The Mineral argus. [volume] (Maiden, Mont.) 1883-1886, 1885-12-24

The views Of the present admins.
tration on the silver coinage problem,
are OF great import to the mineral pro-
ducing portion of the Union, as they
set forth all the reasons against and
argued results of bimetalsm. Though
the recommendation made by the
president are not likely to be adopted
by congress, the people should become
thoroughly cOnversant with all points
raised against silver as a circulating
medium, compare them with the effect
OF its use upon our various industries,
note whether its tendency is, as claimed,
to drive gold from the country and
suPerceed il, thus enabling them to
properly judge as to the advisabiiity of
continuing or discontinuing its coinage
and circulation for the liquidation of
public and private debts. This ques-
tiOn bids fare to become a matter for
the people to determine by their right
Of suffrage. To judge intelligently
the strongest arguments against silver
should be carefully compared with the
practical results Of its present coinage
and circulation, and as the president sets
forth every known reason against it,
the publication of his views, for future
reference and comparison by our read
ers, is important. The president says:
The desire to u,alze the silver product
of the country should not lead to misuse
or tae perversion OF this power. The ne
cessi;y for such an addition to the silver
currency of the nation as is compelled by
the silver coinage act is negatived by the
'act that up to the present time only about
fifty millions of silver dollars so coined
have actually found their way into circula-
tion, leaving more than Sl65 900, 900 in pos
sessi,n of the government, the custody of
which has entailed considerable expense for
The C, instruction of vaults tor its deposits.
Agairst this latter amount there are out
standing silver certificates amounting to
abou, s9I, I,O0O,O0, Every month 1000, 900
of god in the public treasury are paid out
for 5000, 600 or more of silver dollars to be
aideato the idle mass already accumulated.
| II continued long enough this operation
will rsult in the substitution of silver for
all ih, gold the government owns applica-
BILE toi,s general purposes. II will not do
to rel, upon the customs receipts of the
government to make good this drain of
gold. because tine silver coined having been
made legal tender for all debts and dues
public ,nh private at times during the last
six mOnd,s, So per cent. of the receipts for
duties have been in silver or silver cer,iii-
cate, VIII le the average within that period
has been 20 per cent. The proportion of
silver anl its certificates received by the
COVER. ment will probably increase as time
goss on. or the reason that the nearer the
pcrod az proaches when il will be Obliged
tn tiier silver in payment for its obligations,
the greater inducement there will be to
hoard gold against depreciation in the
valle of silver and for the purpose of spec
ulaing. This boarding of gold has already
begun. When the time comes that gold
ha. been Withdrawn from circulation. then
vii be apparent the difference between the
red value of a silver dollar and dollar in
goIl, and the two coins will part company.
Gdd-still the standard Of value and neces-
say in our dealings with other countries,
viii he at a premium over silver. Banks
Which have substituted gold for the depos-
itsof their customers, may pay them with
skier bought with such gold, thus making
a handsome profit. Rich spectators will
sci their boarded gold to their neighbors,
1 (, .t.s.. 1t.
debts, at ruinous premiums over silver, and
the laboring men and women of the land,
most leienseless OF all, will find that the
dollar received for the wages of their toll
has been sadly shrunk in its purchasing
power The words uttered in 1si by
Daniel Webster, in the senate of the United
State, IRE true to-day:
The very man OF all Others who has the
deepest interest in "a sound currency, and
whosl!ifers most from I.iischievous legi,la-
! tion in money matters, il the man who
ears his daily bread by his dail v toll
Tie most distinguished advocate of BIZ
meulism, discussing our silver coinage,
has lately written: No American citiz N has
felt the sensation of cheapne>s. either in
receiving or expending the silver act dollar,
AMI those who live by labor or legitimate
trade never will feel that sensation of
cleapness. However plentiful silver dol
lars may become, they will not be dstri-
bucd as gifts among the people, and if the
| l;Dorin, man should receive four deprica-
til dollars where he now receives but two,
lie will pay ia the deprecated coin more
tian double the price he now paws for all
tie nece,sarics and comforts Of life. Those
vi, do hot fear any disastrous consequen-
O., arising from the continue compulsory
cnase OF silver AS now directed by law.
nd who suppose that the addition to the
c,rrency of the country, inteLde "a its re-
! slts, will be a public benefit, are reminded
siat history demonstrates that the point Is
a,ily reached in the attempt to float at tile
anne time two sorts of money of different
.xccllcnc,.. when the better will cease Ia toe
Ia circulation. The boarding of gold which
Ia l.. a. l.,