the two coins will part company
Gold still the standard value, and neces-
snry In our dealings with other countries
VIII DC at a premium over silver; banks
which Eave substituted gold fortho deposits
OF their customers may pay them with silver
bought with such gold, thus making hand
some profit; rich spectators will sell their
hloarded gold to their neighbors who need
1t TO liquidatc their foreign debts, Mt
ruinous premium over silver, and the labor
ing men and women Of the land, most de-
icnselcss Of ell, VIII find that the dollar re-
ceiVcd for the wage OF their toll has sadly
shiGnk IN lis purchasing power. 1t may be
foid That the latter result will be but tenn.
lorGry, and that ultimately the price of la
Tor VIII he adjusted to the change; but
even II this takes place the wage worker
cannot possibly gain, but must Inevitably
icsC, since the price he IA compelled to pay
Tor his living will not only be measured In
CON heavily deprecated, and iluctuating
end uncertain In its value, but this uncer.
taihty ~ the value of the purchasing me.
Glum VIII be made a prctcXt fOran advance
IN prices beyond that justified by actual
depreciation.
The words uttered in 1884 by Daniel Web
s'er in the Senate of the United States arc
tlue to-day: "The very man of all others
VINO has the deepest interest in sound cur
ichcy, and who suffers most by mischievous
legislation In money matters is the man
VINO earns his daily bread by his daily TOLL
The most distinguished advocate OF BIZ
inttaIlsrl, discussing our silver coinage, has
lately written:
mo American citizens hand has yet felt
tEe sensation OF chenpncss, either in receiy-
ing or eXpending the silver-act dollars.D
And those who live by labor or Legitimate
trade never will feel that sensation Of cheap
Dces. However plenty silver dollars may be-
come, they will not be distributed as Gifts
among the people; and If the laborinr man |
should receive four deprecated dollarswhore |
nc how receives but two, he will pay in the |
appreciated coin more than double the price |
nc row pays for all the neCessaries and com |
forts Of life.
those who do not fear any disastrous CON |
sequences arising from the continued com. |
pulsory coinage of silver as now directed by |
law, ana who suppose that tho addition TO |
the currency Of the country intended as It's
result, VIII be public benefit are reminded
that history demonstrates that the point Is
easily reached in the attempt to float at the
same time two sorts of money of different
excellence, when the better Will cease to b,
IN general circulation. The boarding of
gold which has already taken place, indi-
Gates that we shall not escape the usual ey-
peneLcc In such cases. So II this silver
toinage he continued wemny reasonably ex
Boct mat gold and its equivalent will aban-
ION the field OF circulation to silver alone.
ms OF course, must produce severe con
Iiactlon OF our circulating medium, instead
Jf adding to IT,
twill not he disputed that any ATTEMPT
~ the part OF the government to cause the
circulation OF silver dollars worth eiy6ty
'ents, side by side with gold dollars worth
ihe hunGred cents, even within the limit
nat legislation does not run counter 10 the
uWs on trade, TO be successful must be seq |
'hdcd by the confidence of the people that
ON CONS VII! retain the same purchasing
,oWer and be interchangeable at will A
leeiai eholt has been made by the Secre-
ary OF the Treasury to increase the amount
II cur silver coin in circulation, but the
act lha, large share OF the limitcd amount
nus put out has soon returned to the pub
c treasury In payment OF duties, leads TO
ne Dciiei that the people do not desire to
eeep IL IN hand; and this, with the evident
isposilion to hoard gold, gives rise TO the
usplcion That there already exists lack of
hanclal processes. There is certainly not
hohGh silver now IN circulation to cause
heaslhcss; and the whole amount coined
pa now on hand might, after n time, be
Dsor6ed by the people without upprehen-
on; but 1t is the ceaGeless stream that
lreatens to overflow the land which causes
ar and uncertainty.
What has been thus far submitted uDon
us subject relates almost entirely to con.
derGtions of home nature, uneonnected J
lih thc bearing which the policies of other !
ltions have upon the question. But Il Is
'neetly apparent that a line OF action In !
gald 10 our currency cannot wisely be set. Z
,d upon orperslsted in, without lnsiderlnp I
G attitude on the subject OF other coun,
I's with whom we maintain intercourse n
rough commerce, trade, and travel. An II
ENCOURAGEMENT of this fact Is found in i
e e i.y n.t oy virtue OF which our silver Is com G