Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1885-12-05


hank-notes. which are diminishing and well
secured can be undertaken and finished sub
Jest 70 tae following conditiens:
THE CONDITIONS OF CURRENCY REFoRx.
First-Without shock or DISTURBANCES 70 the
Industries. the business enterprises, the de-
nasstie trade. or foreign commerce q the
country.
sceond-without degrading the Unitsa
States monetary unit OF value 20 a-cheaper
dollar, and wMhouT raising the United States
Htsnefery snlt OF value 20 y costller dollar.
lhird--Nlthort loss 20 any who now hold
the promise OF the United States TO pay g
dollar
Fourth--Without reduction Of thu present
volume OF the currency, or hindrancs 20 its
free Increase hereafter when every dollar
note shall De the esrtifcats Of coin dollar
IN tts Treasury paysbiS on demand.
fltth2~hitnout pause IN the reduction OF
the public debt. but paving more than three
tfths Of all that part Of tAe debt now payA-
bic at the optien OF the United States prior
TO Septenbsr, 1891.
Sixth-Without increase OF taxation.
ssycuth-Without the sale of any silver
bought ana coined since February, 1873.
Eighth-H ishous tbs disnss Of the 2i5,-
COO, coo coined silver dellars Of unlimited
legal sender, or any fall or discount IN their
present received value; and without the dis
Use o. the $50, OC0, eco coined geld dollars
OF ualinitsd legal render, or any rise or
preE.iuH Oh their present received value
Nlnth-N ithout prejudice 10 tbs adoption
hereafter Of an International btmetailic
union, with free coinasS of both metals Tor
all coIaers, at fixed ratio Of weights, into
coins OF unlimited legal tender.
Ienth-N ithout the coins OF the two
metals parting company from each other,
whatever may be the temporary fall,
IL any, in tbs market price OF silver bullion
after stopping Treasury purchases.
weu!a nsost respectfully commend to the
consideration cf Congress ths question
whether such a rsforla of the currency ought
not now to be endsavored; whether these are
not among toe prudent aud JUST conditions
OF its reform; and whether such q reform
might not be promoted, witu immediate ad-
vantage to ali our industries and trade, by
repeal OF the clause requiring Treasury pur-
chsses OF silver bullion, and repeal of the
act making compulsory Treasury issues and
reissues of the legal-t0ader notes.
TREASURY PURCHASES AND COINAGE OF
SILVER.
It is with Difference suggested, that there
ars several points OF agreement which may
be reached, and differences of oplnisn re-
moved or narrowed, by a preliminary I'M
osrstAnding as to tss use of terms.
We are ali pspeT-mohey men If it but be
understood that our paper money shall be n
representative paper money, q certificate
thai actual coin is honestly borrowed and
safely stored by the Treasury, dollar for dol
lar, and payable TO its owner on demand.
No one disputes the Superior convenience Of
paper money. It's use IN large nultiPles
without increase 81 weight, its scenemy in
saving the heavy and hreparRbls loss OF the
precious metals by abrasion, are indisputablo
advantages over ether kinds Of money.
Demonstration may signify legal disuss
of either metal coin. Gold is demozetizsd
"A India. But where is silver demonetizeda
There are varying degrees of its use in differ
enJ nations Nowhere is It entirely diSused.
Nowhere is il then denionetiZsd If demoneti-
zatlon means legal dIsuse. 1t IS used in Eng
land for fractional coins Of limited legal
tendsr. lt Is used in France, Germany and
une United States for fractional coins, and
also for larger coins Of sn uniissitsd legal
tender. Ii Is used in lldiA aud Msxico for
fractional coins, aud for coins of an nnlim-
tied legal tender, and Of these the coinage il
free TO all owners of silver. In'spsakisg Of
the demonstration Of silver, the degree Of
ITS dlsuss saeuld be specified by thoss who
would Rvoid bSing understood TO recommend
free coinage to private silver owners, which
nowhere now casXists with the use Of gold
a. q part OF the euTrsacy.
Every body is q twO-mstallist, and wishes
the use of silver in fractional coins of at least
q limited legal tender. BiBssallists desire q
larger uEe o. silver for cslns Of unlimited
legal tender; but they also wish the use OF
gold in coins Of unhmited legal teRder. If,
however, gold coin anu q silver cola must
each De received for dollar, and are both
an uniimited legal tender IN any number
soms Tstio in their wsishts must also be ii xsd
by law. y OF no law eau cross national
boundaries as commerce does; so that any
nation having = ratio not the same as the
ratio OF oJher nations traded with, is liable
to be drained, in time, of enc of its two
EastSls. Thus bimetalisn in any nation de-
Penas upon fortunate balance of
demands for the two metals frem
witueur, such hs Francs enjoyed frem 1885
70 1871; or else upon concurrence win q
sufficisnt number OF osher nations IN coming
tae unit OF value in the two metals at one
qua the same ratio eff weight. Bimetallism is
essentially an international affair; but is
does yet exist; the fOrJuEats balance in Eu-
rope was upset by Germany, and the inter-
national agreement, twice attempted, kas
failed. In UuJ one way new can any nation
retain in use coins of b0tn metals which are
both unlimited legal tender, namely, by
stopping tue coinage OF the metal unaccspta-
bic 10 other nations. France has done So
Inc United STATS must likewise stop COIN
ing silver. Stop, wait, negotiate. And
whether negotiations shall succeed or fail,
there - stiil no other way than to stop where
we are namely, AZ the point where G risk be-
giEs TO appear OF difficulty in retaining silver
IN our hCne circulation ia full equivalence
with our gold unit of value which has an
International circulation.
GOld, however, is Indispensable also,
though its higR value makes e Impossible to
be used anywhere as salall change. Gold is
fairly computed 70 be about 4S Per cent. OF
the two msHstsry metals sf mankind. Geld
Is the standard Of value in the foreign SOM
meTca, not only of the United States, but
also OF every nation in Europe. Foreign ex-
change is calculated as between the different
gols Gains. Cold IS the standard il toe do
rnsstiG trade of EBglaRd and OF Germany,
and Of sll the countries which, like France,
have been blmetalhc, but which nave now
ceased from silver coinage In order to pre-
veat the fall of the silver already coined Al
legal tender for all Sums. God is, il fact
ana by law, the standard Of value in the do
nestle trade OF tbs United States, and has
been since March, 1873. under the act OF
Congress making 25.S troy grains Of stand
ara gold eur monetary unit OF value ~
which, as will be explained below, had there
tofoTs been safely ana justly placed alike in
CONS Of gold and coins Of silver.
smvER-GoLD.
Silver in fractional coins is the most conve,
niEnJ desirable ansJsl for use in the payments
Of pstEy sums. These are the bulk OF human
transactions where money passes. IL has
ne rival. Who dees net deem 1t indispsnsa-
blei Silver can not probably be discarded
from large use by any civilized nation in
the worla, even where, in Great Britain
and the Scandinavian countries, it Is used
only fer fractional eoins, made legal tender
Tor small sums, and gold alone is cut int
cains OF unlimited legal tender. Silver
aloaa is coined by some nations; is the
mo1etary metal of enormous Asian popuis-
tions. We know III tie OF China, but com
pUtnz what taey fairly may as 70 tho rest
OF the world, the ststislcians all Agrae that
silver is 81 per cent OF the monetary metals
OF mankind.
Cold ~ gt; mar renA ~ th. r,at,Ili. eiro,,