Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1885-12-16
THE QUESTION OF RET Is
yOLyED,
BANKING AND CURRENCY.

NATIONAL RANKING INSTITUTIONS.
During the year ended November 1, 1885. 40 ma
tional banks were organized with an aggregate
capital of SIG. 93s. COG and circulating notes have
been issued to them amounting to Si,274 ,9lu. The
whole humber of these banks In existence on
the day above mentioned was 2,727. The very
limited amount of circulation notes Issued by
our national banks compared with the amount
the Law permits them to issue upon a deposit of
bonds for their redemption indicates that the
volume of our circulation medium may be largely
increased through this fundamentally.
Nothing more important than the
PRESENT CONDITION OF OUR CURRENCY AND
coIsAsE
can claim your attention. Since February, 1873,
the government has, under the compulsory pro-
visions Of law, purchased silver bullion and
coined tho same ut the ratio OF more than 900,
go Of dollars every month. BY this process MP
to the present date 2 5,IJa, 49, silver dollars have
been Coined.
A reasonable appreciation OF a delegation of
power to the general government would limit it's
exercise without express restrictive words to the
peoples needs and the requirements OF the pub
lie welfare. Upon this theory the authority TO
coin money given congress by the constitution.
II 1t permits the purchase by the government of
the bullion for coinage, in any event does not
justify such purchase and coinage to an extent
lating medium. The desire to utilize the silver
product OF the country should not lead to a mis-
use OF the VHfVeFSlpu Oh Li1S power. Inc neCcS.
sity for such an addition to the silver currency
Of the nation as Is compelled by
THE SILVER CoINAGEA ACT,
il negatived by the fact that up to the present
time only about nifty millions of silver dollars so
coined have actually found their way into circu-
lation. leaving more than Sl65, O0.U0 in posses
zion of tho government, the custody Of which
has entsiled u considerable expense for the con-
stsuction OF wants for its deposit; Against this
~tifscates amounting to about Se3,0n0,0G q.
Every month s4.oDl.oU Of gold in the. public
sifSsu'a ao ia pt to b. Ss' added 1f to The d idi n0r mass 81
already accumulated. If continued long enough
this operation will result in the substitution of
plicable to its genera. purposes. 1t viii not do
to rely upon the receipts OF the government to
make good this
DECLINE OF GOLD,
because. the silver thus coined has been
made a legal tender for all debts and dues, public
and private. At times during the last six
nave M"a'' been ss h silver iser' or silver " l certifsa l1es u whils
the average within that period has been 20 per
received by the government viii probably in
crease IS time goes on. for the reason that the
nearer the period approaches when it will be
obliged to offer silver in payment of its obliga-
tons, the greater in~ducement there will be to
hoard GOLD against depreciation in the value Of
hoardins of gold has aIseady bpps rp'a'' When i ths
time comes that gold has heen withdrawn from
circulation, then will be apparent the difference
between the real value Of the silver dollars and a
dollar in gold, and the two coins will part COM
pany.
GOLD, STILL THE STANDARD OF VALUE,
and necessary in our dealings with other coun-
tries, will be At Q premium over silver. Banks
which have substituted gold fer the deposits of
their customers may pay them with silver bought
with such gold, thus making a handsome profit.
Rich spectators will sell their boarded gold to
their neighbors, who need it to liquidate their
fOVAipn fIabtg At 81 rninnna HFRyn1unn q ynr
and tho lahoring men and women of the land,
the most defenseless OF all, will find that the
dollar received for the wages of their toll has
be said that the latter result will DO but Tempo
rary and that ultimately the price of labor will
place the wase-worker cannot possibly gain. but
BE- i. compelled to pay for lis llSins
heavily deprecated and luctuating and uncer-
tain in it's value, and this uncertainty in the
value of the purchasing medium will be made
the prete1t for an advance in prices beyond that
justified by actual depreciation. The words
uttered in 1894 by Daniel Webster, in the senate
Of The United States, i. gre true today.
est interest in q sound currency and who suffers
most by mischievi0us legislation in money mat
tsIf !, the man who earns his daily bread by his
Tie most distinguished advocate OF bimetal-
ism, discussing. our silver coinage. has lately
NO American citizens hands has yet felt the
sensation of cheapness either in receiving or ex-
pending the silver act dollars"
And those who live by labor or legitimate
trade never will feel that sensation of cheapness,
HOWEVER PLENTY SILVER DOLLARS
may BECOME. they will not be distributed a. gifts
among the people. and If the lsboriHg man
should receive four deprecated dollars where he
now receives but two he viii pay in the depreci-
ated coin mere than double the price he now
pays for all the necessaries and comforts Of life.
These VINO do not fear any disastrous conse-
coinage Of silver ~ now directed BY law, and who
suppose that the addition to the currency of the
country intended As its result will be a public
benefit. are sm'nded that history demonstrate
float at the same time two sorts Of money Of diff
ferent excellency 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
~ THIS SILVER COINAGE he CONTINUED,
we may reasonably expect that gold and it's
equivalent will abandon the field of circulation
TO silver alone, This. of conrse. must produce u
instead of adding TO H. IL will not be disputed
that any attempt on the part OF the government
to cause the circulation Of a silver dollar worth
80 cents side BY side with gold dollars wortb100
cents, even within the limit that legislation does
not run contrary to the laws Of trade, to he sue
s ssss naaI must ~. ss s sssSn ri.;a. I sn tho s. confidence den Of
wiz.
Special effort has been made by the secretary
Of the treasury 70 increase the amount Of our ell
vcr coin in circulation, but the fact that q large
share OF the limited amount thus pnt ont has soon
duties. leads to the belief that tho people do not
now desire TO keep II in hRnd. and this, with the
evident disposition TO hoard gold. gives rise to
the suspicion that there already exists
4 LACK OF CONFIDENCE AMONG THE PEOPLE
tainly not enough silver now in circulation to
eause uness;uexr. Tbs whole amount coined