The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1885-12-18


exercise without express restrictive words to
the peoples needs and the requirements of the
public. Upon this theory and authority TO
coin money given to Congress by the Con-
stitution, 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 n sufficient circulating medium.
The desire to utilize the silver product of
the country should not lead to a misuse or
the perversion of this power. The necessity
for such an addition to the silver currency Of
the nation as is compelled by the silver-coin
age act, is negativcd by the fact that up to
the present time only about fifty millions
of the silver dollars SO coined have
actually found their way into circulation,
leaving more than one hundred and siXty-fve
millions in the possession of the government,
the custody of which has cntailed a consid
cradle expense for the construction of vaults
for its deposit Against this latter amount
there are outstanding silver certificates
amounting to about ninety-three millions of
dollars.
Every month two millions Of gold in the
public treasury are paid out for two millions
or more of silver dollars, to be added to the
idle mass already accumulated. If continued
long enough, the operation will result in the
substitution of silver for all the gold the
government owns applicable 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 make legal
tender for all debts and dues, public and pri-
vate at times during the last six months fifty
eight per cent. of the receipts for duties have
been in silver or silver certificates, 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 it will be obliged to offer silver in pay
ment of its obligations, the greater induce
ment there will be to hoard gold against de
probation 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withdrawn from circulation, then will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 9TH
er countries, will be at a premium over silver;
banks which have substituted gold for the de
posits of their customers may pay them with
silver bought with such gold, thus making
handsome profit: rich spectators will sell
their boarded gold TO their neghbors who
need it to liquidate their foreign debts, at n
ruinous premium over silver, and the laboring
men and women of the land, most de
fenceless of all, will find that the dollar re-
ceived for the wage of their toll has sadly
shrunk in its purchasing power. 1t may be
said that the latter result will be but temper
airy, and that ultimately the price of labor will
be adjusted to the change; but even if this
takes place, the wage worker cannot possibly
gain but must inevitably lose since the price he
is compelled to pay for his living will not only
be measured in II coin heavily deprecated,
and fluctuating and uncertain in its value,
but this uncertainty in the value of the pur
chasing medium will be made the preteXt for
an advance in prices beyond that justified by
actual depreciation.
The words uttered in 1884 by Daniel Web
ster in the Senate of the United States are
true to-day: 1.-The very man of all others
who has the deepest interest in "A sound cur
rency, and who suffers most by mischievous
legislation in money matters, is the man who
earns his daily bread by his daily toil.n The
most distinguished advocate of bi-metalisin,
discussing our silver coinage, has lately
written mo 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 will never feel that sensa-
ton of cheapness. However plenty silver
dollars may become, they will not be distrib-
utcd as gifts among the people; and if the
laboring man should receive four deprecated
dollars where he now receives but two, he
will pay in the deprecated coin more than
double the price he now pays for all the nee
cessaries 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 n 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 excel
lence, when the better will cease to be
in general circulation. The boarding of gold
which has already taken place, indicates that
we shall not escape the usual experience in
such cases. So, il this silver coinage bo con-
tinued 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 cir
cuating medium, instead of adding TO it,
1t will not be disputed that any attempt on
the part of the government to cause the cir
culation of silver dollars worth eighty cents,
side by side with gold dollars worth 100 cents,
even within the limit that legislation does not
run counter to laws of trade, TO be successful
must be seconded by the confidence of the
people that both coins will retain the same
purchasing power and he inter
changable at will special effort has
been made by the secretary of the treasury to
increase the amount of our silver coin in cir
culation; but the fact that u large share of
the limited amount thus put out has soon re-
turned to the public treasury in payment of
duties, leads to the belief that the people do
not now desire 10 Keep IL III mana, ana
this, with the evident disposition to hoard
gold, gives rise TO the suspicion that
there already exists a lack of confidence
among the people touching our financial pro
cesses. There is certainly not enough silver
now in circulation to cause uneasiness; and
the whole amount coined and now on hand
might, after time be absorbed by the peo-
pie without apprehension; but it is the cease
less stream that threatens to overflow the
land which causes fear and uncertainty
What has been thus far submitted upon
this subject relates almost entirely to conSd-
erations of a home nature, unconnected with
the bearing which the policies of other nations
have upon the question. But it is perfectly
apparent that a line of action in regard to our
currency cannot wisely be settled upon or per-
sisted in, without considering the attitude
ON the subject of other countries
course through commerce, trade,
and travel An acknowledgment Of this fact
is found in the act by virtue of which our sill,
yer is compulsorily coined. 1t provides that
"the President shall invite the governments
of the countries composing the Latin Union
so called, and of such other European nations
as he may deem advisable, to join the United
States in a conference to adopt common ratio
between gold and silver for the purpose OF
establishing internationally the use of bi-me
tallic money and securing tiXity of relativ,
value between these metals
This CoutC renee absolute y failed, and
similar fate has awaited all subsequent effort
IN the same direction, And still we cOntinu,
pDinapp of silver at n ratio difIerant from