Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1885-12-18

- ASSSSNAANSbbS sSkHAVSAdeAOA
power to the general government would limit ih
exercise without express restrictive words to the
Reop,ss needs f ana the requirements OF the pub
loan money as given to congress by the con.
stitntion. it it permits the purchase By the gov
eminent %. q bullion for coinage in any event.
goes NOT justly such purchase and coinage to
the extent beyond the amount needed for
sufficient circulating medium The desire to
not lead t, to misuse. or the perversion OF this
power. The necessity FOR such an addition to
the silver currency OF the nation AZ Is COM
THE SILVER COINAGE ACT E .
Is neFat1ved by the fact that up to the present
t!me only about hfty millions OF silver dollars
80 coined have actually found their way into cir
culation, leaving more than ii 65, 900, 600 in pos
session OF tie government the custody OF
,Sa has ensailed considerable expense fo1
Against this latter amount there are outstaud-
ing silver certificates amounting to about $685.
voo,oO1 l,,. EVERY monFh So; 900, 900 Of gold ~
the pubic treasury are paid out for So COO 0Oe
or more Of silver dollars TO be added to the idle
mass already accumulated If continued long
enough this operation will result in the substi-
luton OF silver tor all the gold the government
owns applicable to its general purposes. 1t will
not DO to rely upon rhe customs receipts Of the
government Go make good this drain OF gold, be-
cause the silver coined having been made legal
tender TOT al! debts and dues, public and pri-
vate, at times during the last six months, SO
Per cent of the receipts for duties have been in
silver OF silver certificates while the average
Within that period has been go per cent.
The proportion of silver and its certificates re-
celved by the government will probably increase
as time goes on, for the reason that the nearer
tne period approaches when it will be obliged to
oIer silver III payment Of its obligations, the
greater inducement there will be to hoard gold
against depreciation in the value OF silver and for
the purpose OF specializing. This boarding OF
gold has already begun. When the time cones
shat gold has been withdrawn from circula*ien,
Then Will be apparent the difference between the
real value OF silver dollar and dollar in
gold ana the two coins will part company. Colo
SILL the standard OF value and necessary in
our dealings with other countries will be at a
premium over silver. Banks which have substi-
tuted gold tor the deposits Of their customers,
may pay them with silver bought with such
gold thus making D handsome profit Rich
speculat ors viii Sci! their boarded gold to their
neighbors, who heed it TO liquidate their foreign
DEBTS, at rulnous premiums over silver and the
!aborlng men and women Of the land, most de-
fenseless Of ALL viii find thai the dollar received
TOR the wages OF their toll has been sadly shrunk
In Its purchasing power Il 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 ii this takes place the wage
worker cannot POSSIBLY gain. bus must inevita-
bly, loose since the price he is compelled TO pay
FOR his living will not only be measured in q
coin heavily deprecated and fuctuatins and
uncertain i'll its value, but this uncertainty in
the value OF the purchasing medium will be
made the pretext for an advance in prices be-
yond that justified by aetna! depreciation. The
words uttered IN 1884 by Daniel Webster, in the
senate OF the United States are true to-day:
Ihe very man OF ali others who has the deep
most from mischievous legislation in money
matters, is the man who earns his daily bread by
his daily toll"
The most distinguished advocate of bimetal-
ism, discussing our silver coinage, has lately
written: No American citizen had felt the SEN
sat1on OF cheapness, either in receiving ex-
pending the silver act dollars, and those who
live by labor or legitimate trade, will feel
that sensation of chea pness. However plenty
silver dollars may become, they will not be dis
tributed gifts among the people, and if the
laboring man should receive four deprecated
dollars where he ROW receives but two he viii
pay in the deprecated coin more than double
the price he now pays for all the necessaries
and comforts Of life Those who do not fear any
disastrous consequences arising from the con-
directed by law, and who suppose that the
addition to the currency OF the country in
tended as its result, will he public benefit are
reminded that history demonstrates tnat the
point is easily reached in the atsein ut to float at
the same time two sorts OF money Of different
excellence, hen The better will cease to be in
already taken place indicates that we shall
not escape the usual experience in such cases.
SO II this silver coinae; be continued may
reasonably expect that gold and It's equivalent
will abandon ths field Of circula zion 10 silver
alone. This. of course, must produce a severe
contraction Of our circulating medium instead
OF adding to it. IL will not be dispu ed that any
attempt on the part OF the government to cause
the circul alton Of silver dollars worth 50 cents
side by side with gold dollars worth 90 cents,
even with tho limit that legisiat ion 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 their same purchasing
power aud he inrerchanGeatle at will. Special
effort has been made by The secretary Of the
treasury to increase the amount Of our silver
coin IN circulation, but the fact that a large
share Of the Limited amount thus put out has
soon returned to the public treasury IN payment
Of duties leads to the belief that the people do
not now desire to keep it in hand: and this with
the evident disposition to hoard gold gives
rise to the suspicion that there altsady
ext sson;a lack Of confidence among
There is certainly not enough silver now in cir
culatlon to cause uneasiEcss, and tho whole
amount coined and now on hand might, after
time be absorbed by the people without appre-
tension But it is the ceaseless stream that
threatens to overflow the land which causes fear
and uncertainty What has been thus far sub
mltted upon this subject relates almost entirely
to considerations OF home nature unconnected
with the bearing which the policies Of other ma
tions have upon the question. But it is per
fectsy apparent that's line of action in regard to
our currency cannot wisely be settled upon OF
persisted III without considering the attitude OF
the subject OF other countries with whom We
maintain intercourse through commerce trade
and travel An acknc wiedgment Of this fact
is found III the act by virtue Of which our silver
ts coInPnlsortly coined. 1t provides:
The president shall invite the governmentsof
the countries co!npriGing the Latin union 80
called, aud OF such otbsIE Europeau nations as
he may deem advisable to join the United
States IN conference to adopt a cOmtaou ratio
between gold aud silver for the purpose of es-
tablishin0 internationally the use Of birnetallc
money ana securing h1ity OF relative value be-
tween those metals
This conference absolutely failed, and sim.
liar fate has awaited all subaequent offers in the
same direction and still we continue our coin
h2e OF silver at 4 ratio different from that OF
any other naticn The most vital port of the
silver coinage act remains imperative and IN
executed, and without ally or friend We
battle upon tho silver field In an illogical and
losing contest. To give full effect to the design
OF congress on this subjec hsve made careful
and earnest endeAvor since The adjournment of
tho last congress-
REFERS TO Mr.. MARBLE
TO this end delegated q gentleman well In
structed III fiscal science to proceed to the nan-
cial centers OF Europe, and In conjunction with
our ministers to England France aud Germany.
70 obtain full knowledge Of the attitude and
Intent OF these Governments in respect OF the
establishment OF such On international ratio As
would procure free coinage Of both metals at the
ninta Of those countries and our own. By my
direction our consul general at Paris has siven
close attention to the proceedings of the con-
Eress OF the Latin union In order to indicate
efforts, that the attitude Of the leading powers
remains substantially unchanged since tho
questioned that the views Of these eover1-
public opinion. fhe views thus taken have
lessuess Of further attempts at present to arrive
lt any agreement on the subject, with other
nations. In the meantime we are accommodating
silver coin based upon orr own peculiar ratio to
such an extent, and assuming SO heavy burden
10 be provided for In any international nepotta-
lions, as will render us an undesirable party to
any future monetary conference of nations
It Is . significant fact that four OF the i've coun-
tries composing the Lat n union mentioned I'm
bur coinage act, embarrassed with their silver
currency, have just completed an agreement
among themselves that no more silver shall be
coined by their respective governments, and that
such IS has bee n already coined and in ctrcula-'
ton shall be redeemed in gold by the country OF
It's coinage The resort TO this expedient by
these countries may we'll arrest the attention Of