Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1885-12-17
THE SILVER QUESTION.

d Taxation, the Condition of the Currency
and the Continued Coinage and HoardIng
Of Silver--He Declares it an Illogical and
Losing Contest. and Recommends the Sus-
pension of the Farther Coinage or Silver
Dollars.
We give hollow the views of President
Cleveland on the subject of taxation and on
the silver question, as embodied in his
message, but which were omitted in the
regular report rather than run the risk of
curtailing them, as we deem the matter of
sufficient Importance to be gwen in full:
REDUCTION OF TAXATION
The fact that our revenues are in excess OF
actual needs of an economical administra-
ton ofthe Government, justifes q reduction
support. Our Governments is but the means
established by the will of free people by
which certain principles are applied which
they have adopted for their benefit and pro-
lection, and it is never better aim Mustered,
and Its true spirit is never better observed,
port is scrupulously limited to the actual
necessity of expenditure and distributed ac-
cording to just and equitable plan. The
proposition with which we have to deal
is the reduction of the revenue received by
She Government and indirectly paid the
people from customs duties The question
now any occasion for the general discussion
OF the wisdom Or expedency of a protective
system. Justice and fairness dictate that in
any modification of our present laws reat-
ing to revenue the Industries and interests
which have been encouraged by such laws,
and in which our citizens have large invest
ments should not be ruthlessiy injured or
destroyed. We should also deal with the
terests of American labor witch is the can
ttal of our workingmen. Its stability and
proper remuneration furnish the most iusti
fable pretext for a protective policy. Within
these limitations certain reduction should
be made In our customs revenue. The
amount OF such reduction having been de-
termined the inquiry follows, where can 1t
best be RENTED, and what articles can best
be released from duty in the interest of our
citizens!
WHERE THE REDUCTION SHOULD BE MADE
think the reduction should be made in the
revenue derived from the tax upon the i'm
portant necessaries of iife We thus directly
the land, and release to the people in every
humble home a larger measure of the re-
wards of frugal industry.
During the year ended November |, 1885,
145 National Banks were organized, with an
aggregate capital of s16,9ss, 900, and circua-
ing to 4,274,9l0. The whole number of these
banks in existence on the day above men
ae limited
Banks, compared with the amount the law
permits them to issue upon deposit of
the volume of our circulating medium may
be largely increased through this instrument
eal1ty.
Nothing more important than the
PRESENT CONDITION OF OUR CURRENCY
and coinage can claim your attention. Sine
February. 1875 the Government has. under
the compulsory provisions of law, purchased
silver bullion and coined the same at the
rate of more than 81, 100000 every month By
this process up to the present date 215,S59,-
1876 silver dollars have boon coined rea-
to te Ct you'll
limit It's exercise without express restrictive
words, to the peoples needs and the require
ments OF the public welfare Upon this
theory the authority to ''coin money" given
to Congress by the Constitution, If it per-
mits the purchase by the Government OF
bullion for coinage in any event, does not
Justify such purchase and coinage to an ex-
tent beyond the amount needed for a suffi
utilize the silver product of the country
should not lead to misuse or the perver-
sion of this power. The necessity tor such
an addition to the silver currency of the Ma
ton as is compelled by the silver coinage
act is negatived by the fact that up to the
present time only about fifty millions OF sill
yer dollars so coined have actually found
their way into circulation, leaving more
than one hundred and sixty five millions in
OF which has entailed considerable ex-
pense for construction of vaults for its de-
post Against this latter amount there are
about $93 00O,00a.
IDLE COIN.
Every month 81, 900 900 OF gold in the pub
lie treasury are palTt out for x2,000OJD or
more of silver dollars to be added to the idle
mass already accumulated If continue
long cnoue this operat ion 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
or the aase
thus coined has been male legal tender for
all debts and dues, public and private. At
times during the past SIX months fifty -eight
per cent. of the receipts for duties have been
in silver or silver certificates. while the av-
erage within that period has been twenty
per cent. The portion of silver and its Ger.
ti1icates received by the Governments will
probably increase as time goes on, for the
reason that the nearer the period ap
proaches when it will De obliged to offer sill.
yer in payment for its obligations, the
greater inducement there will be to hoard
gold against depreciation in the value of
silver or for the purpose OF specializing.
THE BOARDING OF GOLD
has already begun. When the time comes
that gold has been withdrawn from circula-
ton there will be apparent the difference be-
tween 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.
countries, will be at Il premium over silver.
Banks which have substit1 ted gold for the
deposits of their customers may pay them
with silver bought with such gold, thus max
ing handsome profit Rich, spectators
will sell their boarded gold to their neigh
debts, at a ruinous 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. ultimately the
price of labor will be adjusted to the change
But even if this takes place, the wage work
er cannot possibly gain, but must inevitably
for his living will not only be mea 5ured in a
coin heavily deprecated and fuctuating
Iaintv in the value of the purehas I ann me.
dunn will be made the pretext for an ad-
vance in prices beyond that justified by nc
Iual depreciation.
DANIEL WEBSTER QUOTED.
The words uttered in 1884 by Daniel Web.
ster in the Senate of the United States are
rue to-day. "The very man of all others
who has the deepest interest in a sound cur
egisIation in moneySnatters is the man who
earns his daily bread by his daily toll" The |
nos9 as.hgash e aaVoca ,n OF h
written: mo American citizens hand has |
Tet felt the sensation of cheapness. neither |
n receiving or expendins the silver act dol
ars," and those who live by labor |
,r legitimate trade never will |
less However plenty silver dollars may be-
;ornc. they will not be distributed as gifts |
the people and il the lao9rinE man
where he now receives but two he will pay |
n the then depreciatedcoin more than double
he price he now pays for all the necessities
Those who do not fear any disastrous con-
arising from the continued COM
,ulsory coinage OF silver. as now directed
~ law, and VINO suppose that the addition
@ the currency of the country, intended as
Is result, will be public benefit, re-
minded that history dem onstrates that the
,oint is easily reached in the attempt tos
loaf at the same time two sorts of
money of different excellence when the
'etter will cease to be in circulation. The
boarding of gold. which has already taken
,lace, Indicates that we shall noe escape the
usual experience in such cases So il this
liver coinage be continued we may reason
bly, expect that gold and its equival ent will
.ban.ion the field of circulation to silver
lone. This, of course, must produce