The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1885-12-10
PRESIDENTS MESSAGE.
Con in.,ea from PIrgl Pan.


any event does not justify such purchase
and coinage 10 an extern beyond the
amount needed for \ sufficient circula-
ton medium; the desire 10 utilize the
silver product OF the country should not
lead TO misuse or the 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
negatiyed by the fact that mp 20 the
present time only about fifty millions of
silver dollars so coined have actually
found their way into circulation leaving
more than one hundred and sixty-dve
millions IN possession oftthe government,
the custody of which has enTailed q con-
siderable expense for construction OF
vaults for its deposit. Against this latter
amount there are outstanding silver cor
tificates of about ninetg-three millions OF
dollars.
Every month two MILLIONS Of gold In
the public treasury are paid out for two
millions or more OF silver dollars to be
added to the Idle macs already accumu-
lated. II Continued long enough this
operation will result ia the substitution
OF silver for ali the gold the government
owns applicable 10 its general purposes.
1t will not do to rely on the customs re-
ceipts of the government for the silver
thus coined having been made legal ten
der for ali debts and dues, public and
private.H At timesduring the past six
months 50 per cent OF the receipts for
duties have been in silver or silver GER
tificates, while the average within
that period has been 20 per cent.
The proportion OF silver and its certif-
Gates received by the government will
probably increase rs time goes on, for
the reason that the nearer the period ap-
proaches when 1t Will be obliged 10 offer
silver in payment OF its obligations, the
greater indueement there will be to
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that gold has been Withdrawn from cir
culation, then viii be apparent the dif-
ference between the real value Of the
silver dollar and dollar ia gold, aud
the two COINS will part company.
Gold. still the standard of values and
necessary in our dealings with other
countries, win bs ut premium over silver.
Banks which have substituted gold for
the deposits OF their customers may
pay them gold, thus making handsome
profit. Rich spectators will sell their
boarded gold to- their neighbOrs who
need IL TO iiquldate their foreign debts
at ruinous premium over silver, and
the laboring men and women of the land
most defenseless of all, will find that the
has sadly shruuk In its purchasing power.
II 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 help but lose, since
the price he 10 compelled TO pay for his
living will not only be measured In q
coin heavily deprecated and fiucmating
and uncertain IN its value, but this un-
certainty in the value of the purchasing
medium will be made q pretexk for
an advance in prices beyond that
justified by actual depreciation.
The words uttered In 1884 by Daniel
Webster in the senate of the United
States are true to-day; the vary man Of
all Others VINO has the dsepest interest in
a sonnd currency, and who suffers most
by miscellaneous legislation in money
matter Is the man who earns his daily
bread by his daily toll. The most dis
tinguished advocate OF bi-metalism dis
cussiDg our silver coinage has lately
written ''no American citizens
hand has yet felt the sensation
of cheapness either IN receiving
or expanding the silver act dollars"
And those who live by labor or iegiti-
mate trade never will feel that sensa-
ton of cheapness however plenty silver
dollars may become. They will not be
distributed as gifts among the people.
four deprecated dollars where he now
receives but two he will pay 10 their de-
preciated coin more than double the
price he now pays for all the
necessarie5 aud comforts OF life.
Those who do not fear any disastrous
consequences arising from the continued
compulsory coinage Of silver as now
directed by law, and who suppose that
the addition to the currency of the coun-
try intended as 5 rule will be a public
beBent, are reminded that the point is
easily reached in the attempt to Aoat at
the same time two sorts OF money Of Diff
fereut excellence, when the better will
cease to be in circulation. The boarding
Of gold which hGs already taken place
indicates that we shall not escape
the usual experience IN such cases
SO II this silver coinage be continued we
may reasonably expect that gold and it's
equivalent will abandon the Held of cir
culation 10 silver alone. This, of course,
must produ @ severe contraction of our
circulating medium instead of adding to
IL. II viii be disputed that any attempt
on the part of the government 10 cause
the circulation of silver dollar worth
eighty cents side hy side with a gold dol
lar worth One hundred cents even With
the limit that legislation does not run
counter to towns TO trade to be success
full must be seconded by tho confidence
of the people that both coins will retain
the same purchasing power
and changenble at will. A
special effort has been made by the
secretary OF the treasury TO increase the
amount OF silver coin in circulation, but
the fact that large share of the limited
amount thus put out has been returned
to the public treasury in payment of
dulles, leads TO the belief that the peo-
pleido not now desire TO keep IT 10 hard,
M aNEJtF ~ rfnHaa4 I'll
gold, gives rise to the suspicion that
there already exists a lack of conf
dence among the people touch
ing our financial processes.
There Ia certainly enough silver now In
circulation TO cause uneasiness, and the
whole amount coined and now in hand
might, after a time be absorbed by the
people without apprehension, but IL is
the caaseless stream that threatens to
oveTh w the lard which Causes fear and
uncertainty. What has been thus far
submitted upon this subj ct relates al
most edttrelY 20 considerations of a home
nature, unconnected with the bearing
which the policy of other nations have
upon the question, but it Is perfectly APP
parent that line of action in regard TO
our currency cannot wisely be settled
upon or persisted In without considering
the attitude on the subject OF other coun-
tries with whom we maintain intercourse
through commercial trade and travel.
An acknowledgment of this fact is found
In the act by virtue of which our silver
Is compulsorlly coined. 1t provides that
the president shall invite the governor of |
the countries comprising the Latin |
union, so called, or such other European |
nations as he may deem advisable to Join |
the United States In u conference to /
adopt n common ratio between gold and |
silver for the purpose of establishing In |
the use of bi-metallic /