The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1885-12-10

since thelI prices he is compelled to pay for his
living wi not only be measured in coin heavily
depressed and fnctuating and uncertain in its
value but this uncertainty in the value of the pur
chasing coin will be made apparent for an advanIe
in prices beyond that justified by the actual depse
citation.
DANIEL WEBSTER
The words uttered in 1894 by Daniel Webster in the
senate of the United States are true to-day: ssThe
very man of all others who has the deepest inter-
est in sound currency and who suffers by mis-
chievous legislation in money matters, is the man
who earns his daily bread by his daily toll" The
most distinguished advocate of bi-metaism, dis
cussing our silver coinage, has lately written 'No
American citizen hBs yet felt the sensation of
cheapness either III receiving or eXpending the sill
act dollar and those who live by labar or legit
innate trade never will feel that cheapness. How
ever plenty silver dollars NAV become they will
not bs distributed as gifts among the people, and
II the aboring man should receive four deprecated
dollars where he now receives but two, he will pay
IN their 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 disastrous conse-
quences arising from the continued compulsory
coinage of silver, as now directed by law and who
suppose that the addition to the currency of the
country intended as its result will be public ben
eft, reminded that the point is easily reached
IN the attempt to float at the same time two sorts
of different excellence, when the better will cease
to be In circulation. The boarding of gold which
has already taken place, indicates that shall not
escape the usual experience in such cases.
50 y tins silver coinage be continued, we may
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 not be disputed that any attempt the part
OF the government to cause the circulation of
silver dollar, worth eighty cents side by side with
gold dollar worth one hundred cents, to be sue
cessful, must be seconded by the confidence of the
people that bolh coins will retain the pur-
chasing power and changeabe at will.
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 re-
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 already exists lack of conf
dence among the people, touching our financial
processes.
There is certainly enough silver now in circulation
to cause uneasiness, and the whole amount coined
and now on hand might after time, be absorbed
by the people without apprehension, but it is a
ceaselesS storm that threatens to overflow the
laud, which causes fear and uncertainty What
has been thus far submitted this subject relates
almost entirely to considerations of home nature,
unconnected with the bearing which the policy of
other nations have upon the question: and it is per-
fecty apparent that a line of action in regard
to our currency cannot wisely be settled upon
or persisted in without considering the attitude
the subject of other countries with whom we main
tBm intercourse through commercial trade and
travel.
a CONFERENCE.
An acknowledgment of this fact is found in the
act, by virtue of which silver is compulsorily
coined 1t provides that the president shall invite
the governors of the countries composing the Latin
union, so-called, and of such other European
tions as he may deem advisable, to join the United
States to a conference to adopt common ratio be-
tween gold and silver, for the purpose of estab-
lishng, internationally the of bi-metalc mon
ey, securing xity of relative value between these
metals.
To this end 1 delegated gentleman well in
sructed in fiscal science, to proceed to the financial
centres of Europe, and in conjunction with our
ministers to England, FIance and Germany to OBJ
tain full knowledge of the attitude and intent of
these governments in respect to the establishment
of such an international ratio would procure free
coinage Of both metals at the mints of those
sulgenera at Paris has given close attention to the
proceedings of the congress of the Latin-union, in
order to indicate interest in is objects and
port it's action.