Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1886-02-12
[For the Shepherdstown Register
CONlNECNICATED.
THE INTEREST OF THE PEOPLE IN THE
CURRENCY OF THE COUNTRY.

classes of the community are those who
ought to be the special objects of the
care and protection of governments, the
less interference by it with the rated
values of the two precious metals, when
once established, the better for all.
In no country, where bi-metalism is
established at fixed rated legal tender
value, can any one hope to be benefited
by any interference or change in such
rated value, except those who are large
capitalists, and who, by combination,
may hold i'm reserve one of the two pre-
cious metals until it appreciates or in
creases i'm value, or until the other de-
preciates or decxeases in value. Then,
rs the one most deprecated in value is
that left in circulation for the discharge
of nearly all obligations, and particu-
larly for the reward Of labor, and the
prices paid for the products of labor,
l2bor and industry are the greatest suf-
ferers by such change, for whenever a
government so legislates as to give pre-
cedence in the discharge Of its obliga-
tons TO any one of the factors, either
gold, silver, or paper, composing
her circulating medium, that one to
which the precedence is given will
necessarily retire from circulation, only
to be purchased at premium by that
one that the act has deprecated by such
distinction. In speaking of this ques-
ton, if we cannot subscribe to all that
is said OF it by John Stewart Mill (B. iii,
ch. X, p. 30S), we at least fully accord
with him when he says, eff the tenden-
cy of metals be to rise in value, all pay
ments will be made in that one which
has risen least; and If to fall, in that
enc that has fallen most" We had,
within the recollection Of many of US, a
very instructing and sad example of
the truth of this assertion in the cur
rency of the United States, while the
law provided that gold alone would be
received for duties on imports and in
terest upon the national debt. This act
sent gold up to a premium above the
paper currency of the United States, TO
as high az one dollar and sixty-four
cents, and the silver dollar down to IS
cents on the dollar, and from 1869 to
1877 all labor was paid in this depreci-
ated currency, and all the products of
labor were bought, sold, and paid for
in it. while gold was rarely seen, only
as it was used for the purchase Of the
deprecated currency when an importer
was compelled to sell it for the purpose
of paying the duty upon the goods he
imported or hen the government was
compelled TO sell its own greenbacks at
a discount in order to meet its Obliga-
ton to pay the interest upon its bonds
in gold. This act never would have
been tolerated for day by the people,
but it was war measure, and the credit
of the government had sunk so low i'm
the patriotic esteem of her wealthy citi-
zens and capitalists, as to warrant them
in asking two dollars and fifty cents Of
the governments bonds, upon which
they had to be assured that the interest
would be promptly paid semi-annually
in gold, for one dollar of their gold.
The acts creating the national debt, tao
lily demonetized silver, as it was stipu
lated that the interest on the bonds
should be paid in gold, and the act of
principal of the bonds payable in gold,
further demonetized silver, and these
acts, all of which were prejudicial to
the real intrinsic value of that metal,
remained in force, to the injury of every
industry, and to the commerce Of the
country, until the crisis of 1873, and
from that time up to 1877 the pressure
of public opinion was so great as to
cause Congress 10 pass an act~making
ties upon imports and for the interest
upon the natioal debt, and notwith-
standing the ominous predictions of the
mono-metallists, the bondholders, and
the bankers, and the hideous howl of
the horde of lobby lists they had EN-
ployed, backed by legion of the sub
sidized press of the country, to ring in
the ears of Congress, ruin to the value
of silver and the paper currency if this
oh hn IN
silver anC currency were upon par
with gold, and it has so remained up to
the present time, and will continue to
be so until some unwarrantable act
marks distinction again in one of the
three commodities, gold, silver, and pa
per, that form the circulating medium
of our country. We are frlly aware of
the doctrine to be advanced by the adj
vocates of the suspension of the compul-
sorry silver coinage act, that the COM
mercial value of the silver bullion in
the markets Of the world will diminish,
In consequence of the abundance of the
American production and in answer
to this question let me ask: has not tie
American gold of California and the
other Western States. with that of the
English gold Of Australia, fully kept
pace with the whole worlds product of
silver in quantity, and much more so
as to the amount of value of the two
metals? Then, if the gold product Of
the whole world has fully kept pace
with the product of silver in quantity,
and outstripped it largely in the amount
of value, where or to what cause are
we to look for the apprehended danger
in the decline of the rated value of sill
yer as to that of gold, except to some
unwarrantable legislation in the favor
NJ