Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1885-12-11
THE SILVER QUESTION.

Nothing is more important than the
present condition of our currency and
coinage. Since February, 1873, the gov
ernmeut has, under compulsory proviS-
ions purchased silver bullion and coined
it at the rate of more than $4,000, 900 every
month. $3,l51, ,59i3l have been coined
The authority to coin money
given to Congress by the Con5ti-
tuition if it permits the purchase by the
government of bullion for coinage in any
event does not Justify such purchase and
coinage to an extent beyond the amount
needed for Il sufficient circulating me-
dium.
The necessity for such an addition to the
silver currency of the nation as is COM
PEELED by the silver coinage act is negative
Dy the fact that up to the present time
only about S5OOOO,000 so coined have ac-
tually found their way into circulation
leaving more than $l65. 100000 in the pos
session of the government the custody Of
which has entaled Il considerable expense
for the construction of vaults for deposit.
Against this latter amount there are out
standing silver certificates amounting to
about SOB, 900, 900.
Every month two millions of gold are
paid out for two millions or more Of silver
dollars to he be added To the idle mass al
ready accumulated. If continued long
enough this operation will result in the
substitution of silver for all the gold the
government owns appllcableto 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 thus coined having been made legal
tender for all debts and dues public and
private ut times during the last six
months. 5S per cent of the receipts for du-
ties have been in silver or silver certiti-
Gates. while the average within that pc
riOd has been 20 per cent. The proportion
of silver and its certificates received by
| the government will probably increase as
times on for the reason that the nearer the
period approaches when it will be
Obliged 10 offer silver in payment of
/ its obligations. The greater inducement
! theu will be to hoard gold against depre-
/ citation in the value OF silver, or for the
purpose of Speculating. The boarding of
gold has already begun. When the time
/ comes that gold has been withdrawn from
circulation there Will be apparent the
/ difference between the real value OF the
silver dollar aud a dollar in gold, and the
coins part company. Gold, still the stand
ard OF value, and necessary in our dead
| ing with other countries Will he at u prem
/ ium over silver Banks which have sub
Stitdt,d gold for the deposits of their Gus
toners may pay them with silver bought
with such gold, thus making a handsome
profit. rich speculation viii sell THEN
huaUdcd gold to their neighburS who need
it to liQuidate their foreign debts at q
uiuOUs premium on silver and the labor
ingmpu and women Of the land most de
feucple,S of all will find that the dOllal
received for the wage Of the toll has only
shrunk in its purchasing power 1t may
he sud that the latter will he but temper
AIRY, but even then the wage worker
must inevitably lose since the price he is
compelled to pay for his living Will not
only be measured in coin heayi
ly deprecated and luctuating and I'M
certain in its value, but this uncertainty
in the value Of the purchasing medium
will be made The prcteNt for an advance
in prices beyond that justified by actuu
receive four deprecated dollars where he
y now receives but two, he will pay in The
deurccatcd coin more than double the