Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1885-12-16

silver coin in circulation, but the fact chat q
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 it on hand, and
this, with the evident disposition to hoard gold.
gives rise to the suspicion that there al
ready exists lack of confidence among
the people touching our financial processes.
Ihere is certainly not enough silver now in cir
culatlon to cause uneasiness, and the whole
amount coined and now on hand might, after q
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 sub
mitted upon this subject relate almost entirely
TO considerations of q bom. nature, unconnected
with the bearing which the policies of other ma
lions have upon the question, but it is perfectly
apparent that line of action in regard to our
currency cannot wisely be settled upon or per-
sisted in without considering the atti-
tude on the subject of other coun-
tries with whom we maintain inter
An acknowledgment of this is found in the act
by virtue of which our silver is compulsorily
coined 1t provides that: 1.-THE President shall
invite the Governments of the countries compos-
ing the Latin Union, SO called, and of such
other European nations as he may deem ad-
visable to join the United States in a conference
to adopt common ratio between gold and sill
yer for the purpose of establishing information
ally the of bimetallic 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 continue our coin
age of silver at ratio different from that OF any
other natien. The most vital part of the Silver
Coinage Act remains imperative and unex-
ecuted, and without ally friend we battle
upon the silver field in illogical and losing
CONSIST To give full effect to the design OF
Congress on this subject, L have made careful
and earnest endeavor since the adjournment of
the last Congress.
TO this end delegated a gentleman well in
structed in fiscal science to proceed to the finsn
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-
Enlistment of such international ratio as
would procure free coinage of both metals at the
minis of those countries and 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 in its objects and report it's action.
1t may be said in brief the result of these
efforts that the attitude of the leading powers
remain substantially 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
Their attempts at present to arrive at any agree
ment on the subject with other nations. In the
meantime are accommodating silver coin based
upon peculiar ratio to such extent, and
assuming so heavy q burden to be provided for
in any international negotiations, will render
US an undesirable party to any future monetary
conference of nations.
1t is a significant fact that four of the five
COunJr1GS comprising the LaJln 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 expedient by these countries may we'll
arrest the attention of those who sup
pose that can succeed without shock
or injury in the attempt to circulate, upon
its merits, all the silver we may coin under
SllV6f-cOlnago
The condition in which Treasury may be
placed by persistence in 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 q 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
in debt, and they should not be suspected of a
desire to jeopardize the financial safety of the
country in order that they may cancel their
present debts by paying the same in deprecated
dollars: nor should it be forgotten that it is not
the rich nor the money-1encer alone that must
submit to such a reedjustment, enforced by
the Government and their debtors. The
pittance of the widow and the orphan, and
the incomes of helpless beneficiaries of
all kinds, would be disastrously reduced
The depositors in savings banks and in other
institutions which hold in trust the savings of
the poor, when their little accumulations are
scaled down to meet the new order of things,
would, in their Distress painfully realize the de-
fusion of the promise made to them that plen-
tiful money would improve their condition. We
have now on hand all the silver dollars neces-
sary to supply the present needs of the people,
and to satisfy those who from sentiment wish
to them in circulation, and if their coinage
is suspended they can be readily obtained by
all who desire them. If the need of more is at
any time apparent, their coinage may be re-
newed.
furnishes no proof that danger does not wait
upon a continuation of the present silver coin
age. We have been saved by the most careful
management, and unusual expedients by a COM
bination of fortunate conditions and by a conf
dent expectation that the commerce OF the Gov
eminent in regard to silver coinage would be
speedily changed by an action Of Congress.
Prosperity hesitates upon threshold because
of dangers and uncertainties surrounding this
question.
Capital timidly shrinks from trade, and invest
ors are unwilling to take the chance Of the ques-
tiOnable shape in which their money viii be re-
turned to them, while enterprise halts at a risk
against which care and sagacious management
do not protect. As a necessary consequence,
labor lacks employment and suffering and dis
tress are visited upon portion of fel1ow-cit-
liens especially entitled to the careful consider
alton of those charged with the duties of legisla-
ton. No interest appeals to US so strongly for a
safe and stable currency as the vast army OF the
unemployed.
l recommend the suspension of compulsory
coinage of silver dollars directed by the law
y,
STEAMBOAT INSPECTION SERVICE.
The steamboat inspection service on the 30th
day of June, 1886, was composed of 40 persons
including officers, clerks and messengers. The
expenses of the service over the receipts were
$l39, $50. 27 during the fiscal year. The special
inspection of foreign steam vessels, organized
under the law passed in 1882, was maintained
during the year at an expense or S36, 641. 63.
Since the close of the fiscal year reductions
have been made in the forces employed which
will result in a saving during the current year
of ST 900 without affecting the efficiency of the
service.
MARINE HOSPITALS.
The supervising Surgeon General reports that
during the fiscal year II, ia patients have re-
ceived relief through marine hospital service, OF
whom II COB were treated in hospitals and Is, 81
at dispensaries.
Active and effective efforts have been made
through the medium of this service to protect
the country against an invasion of cholera,
which has prevailed in Spain and France, and
the smallpox which recently broke out in
Canada.
THE LIFE-SAYING SERVICE.
The most gratifying results have attended the
operations of the Efe-saving service during the
last fiscal year. The observance of the provision
of law requiring the appointments OF the force
ernployed in the service to be made solely with
reference to their fitness, and without reference
to the political or party utilization" has secured
the result which may confidently be expected in
any branch of public employment where such a
lie iG a1or1lied As a. consequence this service