Smyrna times., 1885-09-16
What Shall be Done About
Silver 2
BY GEORGE G. WILLIAMS.

BY GEORGE G. WILLIAMS.
The most important question likely |
to engage the early attention of Con-
gress at its coming session is that of the
continued coinage of silver. The stan
dard dollars and their representatives,
the silver certificates, now constitute
so large part of the circulation of the
country. and of the Government re-
serve, that it is imperative that some
change should be made without |
delay. The statute requiring the coin
age of these dollars, is mandatory, and |
as to time, unlimited. If unrepealed |
or not modified, the coinage must go |
on, until all the Government stock of |
gold is exhausted, and its reserve is in !
silver, and this silver itself must be
out for the. purchase of bullion tc be
coined into more dollars, and so on
Gd iafinitum. Already the Govern
ment holds $71, 100000 Of met silver"
a large part of which, if of equal
value with gold, could be used in pay
ing off the Government debt, and
would be so used, but for the wise de-
cisiOn of the Secretary of the Treasury,
not to deplete his stock of gold held in
reserve to redeem the legal tender
notes. Besides the 81. 100000 of net
silver" the Treasury holds $26,000,0O0
of fractional silver, also unavailable,
because deprecated, and six millions
more held in trust for New York city
banks, which have loaned them the
gold upon it. The time is perilOusly
near when, if relief does not come, the
Treasury must pay out its silver, and
then what comes? First, rush to the
Treasury for gold on the legal-tender
notes, the largest amounts of which
are held by banks; then the suspen-
sion of gold payments by the Treasury;
then alarm on the part of the public,
leading, if unchecked, to boarding of
gold, which means the withdrawal
of bank deposits, and this in turn,
means contraction of loans, and this
again, severe pressure upon the debtor
class who are supposed to be benefited
by payment of their debts in an inferior
currency; how far all this may be car
ried, even perhaps to the verge Of a
panic, it is vain to prophecy but wise
to consider, and endeavor to avert. At
this point the alternative may be pre-
sented to the New York city banks, of
cutting adrift from the Treasury, and
maintaining gold payments by them
selves by receiving silver certificates
as special deposits, payable in the
same, and thus avoiding a relapse (fOr
a time at least) to silver basis.
To avoid these evils some action on
the part Of Congress must be taken
but what action can it be supposed
that they will be able to agree upon ?
1t seems hardly possible that a majority
will consent to mere repeal of the
coinage law, without substituting some
thing in its place, and it is not unwise
to consider what would be the best sub
stitute which could be obtained there
for. 1t is entirely certain that the peo-
pie are entitled to a dollar which is
worth a dollar, and that the working
man should not be obliged by law to
receive a token worth eighty-three
cents for days work for which he is
entitled by agreement to one dollar
This point is fundamental, and should
be recognized at once by the law
makers. 1t is the plain right of the
matter, and kept in view simplifes the
questions cOgnate to the subject. The
, relative values of gold and silver have
changed, and indeed have always beer
changing; why not recognize the fac
by law? Coin then a dollar of equa
value with gold, and if the value
J changes, let the Government make O.
lose, as the case may be; but in any
event, let us have now and alway
r honest dollars for honest men.
Attention has been much directed t
p the issue of silver certificates, based OIL
, deposits of silver bullion at its marke
value, and such certificates in SOM
o form may be the solution of the ques
h ton by the coming Congress, and
q made of equal value to gold, and re
stricted in amount, and not made
: legal tender, except as a legal reserv
o by banks, with authority to the Secre
tary of the Treasury to suspend thei
q issue in the event of any material fal
4 in the value of silver in the LondO
market, may be as happy a deliver
n ance as we can now expect from tn
q dreaded evils sure to result from tn
. continued coinage of the standard do
e lars.-The Independent.