Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1885-12-19

1
the constitution, if it permits the pur-
| chase by the government of bullion for
coinage in any event does not justify
such purchase and to an extent beyond
| the amount needed for sufficient cir.
culating medium. The desire to utilize
lie silver product of the country should
not lead to misuse of the provisions
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 5O,O00,O00
Of silver dollars coined have actually
found their way into circulation, leav-
ing more than S165 ,00O,0 in posses
sion Of the government, the custody
of which has entailcd a considerable
expense for construction OF vaults for
its deposit. Against this latter amount
there are outstanding silver certificates
of 1893 100000. Every month So, ,OOO,-
900 of gold in the public treasury are
paid out for 2,O00,0 900 or more of silver
dollars, to 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, applicable
to its general purposes. 1t will not do
10 rely on the customs receipts of the
government, the silver thus coined
having been made legal tender for all
debts and dues, public and private. AT
times during the last six months So per
cent. of the receipts for duties have
been i'll silver or silver certificates,
while the average within that period
has been 20 per cent.
The proportion of silver and its certifi-
Gates received by the government will
probably increase astime goes on, for the
reason that the nearer the period ap-
proaches when it will be obliged to
offer silver in payment Of its Obliga-
tions the greater inducement there will
be to hoard gold against depreciation
in the value of silver, or for the purpose
of speculating. This boarding of gold
has already begun. When the time
comes that gold has been withdrawn
from circulation, then will be apparent
the difference between the real value OF
the silver dollar and a dollar in gold
and the two coins will part COMPANY.
Gold, still the standard of value, and
necessary in our dealings with other
countries. will be at a premium over
silver. Banks which have substituted
gold for the deposits of their customers
may pay them with silver b ought with
such gold, TINS making a handsome
profit. Rich spectators will sell their
boarded gold to their nelghbors who
need it to liquidate their foreign obi
cations at rulnOus premium over
| silver. and the laboring men and
women of the land, most defenseless OF
all, will find that the dollar received
for the wages of their toll has sadly
shrunk in its purchasing power.
1t may be said that the latter result
will be but temporary, and that ulti-
mately the price OF labor will be ad.
justed to the change. But, even If this
takes place, the wage worker canno,
but lose, since the price he is compelled
to pay for his living will not only be
measured in coin heavily deprecated
and f1uctuating and uncertain in ite
value, but this uncertainty in the value
Of the purchasing medium will be made
the pretext for an advance in prices be-
yOnd that justified by actual deprecia-
ton.
The words uttered in 1884 by Danie
Webster in the senate of the United
States are true to day. s:The very mau
of all others who has the deepest inter
est in sound currency and who suffers
by mischievous legislation IN money
matters is the man who earns his daily
bread by his daily toll" The most dis
tinguislied advocate of bimetallism dis
cussiDg our silver coinage has lately
written "ho American citizens hand
has yet felt the sensation of cheapness
either in receiving or expending the
silver act dollars" and those who live
by labor or legitimate trade, never will
feel that sensation of cheapness. How
ever plenty silver dollars may become
they will not be distributed as gifts
among the people, and if the laboring
man should receive four deprecated
dollars where he now receives out two,
he will pay in their deprecated coin
more than double the price he now
pays for all the necessaries and comforts
of life.
Those who do not fear any disastrous
consequences arising from the comtin-
ued 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 a
public benefit, are reminded that the
point is easily reached in the attempt
to float at the same time two sorts of
currency of different excellence, when
the better will cease to be in circula-
ton. 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 coin
age be continued 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
medium instead of adding
to it. 1t will be disputed that any at
tempt on the part of the government to
cause the circulation of silver dollar
worth 80 cents side by side with gold
dollar W orth 100 cents, even with the
limit that legislation does not run
counter to trade, to be successful must
be seconded by the confidence of the
people that both coins will retain the
same purchasing IOwer and be change
able 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 tina: a large share of the
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 desire to keep it in
hand, and this, with the evident dis
position to hoard gold, gives rise to
the suspicion that there already exists
y lack of confidence among the people
our financial processes.
There is certainly enough silver now
In circulation to cause umeasiness, and
the whole amount coined and now on
hand might, after time, be absorbed |
by people without apprehension. but it !
is a ceaseless stream that threatens to
overflow the land, which causes fear
and uncertainty. What has been thus
far submitted on this subject relates
almost entirely to considerations of a
home nature unconnected with the !
bearing which the policy of other
nations has upon the question, but it is
perfectly apparent that line of action
in regard to our currency cannot wise
y be settled upon or persisted in with
out considering the attitude on the
subject of other countries with whom
We maintain intercourse through COM
nercial trade and travel. Acknowl-
,dgement of this fact is found in the
lct by virtue of which our silver is
coined. 1t provides that
he president shall invite the govern
nents OF the countries composing the
latin Union, ,sO-called, ,and of such other
European nations as he may deem ad-
'isable, to join the United States in a
conference to adopt common ratio