, 1885-12-09
The silver Dollar.

iNN7Ohaot dllitNldAluu VI "A utttSu-
tion OF power to the general government
would lIuit Its exercise without express
restrictive words to the peoples welfare,
aud upon this theory the authority TO
coin money given by congress by tho
constitution, if it permits the purchase by
the government of the bullion for cuin-
age, in any event does not justify such
purchase and coinage to an extent be-
yO1d the amount needed for sufficient
circulating medium. The desire to utilize
the silver product of the country should
not lead to a misuse or tho perversion 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 uD to the pres
ent tinio only about 80. O)O,000 of silver
dollars SO coined have u dly found
their way into circulation. leaving more
than Sl65.O U0,OO0 in possession Of the
government. the custody of which has
cntailel a considerable expense for the
construction Of vaults for It's deposit.
Against this latter amount there are Out
standing silver certificates amounting to
about Sy3. 900, 900.
Every month 50 000,0 900 Of gold in the
public treasury are paid cut Tor 2.OOO, 90
or more of silver dollars to be added To
the idle mass already accumulated If
continued long enough. this operation viii
result in the substitution Of silver for a !
the COLL the government uwns applicable
tn It's general purposes. 1t will not 10 10
rely upon the receipts Of the government
TO make good this declue, because tho
silver thus coined has been male legal
tender Tor all debts aud dues. public aud
private At times during the last six
months SO per cent Of the receipts for the
duties have been in silver or silver certif
cafes. while the average within that pc
Rod has been ~ per cent
The proportion of silver and its certii
Gates received by the government will
probably increase as time goes on, for the
reason that the nearer the period ap-
proaches when it will be Obliged to offer
silver in payment of its obligations, the
greater the inducement there will be 10
hoard gold against depreciation in the
value of silver, or for the purpose Of
specializing. This boarding of gold has
already begun. When the time comes
that gold has been Withdrawn FROM circu-
l%ation, then will be apparent the differ
ence between the real value Of the silver
dollar an a dollar in gold, and the two
coins will part company.
That disaster has not already overtaken
US, furnishes no proof that danger does
not wait upon a c1ntinut ,ion Of the pres
ent silver coinage. We have been saved
by the most careful m ,nagement and mn
usual expelients by a comb nation Vi Tor.
innate conditions AMI by a confident ex'
pectation that the course Of the govern.
ment in regard to silver coinage would b,
HptN1iA thhiAth " Ait utltuu VI AuhAANT7
Prosperity hesitates upon our threshold
because Of the dangers and uncertainu
surrounding this question. Capital tim
idly shriuks from trade, and investors arr
unwilling to take the chance Of the quest
iouable shape in which their money vii
be returned 10 them, while enterpris'
hilts at the risk against which care AM
sagacious management do not protect
As a necessary consequence labor lack
employment aud suffering and distress an
visited upon a portion Of our fellow eli
zens especially entitled to the careful con
siieration Of those charged with the du
ties Of legislation. No interest appeals Il
u, so strongly for a safe and stable curren
cy as this vast army Of the unemployed
/ recommend the suspension Of compu.
sorry coinage Of silver dollars, directed b
the law passed in February, 1878.