Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1886-04-09
COMMUNICATED.
THE WORLDS PRODUCT OF GOLD AND
SILVER.

/
real intrinsic value BY the manner in
which it has been treated by our gov
eminent, goaded to such action by the
constant clamoring and the urgent APP
peals OF the mono-metalists, whose sole
aim is to contract or expand the cur
rency that is to measure the products OF
industry at will, so as to increase the
purchasing power of their gold, relieved
from any farther apprehension Of sill
yer plethora by the great avidity with
which other countries are willing to ac-
quire it of us at the slightest discount?
England, though limiting her legal.
tender value of silver in the United
Kingdom to forty shillings, gives to it
unlimited legal-tender value in her East
India possessions, and imports annually
70 that country for coinage about an av-
erage Of s43, 1872 ,692. For the last ten
years England has shipped a large
amount of the entire product Of the sill
yer mines of the world to her East In
dia possessions. "Indeed, during the
last i've years the coinage has exceeded
the net imports by nearly $500, 900 200,
and as the total silver product for the
same period did not exceed 81 300, 0OO,-
900 it is noteworthy that India has con-
sumed fully s334 per cent. Of that
amount" Am. r., July 81, 1888, page
33D.
After taking calm and deliberate
survey of the financial condition of the
commercial world for the last thirty
years, and the worlds product of the
precious metals from 400 TO 1889, the
yearly coinage Of both silver and gold
of the principal commercial nations, and
what is annually used in the arts and
consumed in the manufacture Of plate
and jewelry, and the amount of silver
coin held as the bank reserve in the
banks of the most prosperous CONNER
cial nations, and the distinguished pros
perity that marks the industry of those
nations that make both gold and silver
a legal-tender for debt, the advanced
financial progress and the commercial
success of those nations who make BIZ
metalism the basis OF their monetary
system, and their unreleuting efforts to
acquire this metal and to accumulate
and hold it, and as We are now the prin-
cipal silver producing nation of ,he
world, ought we not TO set the example
TO other nations that we too appreciate
it, and that we will not part with it for
less than its equivalent intrinsic value!
Ought we not, while the opportunity is
afforded, to make it with gold the basis
of circulation Of gold and silver GER
tticates dollar for dollar redeemable on
demand in the coin named in the certif-
icate when presented IT the counter Of
its issue? Let the people once de-
!ermne that gold and silver shall be the
basis of our issue of paper, redeemable
Collar for dollar on presentation at the
counter, and the amount per capita reg
ulated by the government, and the ruin
Gus contraction and the expansion of
the currency al the will of the bankers
will cease to produce The revulSiOns that
are constantly taking place under the
present banking system, changing the
prices of the products of industry with
the most sovereign contempt for the
\ laws of cnnnlv mud demand
BY the power that the banks now
possess over the currency, they can con-
tract or expand it at will, and by a conf
bination they may raise or lower the
price of commodities so as to make any
cherished scheme, no matter how OBJ
jectionable, success, or cripple and
ruin the most laudable enterprise. AS
an example Of this power observe what
is said of it in the report Of the Secre-
tary of the Treasury, Nov. sth, 1881.
"In January and February 1875 GER
tain bank reduced its circulation from
s3OS, 400 to $45, 900 by deposit of legal
tender notes. Between September goth,
1875, and May 26th, 1877, and before its
legal-tender deposit was exhausted, it
increased its circulation TO $4,000
Between August 18th, 1877, and Sep
TENDER 10th, 1877, 1t again reduced its
circulation to $4,000 Nine days after
completing the deposits for this reduc-
ton, it again began to take out addi-
tional circulation, although $4O2, $50 Of
our prior deposits remained in the
Treasury, and by the 20th of September
its circulation had again increased to
$4,000. On July %, 1873, it for the
third time reduced its circulation to
s45 900. and in August anc September,
1879. again increased it to s45O,OOO. AT
one time there were in actual circula-
ton 1926, $50 of its notes, although the
highest amount ever borne upon its
books was $45o,OOO." AnG further,
Treasurer Gilfillan added on November
l, 1881, "within the last year large re-
duction of bank circulation has takeE
place in the face Of an actire demand for
money. Instead of the volume of the
circulation being regulated by the bust
ness needs of the country, 1t is governed
by the price of United States bonds"
Here, for once, is an honest and Il can
did showing of one faithful official SER
want Of the public, of how the banking
institutions, under the present law, may
| play fast and loose with the most vital
Interests of the people, the price of the
great staples Of the country. grain, cot
ton and tobacco, sympsthising with the
contraction or the expansion of the cur