The Brookhaven leader., 1885-12-17


out for two millions or more OF silver dol
ars 20 BE added to the idle mass already ae-
camulatsl II continued long enough this
operation will result 10 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 mads legal tender for all debts and
dues public and private At inns during
the last six months Is per cent OF the re-
ceipts for duties have bsen paid in silver or
silver certifi Gates, whils the average within
that period has bean 10 per cent
The proportion of silver and its certifi'
Gates received by the government will
probably incrsas, 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 bs to noari gold agai,s 81 Dr.
probation IN the value OF Hlver or for the
purpose of speculating. E
This hoar1ing of gold has already begun.
When the time comes that gold has been
with dra wn from circulation then will be ap-
parent the di ference between the value Of
the silver dollar and dollar in gold, AMI the
two COINS will part company. God, still
the STANDARD OF value ami necessary in our
dealings wish other countries, will be at
premium over silver; banks which have SUB
stituted gold for the deposits Of thar Gus
toners may pay them with silver bought
with sucl gold, thus making a han lsome
profit; rich SPECTATORS will sell their
hoard I'd gol 1 to their neighbors who need it
to iquidate their foreign debts at ruinous
premium over silver, and the laboring men
and women Of the land, most oefenseless OF
all, will fin1 that the dollar received for the
wage of their toll has sadly sirunk in its
purchasing power.
1t may be said that the latter result viii
be but temporary, and that ultimately tn.
price of labor will be adjusted to the change,
but even il this takes place the wage WORKER
cannot possibly gain but must inevitably
lose since the price he is compellei 10 pay
for his living will not only be measured In u
CON heat. ly deprecated and fluctuating an1
uncersan in The value OF tbs purchasing mt
dium y ill be made the preuext for all al
vance in prices beyond that Justified ty
actual depreciation
Those who do not fear any disastrous con-
sequences arising from the continued CON-
pulsory coinage of silver and who suppose
that the addition to the currency intended
as its result will be public benefit are re-
minded by tho PRESIDENT that history dem
onstrates that ths point is easily reached in
the attempt t. float at the same time two
sorts of none, of different excellence, when
the better will cease to be in general circu-
laJiop So taat if silver coinage be con-
tinued we may reasonably expect that gold
and its equivalent will abandon the field OF
circulation t. silver alone; AMI this mus
producs a severe contraction of tbs currency
instead of adding to it. The fact that after
special efforts by the secretary of the treas
ury to increase silver circulation, large
share of the limited amount put out has soon
return ID to the treasury in the payment of
duties, leads TO ths b,lsf that the people do
not now desire to keep it on hand, and this,
with the evident disposition to hoard gold,
gives rise to the suspicion that ther9 already
exists q lack of confidence among the pecpll
touching our financial processes.
There is certainly not enough silver now in
circulation to cause uneasiness; and the
whole amount coined anj on hand, might al
ter time bo absorbed by the people with
out apprehension, but it is the ceaseless
stream that threatens to overthrow the Land
which causes fear and uncertainty.
Leaving considerations Of home nature
in the discussion of this subject, the presi-
dent says q line Of action In regard to our
currency cannot be wisely settled upon or
persisted in without considering the attitude
Of the subject OF other countries with whom
we maintain commercial relations The at
titude of ths leading powers remains suo-
stantially unchanged since the monetary
conference of 1881, and the steps alre ldy
taken to secure the adoption of a common
International ratio between gold and silver,
&kA lace <Nff fur thnro
,enpts at present to arrive at any agree
ment on the subject with other nations.
In the meantime we are accumulating
silver coin based on our own peculiar ratio
to such an extent, as will render US an un-
desirable party to any any future monetary
conference Of nations.
Returning to discussion Of the question
at home, the president says we have now on
hand all the silver dollars necessary to sup
ply the present needs OF the people and to
satisfy those who from sentiment wish to
see them in circulation. IL their coinage is
suspended they can be readily obtained by
all who desire; if the need of more is at any
tims apparent coinage can be renewed
The president discusses the silver question
exhaustiyely; devoting more space to 1t
than to any other sub Jet in his message and
closes discussion with the following words:
"That disaster has not already overtaken
us furnishes no proof that danger does not
wait upon q continuation of the present
silver coinage. We have been saved by the
most careful management and unusual ex-
pedients, but a continuation of fortunate
conditions and by confident expectation
that the course of the government in regard
to silver coinage would be speedily changed
by the action Of congress Prosperity hesi-
tates upon our threshold because of the dam
gers and uncertainties surrounding this
question. Capital timidly shrinks from
trade aud investors are unwilling to take the
chance of the questionable shape in which
their money will be returned TO them, while
enterprise halts at q risk against which care
and sagacious mAnagementdo not protect.
'As a necessary consequence labor lacks
employment, and suffering and distress ara
visited upon portion OF our fellow citizens
especially entitled TO the careful considera-
ton Of those charged with the duties Of
legislation. No interest appeals to us so
strongly for q safe and staple currency as
the vast army OF the unemployed"
Reviewing the report CT the secretary OF
war, the president recommends reform in
court martial proceedings, . remedy to the
present dsfenseless condition Of our sea
coasts and law prohibiting the construc-
tion of bridges over nsvigabls rivers in such
a manner as to obstruct navigation.
Referring to our navy; So important to a
nation like ours, having an extended sea
coast to protect, he expresses the hope that
the day is not far distant when we will have
a navy such as BELTS our standing among
nations; but before we proceed further in
the restoration Of the navy we need a thor
onohlv raore anized navy department IL