The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1885-12-10

We should also deal with tho eu bject in such
manner AZ to protect the interests of Amerl-
can labor, which is the capital Of our working
men: Its stability and proper remuneration
furnish the most 5ustinable pretext for a pro-
tect1ve policy within these limitvtiOns. A
certain reduction should be made on our GUS
toms revenue. The amount Of such reduction
having been determined the inquiry follows
where can 1t best be RENTED and what arti-
oles can best be released from duty in the in
terest Of our citizens. think the reduction
should be made in the revenue derived from
q tax upon the imported necessaries Of nfe
We thus directly lessen the cost Of living in
every family Of the land, and release to the
people in every humble home q larger meas-
ure OF the rewards Of frugal industry.
National Banks.
During the year ended Nov. l, 1885, 145
national banks we're organized with an sRgre-
gate capital Of $1693S, 600. and circulating
notes have been issued to them amounting to
$4.2749lO. The whole number Of these banks
in existence on the day above mentioned was
@.727 The very limitoi amount Of circula-
ting notes il sued by our national banks CON-
pared with the amount the law permits them
to issue upon deposit OF bonds for
their redemption Indicates that the volume
OF Of our circulation medium may
instrumentality. Nothing more important
than the present condition Of our currency
and coinage can claim your attention. Since
February, 1878. the government has, under
the compulsory provisions OF law. purchased
silver bullion and coined the same at the rate
OF more than 1000, 00' OF dollars every month.
By tins process up to the present date 2l5,-
759,43l silver dollars have been coined. A
reasonable appreciation Of delegation of
power to the general government would limit
Its exercise without express restrictive words
to tho peoples needs and the requirements OF
<ho
authority to ''coin money" as given to
congress by the constitution, IT it permits the
purchase Dy the government OF bullion for
coinage In any event, does not justify such
purchase and coinage to an extent beyond the
amount needed for sufficient circulating
medium The desire to utilize the silver pro-
duct OF the country should not lead to q mis-
use or the perversi0n of this power. The
necessity for such An addition to
THE SILVER CURRENCY
Of the nation as is compelled by the silver
coinage act, is negatived by the fact that up
to the present time only about SO, 100000 of
silver so coined have actually found their way
into circulation, leaving more than $166 OOO, 900
In possession of the government, the
custody of which has entailed q
considerable expense for construction of
vaults for its deposit. Against this latter
Gates amounting to about $93. 5000 Every
month S2,OOO. 900 of gold In the public treas
ury are paid out for 81. QUO, 600 or more of sill
yer. to be added to the idle mass already
accumulated. If continued long enough
this operation will result In the substitution
OF silver for all the gold the government owns
applicable to its general purposes. 1t will
not do to rely upon the customs receipts of
the government to make good this drain of
gold, because the silver coined having been
made legal tender for all debts and dues,
public and private, at times during the last
1nrfh
ceipts for duties have been in silver
or silver certificates, while the aver
age within that period has been 20 per cent.
The portion Of silver and its certificates re-
ceived by the government will probably in
crease as time got on. for the reason that
the nearer the period approaches when it will
be Obliged to otter silver in payment of its
obligations, the greater inducement there
will be to hoard gold against depreciation on
the sum Of silver, and for
THE PURPOSE or SPECULATIVE.
This boarding of gold has already begun.
When the time comes that gold has been
Withdrawn from circulation, then 1t will be
apparent that there is a difference between
the real value OF the silver dollars and dol
lar In gold, and the two coins will part COM
pany. Gold IL still the standard Of value, and
is necessary in our dealings with other
over silver. The banks which have substi-
tuted gold for the deposits Of their GUS
toners may pay them With silver bought with
such gold, thus netting handsome profit.
Rich spectators will sell their boarded gold
to their neighbors who need it to llQuidate
their foreign debts. at rutnous premiums over
silver, and the laboring men and women Of
the land, most defenseless of all. viii nnd that
the dollar received for the wages Of their toll
has sadly shrunk in its purchasing power.
1t may be SAID that tho latter result will be
but temporary and that ultimately the price
nf wi ho nd to1 tn fho h,,$
even If this takes place the wage worker can
not possibly gain, but must inevitably lose,
since the price he Is compelled to pay for his
living will not only be measured In coin
heavily deprecated and ductuatinR and un-
certain in its value, but this uncertainty in
made the pretext for an advance In prices be-
yond that justified by actual depreciation.
The words uttered In 1884 by
DANIEL WEBSTER
in the senate of the United States are true
to-day. 1.-THE very man Of all others who
has the deepest interest in sound currency
and who suffers most ny mischievous legisla-
tion in money matters is the man who earns
his daily bread by his daily toll" The most
distinguished advocate OF bi-metallsm, dis
cussing our silver COINAGE has lately written:
mo American citizen had rs yet felt the
sensation Of cheapness, either on receiving
or expending the silver act dollars" And
those who live by labor or legitimate trade
never will feel that sensation Of cheap
ness. However plenty silver dollars may be-
come they will not be distributed as gifts
among the people. and IL the labOrinK man
should receive four deprecated dollars where
he now receives but two he will pay In the
deprecated coin more than double the price
he now pays for all the necessaries and COM
forts of life. Those who do not fear any dis
aStrOns consequences arising from the con.
tinued compulsory coinage of silver as now
directed by law, and who suppose that the adj
dtLiOn to the currency Of the country, in
tended as a result. will be pubic benefit are
reminded that history demonstrates that the
point is easily reached In the attempt 10 float
at the same time two sorts of money OF diff
ferent excellence when the better viii 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 if this silver coinage be con-
tinued we may reasonably expect that gold
and its equivalent will abandon the field of
circulation to silver alone. This. Of course,
must produce severe contraction OF our
circulating medium instead of adding to it.
1t will be disputed that any attempt on the
part Of the government to cause the circula-
ton OF silver dollars worth so cents side by
side with gold dollars worth 100 cents, even
with the limit that legislation does not run
counter Of laws of trade. to be successful
must be seconded by the confidence OF the
tne that . 1sh GSn. may
and be interchangeable at will.
A special effort has been made BY tho secre-
tary to increase the amount Of our silver
coin in circulation, but the fact that large
share Of the limited amount thus put out has
soon returned to the public treasury in pay
ment of duties leads to the belief that the
people 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
alread, exits lack of confidence among the
people touching GU r financial prat tees.
There 10 certainly not enough silver now in
circulation to cause uneasiness. and the whole
amount coined and now on hand might after
q time be absorbed by the people without APP
prehension, but it 10 the ceaseless stream that
threatens to overflow the land which causes
fear and uncertainty. What has been thus
far submitted upon this subject relates al
most entirely to considerations Of q home ma
ture unconnected with the bearing which the
policies Of other nations have upon the Ques-
ton. but it ia perfectly apparent that time