Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1886-03-18
rnB s1LYsn oUesrIoN.
A Simple, Conclusive aud tlonvinc-
inw Presentattom or tho Case.

why we should stop ihe compulsory coli
ing of silver. The Treasury Departmei
is now instructed by statute to purchal
not less than $2,000,000 worth
silver bullion per month, to mix
with alloy OF one pnrt in 10, and to col
the same into pieces weighing 4lS
grains each. AT the present mark,
price of silver these places are worth lei
than 80 cents, so that $2,000,000 wort
of bullion will produce a little over 2 ,50t
900 of these large coins, each one of whic
isalegaltender in this country for one do
lar for all purposes whatsoever. Th
government must receive them for a
dues, and may pay them out for all dis
bursements of every character, and the
are lawful tender between individual
for all transactions to be settled in money
unless gold is specially named in the con
tract.
Tue law was passed in spite of tn
Presidents veto February 28th, 1878, an,
went into operation at once. Up to tn
present time 224, 200, 900 of these coin
have been struck at the mint. Every DOS
sible effort has been made to give them
circulation among tho people. Th,
treasury undertook to put them dow
free of cost in any part of the country OF
the payment of the equivalent into Oh,
treasury at any other place of deposit
All that were called for were paid out il
response to this proposition. A merchant
or banker in New York wishing to pay
certain sum in Texas, and finding that q
bill of exchange could only be had at O
premium, paid his money into the sub.
treasury here, and the government at its
own expense sent by express the silver
dollars to the same amount to the point
designated. This drew out few millions,
but they could not be made to circulate.
When they reached their destination there
they stopped and were deposited in some
bank where they rested. The people
would have none of them; they were too
cumbersome to be carried in the pocket,
and no inducement would draw out any
demand for them.
The next step was to restrict the issue
of small notes in order to compel the
people to use the silver dollars. This
was done greatly to the inconvenience of
the public, but the scheme would not
work. Those who could not procure one
and two dollar bills supplied themselves
with subsidiary coin (half and quarter
dollars), and the big dollars lay idly In
the vaults. After all the efforts that have
been made only fifty millions (out of the
two hundred and twenty-four) have been
placed, and very few of these are in any
proper sense "circulated" among the
people. This in itself is sufficient
answer to the question why the coinage
should be stopped: the dollar is a colu
that is not wanted.
But we may go further and show thu
the accumulation of toward 00,G00, 900 of
these unused dollars in the vaults of the
treasury is a standing menace to the trade.
and commerce of the country. They may
be kept atpar with gold by the law as long
as money is needed only to pay debts
in this country; but when the balance of
trade turns against us and money is needed
to pay debts abroad, the discrimination
will at once begin.
A mat who has debt to pay in London
when exports of produce are abundant
and bills of exchange are plenty here, can
use either silver or gold in their purchase
without trouble; but when bills are scarce
and he must send the money III place of
exchange, he can take nothing but gold,
because our coin is received in London
for what is in it, and not for what is
stamped upon its face. A dollar in gold
sent to London is SO much bullion and
will pay dollar; silver dollar is also so
much bullion and will not pay quite so
cents. A million dollars in gold will
settle debt of say 205,0 pounds ster-
ing II million silver dollars will only
settle l6i 900 pounds sterling
Our correspondent (whcse letter we
give in another column can see this by
,he terms of purchase. Every month the
~ 900, 900 worth of silver is coined into
over 50 SOC, 200. When these are sent
lbroad they are only reckoned as worth
he $2,000,000 which our government
1aid for the silver, and not the 81, 2,6O0,-
400 calculated from the number of
stamped pieces We are giving these
letails, not as exact calculations, but |
,nly in round numbers near enough to |
he exact fractional difference 10 show the |
orce of the argument. We cannot buy |
If western miuers, or of English or |
herman bullion dealers, $2,000,0 200 of |
iilver, coin it into two and a-half million |
pieces called dollars, and make anybody |
outside of this country take the sum back |
If us for $2,500, 900, giving us 20 per
'ent profit for the fancy stamp we have |
lut on the face of the coin.
Our gold coin does not bring one cent |
more in London because it is stamped |
han the bullion that is in it will bring if |
We send it out in bars. One million dol |
ars in gold may be sent out in bars or
ent out in coin and it will sell for 3d.
700, 600; 81 ,000,0 worth of silver may
'e coined in one, two or three million
'ieces and called by any name we please,
,ut the whole lot will only bring
81, 600, 900 in London, for it is melted and
old by eight and fineness. Gold coin
lone can be exported without loss, and
IS soon as coin is wanted in large quanti-
les for export gold must be in demand.
The moment it becomes scarce, or any
carcity is apprehended, it will sell at
premium above silver, and as soon as it
rings one-quarter of / per cent above
liver every gold coin in the country will
Ne withdrawn at once from circulation,
nd silver and paper redeemable in silver
nly will be used. Who will pay out in
his country double eagle for 800 after
10 knows that he can sell it at any
'roker's Office for $20.05 and get silver
or it which is legal tender for the same
II ia the idea (suggested by our CORE
pondenD that this is question between
he rich and the poor that frightens 80
many politicians from advocating what
hey know a sound currency requires.
The question (he asks) whether any one
'esides the ''money kings" has any in.
crest in stopping this dangerous attempt
o force an inferior coin into circulation
5 an illustration of the popular misun
of the true issue. The
money kings made their fortunes largely
tut of the opportunities offered by a
epreciated currency during the suspen-
ion of specie payments, and they can be
depended on every time to take care of
themselves when the poor are oppressed
nd driven to the wall.
The men who are trying to earn living
y trade are not money kings; they are
ur fellow-citizens seeking alivelihood in
n honest calling, and very sensitive to
nything that operates like wet blanket
IN their proper enterprise. But even
hey would not be the chief sufferers As
Don as gold and silver are reckoned by
weight, and the latter will only pass for
is intrinsic worth, every laboring mans
y day will buy for him only $1.60
worth of the necessaries of life. All taxes
# every kind are levied on production
nd not on consumption. When dollar
S taxed or clipped 20 cents, the def
iency strikes it not as it is paid out,
,ut when it is earned. The laborer does
lot get his SO day. His pieces are
tamped dollars, but they are each worth
'nly so cents, and he is really working
or SLIGO day.
And the laboring man who must live
IN his earnings will feel the tax far more
han the ''money kings" whom our cor
seems to hold in such con-
empt. The rich like the poor laborer