Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1886-02-05
For the Shepherdstown Register.l
COMMUNICATED.
THE INTEREST OF THE PEOPLE IN THE
CURRENCY OF THE COUNTRY.

~
CURRENCY OF THE COUNTRY.
Every man who has at heart the r. =
ward of industry, the remuneration OF
labor, and patriotic regard for the
prosperity Of his country, should know
something Of the circulating medium
that is to measure the reward of his Ia
Dor, the commerce Of the country, anil
to control its relation with capital and
monopoly. He should possess some
correct understanding of the relative
value of the two precious metals that
have almost from time immemorial
formed the principal basis of the circu-
lation of the civilized world.
Whenever, by any combination OF
capital, or association Of trade, or com
merce, or any unwise legislation Is so
exercised rs to disturb materially their
relative value as The money of the world,
all industry and honest trade must snt-
fer more or less by such nnwise inter-
ference. At this time we have the i'm
teresting spectacle OF seeing the savants
Of the country, sent to Washington to
legislate for us, nearly equally divided
upon this great question; the represent
atives of capital and credit arrayed upon
the one side, against those Of industry
and debt upon the other; the former
clamoring for the repeal Of the law
known rs the compulsory silver coin
age act" lest, by the expansion OF the
circulating medium, the credits which
now bind the property of their debtors
will depreciate in valne, while the latter
are equally conscious that suspension
Of this act must contract the circulating
medium at the tate Of $25 900, 900 annu-
ally, and us a natural sequence increase
the burden Of their obligations. No
man with the slightest acquaintance
with the principles of political economy
will pretend to deny that any material
contraction and expansion of the cur
rency must disturb the relations be-
tween the debtor and the creditor; con-
traction must appreciate capital and in
crease the purchasing value, while it
embarrassed and criprles commerce and
industry and adds to the oppression of
those who happen to be in debt at the
time the contraction Is made.
And, for this reason alone, no inter-
ference with the currency OF the coun-
try AS to The relative value of gold and
silver should be tolerated, except what
is actually necessary to keep the two
metals rs near as possible up to their
former respective relative values. Wise
legislation at the present time requires
laws not depreciative of our own coun-
try, especially in the price Of those
commodities not produced in excess or
abundance by other nations or coun-
tries. The United States of America
is now the principal silver producing
nation of the world, and while other
nations produce it not in excess or
abundance, would it be wise or patriotic
i'm us to submit to, or suffer, any depre-
citation of its value either by legislation
or convention Of nations. These are
questions we now propose TO submit to
the judgment of the people. England
could well afford to refuse to enter the
Latin convention, whose object it APP
pears was to establish different rela-
tive value between those two metals, as
sic produces but comparatively little
silver, but is large producer OF gold,
and if France, Italy and Switzerland,
with the aid Of other governments,
could succeed In demonetizing silver,
by refusing to have it minted into their
coins, thereby lessening the demand for
silver bullion in their markets, she
could profit by the folly OF their ex-
ample, in purchasing with her album
dance Of gold the silver bullion at re-
duced price, to he minted into her coin
for the payment of her obligations to
her subjects at such time as she chose
to say TO them that 4l21a grains of silver
was worth or equal 10 one dollar in
gold. This she could do, as she could
reserve the bullion AS a basis for the is
sue OF Bank of England notes, without
her statesmen being subjected to the
odium OF having labored to debase one
of the precious metals below the stand
ard value given TO IL the world over.
In future, by your permission, we may
have occasion to refer to this subject as
to the manner in which it affects the
laboring and industrial interest, with
that Of commerce and banking.
Il. F.