Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1886-02-11

dollar now and in 1870, / repeat: Why
should II be stricken down, or Its pur-
chasing power further Increased 20 per
cent by adding 40, 50, or any other |
Of grains to its weight? In 9TH
err words, why should every producer |
and debtor have to give 20 per cent. |
more Of the products Of bis labor TO oh |
tain either new silver dollar or gold
coin with which to pay his debts than
he does now, when he isalready paying
his obligations according to the terms
Of his contract IN coin which will pro-
cure for its owner much more OF all
he needs than it would In 1870? 1t is
only another phrase Of the constant
struggle of the rich to grind the face Of
the poor, and the favored few 10 enrich
themselves by class legislation.
While no one can deny that every
obligation of the United States and ev-
ery contract within our own border can
be discharged honorably with the pres
ent silver dollar, we are told that our
foreign obligations and relations are
such that gold will he at q premium
very soon, and we will be on a basis of
degraded silver at once five do not in
crease the weight or stop the coinage of
silver; that all Europe Is Mortified at
our stupidity or dishonesty, or both.
Even England, whose gold Is said to be
used so freely to buy Senators and Rep
resentatives to vote for revenue tariffs
against protection to monOpolies called
American industry, Is held up now by
the gold monemetallists as an example
worthy Of all imitation; her financial
policy Is lauded as the perfection of hu.
man wisdom. Fortunately the official
reports overthrow all the reckless as
sertiOns of the gold worshipers. The
Register of the Treasury (see report for
this wear. page 4, show that out of ST.
OH. .460, ,262 registered bonds Of the
United States outstanding only ST ,927,-
900, or little over one-tenth of l per
cent. is held abroad, and of those which
can be paid before 1892, foreigners hold
only S34, $50, which is less than the in-
terest on the money now lying idle in
the Treasury for one day at 8 per cent.
per annum.
These facts coupled with the fact that
our exports of goods exceeded our i'm
ports $130, ,0O0, 900 this year, and our i'm
Dorts of gold exceeded our gold exports
Sl8, ,213, ,804, an amount greatly exceed
ing all our bonds held abroad settle the
question. The falsity of the clamor
about foreign complications or. gold
premium is made too apparent for any
sensible man to be deceived by it.
The press is filled with articles day by
day which seek to make people believe
that all other nations have ceased to
coin silver, and that we alone are stub
bornly persisting in forcing it upon this
country after it has been abandoned
everywhere else.
Ipropnse to disprove these allegations
by officially stated facts. The Director
of the Mint in his last report shows
(pages 131,132) that for the year 1884
the Worlds production of gold was
S95, ,282. 1858; of silver, $l15, 147,S78; and
that S99, ass, ,24O of gold was coined, while
the coinage of silver last year amounted
to 0,039, ,443, of which the United
States coined $23, ,99l ,756 of gold, and
S2S, ,534, ,866 Of silver. Other nations,
therefore, coined in 1885, S61 ,504 ,5T of
silver. showing thatwe are far from be-
ing alone in the coinage of that metal.
England coined SO ,204, 1924 of silver last
year and Sc, ,201 SIT the year before, to
add to her stock which has been ac-
cumulatiug for generations; while she
has coined silver for India in the last
three years to the value of $68. 244, 900.
The workers for wages in England
to-day get their pay in silver coin, and
the question Ia never mOOted by them
as to the comparative bullion value of
the silver and gold coin of that country.
Even Germany, notwithstanding she
pretended to have demonetized silver
twelve years ago, coined In 1882 $6, ,407, :
157 of it to add to her vast stock on
hand; her laborers are paid in it now4
No complaint is made anywhere, here
or in Europe, about silver coin except
by the holders of our bonds, who seek
to increase largely the purchasing pow
er of gold, or, which is the same thing,
reduce the value of all our property
from 25 to so per cent. below its present
value when tested by the single stand
ard of gold, which they claim shall be
paid by US to them and to them alone.
They do not seek to establish the single
gold standard, they say; they are BIZ
metallists. They agree that silver is a
legal-tender for all debts and obligations
of the Government, except those held
by them. 1t is good enough to pay the
laborer, the soldier, the sailor. in short,
all who work for the United States but
they insist that it is dishonest in us to
pay it to them, although their bonds
and obligations all show on their face
that it is legal-tender in payment of
them all so long as it is coined of the
standard value fixed by law, July IA,
1870, rs it is now and always has been.
Our dollar is more valuable than that
coined by most of the other leading ma
tions, France included, theirs bearing
the relation of 159 to with our gold,
while ours is 16 to l. Ineed not repeat
in detail what the official reports show
in regard to the gold, silver and paper
currency of the several countries. 1t is
sufficient to prove by them that while
the difference in the market value of
gold and silver In London operates to
degrade their silver coin more than II
does ours, France and other countries
maintain their silver and paper in al
transactions, public and private. at pa
with gold under far greater difficultie;
than we have to contend with, no mat
ter from what standpoint the compari
son is made.
The Comptroller of the Currency II
his last report, page 26, says:
From information communicated tt
the State Department by the Ministe
of the United States to France, 1t ap
pears that notes of the Bank OF Franc
are legal-tender, and are releemahle a
sight, either IN gold or silver 5-fran
coins, at the option of the bank (silve
coins of smaller denominations bein
legal-tender only to the extent of 5