Crawford avalanche. (Grayling, Mich.) 1879-19??, 1885-12-17

construction OF vaults Tor its deposit. Against
this latter amount there are outstanding silver
Oertificatcs amounting 10 about 03, 900 Of dol
lars. livery month ", 100000 Of gold In the public
Treasury are paid out for 5000, 600 or more Of
silver dollars, 10 be added 10 the idle mass al
ready accumulated II continued long enough
this operation will result In the substitution of
silver for sil the gold the Government owns APP
plicable to Its general purposes 1t will not do
10 rely upon the receipts of the Government to
make good this drain OF gold, because the silver
thus coinedi having been made legal tender for
all debts and dues, public and private, at
times during the past six months fifty per cent.
of the receipts for duties have been IN silver
or silver eeItiieatesj while the average within
that period has been twenty per cent The
proportion OF silver and its certificates received
by the Government will probably increase as
time goes ON, for the reason that the nearer the
period approaches when IL will be obliged to
offer silver In payment OF its obligations, the
greater inducement there will be to hoard gold
against depreciation IN the value OF silver, or for
the purpose OF speculation. This boarding OF
gold has already begun. When the time comes
that gold has been withdrawn from eirculation
then will be apparent the difference between the
real value Of the silver dollar and dollar in
| gold, and tho two coins will part company
Gold still the standard of value and neces-
no q rrcSsysss -siiversasiss which have
substituted gold for the deposits Of their Gus
| toners may pay them with silver bought with
such gold, thus making handsome profit. Rich
spectators will sell their boarded gold to their
neighbors who need IL TO liquidato their foreign
debts at a ruinous premium over silver, and the
| laboring men and women OF the land most de-
| fenseless Of ali, will find that the dollar
| received for the wages OF their toll has
1t may be said that the latter result will be but
| temporary, and that ultimately the price of la.
bor will be adjusted to the change, but even II
| this takes place the wage-worker cannot poss.
bly, gain, but must inevitably lose, since the
price he is compelled 70 pay for his living will
not only be measured in coin heavily depreci.
ated, and fluctuatfng, and uncertain in its
| value, but this uncertainty in the value OF the
purchasing medium will be made the
pretext for an advance in prices beyond
The words uttered in 1884, by Daniel Webster,
| in the Senate Of the United States, true to-
day: "The very man OF all others who has the
deepest interest in a sound currency, and who
suffers most by mischievous legislation in
money matters, is the man who earns his
daily bread by his daily toll" The most
distinguished advocate Of bimetalism, dis
| cussing our silver coinage, has lately written:
-No American citizens hand has yet felt
the sensation of cheapness, either in re-
ceiving or expending the silver-act dollars"
and those who live by labor or legitimate trade
| never will feel that sensation Of cheapness
However plenty silver dollars may become they
will not bo distributed as gifts among the peo-
pie, and IL the laboring man should receive four
silver dollars where he now receives but two,
he will pay in tho deprecated coin more than
double the price he now pays for all
the iiecessaries and comforts OF life
Those who do not fear any disastrous con-
sequences arising from the continued compul-
sorry coinage of silver as now directed by law,
| and who suppose that the addition to the cur
rency of the country, intended as its result will
be public benefit, are reminded that history
demonstrates that the point is easily reached in
the attempt to float at the same time two sorts
of money OF different excellence, when the bet
ter will cease to be in circulation. The hoard
ing of gold which has already taken place
indicates that shall not escape
the usual experience in such cases.
So, il this silver coinage 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 n severe
contraction instead
of adding to ii.
1t will not be disputed that any attempt ON the
part of the Government to cause the circulation
OF silver dollars worth 80 cents side by side with
gold dollars worth 100 cents, even with the limit
that legislation does not run contrary to laws Of
trade, to be successful must be seconded by the
connIehce OF tne Peopie that Doth COINS VIII re-
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 pay
ment of duties, leads to the belief that the peo-
pie do not now desire to keep IL on hand, and
this, with the evident disposition to hoard gold,
ready exists n lack OF confidence among
| the people touching our financial processes.
There is certainly not enough silver now in cir
| culation to cause uneasness and the whole
| amount coined and now on hand might, after
| time, be absorbed by the people without appre-
hension; but it is the ceaseless stream that
| threatens to overflow the land which causes fear
| and uncertainty. What has been thus far SUBJ
| mitted upon this subject relates almost entirely
| to considerations of home .naturo, unconnected
with the bearing which the policies Of other ma
tons have upon the question, but IL is perfectly
! apparent that a line OF action in regard to our
i currency cannot wisely be settled upon or per-
sisted in without considering the atti-
! tude the subject of other coun-
tries with whom we maintain inter
| course through commerce. trade. and travel.
| An acknowledgment of this is found in the act
| by virtue of which our silver is compulsorily
coined. 1t provides that; -The President shall
invite the Governments Of the countries compos-
| ing the Latin Union, called, and OF such
other European nations he may deem ad-
visable, to join the United States in conference
| to adopt "A common ratio between gold and sill
yer for the purpose OF establishing internation-
| ally the uses of bimetallc money and securing
| fxety Of relative value between these metals.
| This conference absolutely failed, and SINH
lar fate has awaited all subsequent efforts in the
| same direction, and still We continue our coin
age Of silver at ratio different from that Of any
| other nation. The most vital part of the Silver
| Coinage Act remains imperative and unex-
| ecuted, and without an ally friend we battle
| upon the silver field in an illogical and losing
| contest. To give full effect to the design OF
| Congress on this subject, have made careful
| and earnest endeayor since the adjournment of
| the last Congress.
To this end delegated n gentleman well in
structed in fiscal science to proceed TO the finan
| cial centers of Europe, and in conjunction with
| our Ministers to England, France, and Germany,
| to obtain full knowledge of the attitude and
| intent Of these governments respecting the es-
tablishment Of such an international ratio as
would procure free coinage of both metals at the
mints of those countries and our own. By my
| direction our Consul General at Paris has given
close attention to the proceedings of the Con-
| gress of the Latin Union in order to indicate our
| interest i'm its objects and report its action.
| 1t may be said in brief as the result Of these
| efforts that the attitude OF the leading powers
remain substantiaily unchanged since the Mon
| etary Conference of 1881 nor is to be questioned
| that the views of these Governments are in each
instance supported by the weight of public opin-
ion. The steps thus taken have, therefore, only
more fully demonstrated the uselessness OF fur
| ther attempts at present to arrive ut any agree
| ment on the subject with other nations. In the
| meantime we are accumulating silver coin based
| upon our peculiar ratio to such an extent and
assuming so heavy n burden to be provided for
| in any international negotiations, as viii render
| us an undesirable party to any future monetary
conference of nations.
| It is a significant fact that four OF the Ave
| countries comprising the Latin Union men-
| toned in our coinage act, embarrassed with
their silver currency have just completed an
| agreement among themselves that no more
| silver shall be coined by their respective gov
| ernments, and that such as has been already
| coined and in circulation shall be redeemed in
gold by the country of its coinage. The resort
| to this expedent by these countries may well
| arrest the attention of those who sup
i pose that we can succeed without shock
! or injury in the attempt to circulate, upon
/ it's merits, all the silver we may coin under
| the provisions OF the silver-coinage act.
| The condition in which our Treasury may be
placed by persistence i'm our present course is
| matter OF concern to every patriotic citizen
| who does not desire his Government to pay in
silver such Of its obligations should be paid in
| gold Nor should our condition be such as to
oblige us, in prudent management Of our
/ affairs, to discontinue the calling in and pay
ment Of interest bearing obligations which we
| have the right now TO discharge and thus avoid
| the payment OF further interest thereon.
| The so-called debtor class, for whose benefit
the continued compulsory coinage OF silver is in
| sisted upon, are not dishonest because they are
| I'm debt, and they should not be suspected of n
/ IN ri afafxy 90 fl,o