The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1885-12-11

cause the circulation of the silver dollar, |
worth sc cents, side by side with the gold |
dollars, worth 100 cents, even with the limit /
that Legislation does not run contrary 10 the |
laws of trade, to be successful IL must be Sec |
onded by the confidence of the people that |
both coias will retain the same purchasing !
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 circulation, but the fact |
that large share of the limited amount thus |
put out has soon returned TO the public |
treasury in the payment of duties, leads to |
the belief that the people do not now desire |
to keep 1t in hand, and this, with the evident
disposition to hoard gold, gives rise to the
suspicion that there already exists lack of
confidence among the people touching our
financial process. There Is certainly not
enough silver now in circulation to cause
uneasiness, and the whole amount coined
and now on hand might after time be alb
sorbed by the people without apprehension,
but IL is the ceaseless stream that threatens
to overflow the land which causes fear and
What has been thus far sub
mitted upon this subject relates almost
entirely to the consideration of q home
nature, unconnected with the bearing
which the policies of other nations
have upon the question; but IL is perfectly
apparent that a line of action in regard to
our currency cannot wisely be settled upon
or persisted in without considering the atti-
tude on the subject of other countries with
whom we maintain intercourse through
commerce, trade and travel. An acknowl-
edgment of this is found In the act by virtue
Of which our silver is compulsorarily coined.
1t provides that the President shall invite
the Governments of the countries compos-
ing the Latin Union (so-called), and of such
other European nations as he may deem adj
visable, to join the United States in con-
ference to adopt a common ratio between
gold and silver for the purpose of establish
ing internationally the use of bi-metallc
money, and securing the fxity of the rela-
tive value between these metals. This COLI
ference absolutely failed and a 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 imper-
or friend we battle upon the silver field in
an illogical and losing contest. To give full
effect to the design of Congress on this sub
ject, have made careful and earnest en-
deavor since the adjournment of the last
Congress. To this end delegated IA gentle
man well instructed in fiscal science to pro-
coed to the financial centers of Europe, and
in conjunction with our Ministers to Eng
land, France and Germany, to obtain full
knowledge of the attitude and intent of those
Governments respecting the establishment of
such an international ratio as would procure
the free coinage Of both metals at the minis
of those countries and our own. BY 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 interest in its objects and report
its actions. 1t may be said in brief as the
result of these efforts, that the attitude of the
leading Powers remains substantially I'M
changed since the monetary conference of
1881, nor is it to be questioned that the views
of those Governments are in each instance
separated blythe weight of public opinion.
The steps thus taken have therefore only
more fully demonstrated the uselessness of
further attempts at present to arrive at any
agreement on the subject with other nations.
In the meantime We are accommodating silver
coin, based upon our peculiar ratio, TO such
an extent and assuming so heavy IA burden
to be provided for in any international ne
gotiations as will render Us an undesirable
party to any future monetary conference of
the nations. 1t is significant fact that four
Of the five countries composing the Latin
Union mentioned in our coinage act, embar-
raised 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 already been coined and in circulation
shall be redeemed in gold by the country Of
its coinage, The resort to this expedient by
those countries may well arrest the attention
of those who suppose We can succeed, with
out shock or injury, in the attempt to circu-
late upon its merits all the silver we may
coin under the provisions of the silver coin
age act The condition in which our treas
ury may be placed by a persistence IN the
present course, is matter of concern to
every patriotic citizen who does not desire
his Government to pay in silver snch Of its
obligations as should be paid in gold. Nor
should our condition lie such az 10 ohlige Us
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.
The so.called debtor class, for whose ben
eft the continued compulsory coinage of
silver Is insisted on, are not dishonest be-
cause they are in debt, and they should not
be suspected of n desire TO jeopardize thu
financial safety of the country In order that
they may cancel their present debts by pay
ing the same in deprecated dollars; nor
should 1t be forgotten that it il not the rich
nor the money.lender alone that must sub
NIT to such a readjustment enforced by the
Government and their debtors. The pit.
lance of the widow and orphan, and the in
comes Of helpless benefciaries of all kinds,
would be disastrously reduced. The depos-
itors in savings banks and other institutions
which hold In trust the savings Of the poor,
when their little accumulat:ons are scaled
do wn to meet the new order of things, would
In their distress painfully realize the delu-
sion Of the promise made to them that plen-
tful money would improve their condition.
We have now on hand all the silver dollars
necessary to supply the present need of the
people and to satisfy those who from senti-
ment wish to see them in circulation, and If
their coinage is suspended, they can be read
lily obtained by those who desire them. II
the need of more is at any time apparent,
their coinage may be resumed. That this
disaster has not already overtaken US, fur
nishes no proof that the danger does not
wait upon a continuation Of the present sill
yer coinage. We have been saved by the
most careful management and unusual expe-
dients, by q combination of fortunate condi-
tions, and by q confident expectation that
the commerce OF the Government in regard
to silver coinage would be speedily changed
by an action of Congress. Prosperity hest
tates upon our threshold because of the dan
gers and uncertainties surrounding this ques-
ton. Capital timidly shrinks from trade,
and investors are unwilling to take the
chance Of the questionable shape in which
their money will be returned to them; while
enterprise hats at the risk, against which
care and sagaeions management do not pro-