The midland journal. (Rising Sun, Md.) 1885-1947, 1890-01-17
Friday. Jan. IL, 1880.
Their c bjection to Silver.

ON'e'''~'SS
ed one of the ablest. The following extract
from an article recently published in that
paper advocates the following as one of its
main objections 10 silver:
mo United States coins shipped TO Lon
don are paid out or rendered as coin. They
are weighed and reckoned as so much gold
or silver. Seventy-two GEMS worth OF silver
in a round piece called dollar is not worth
a fraction of penny more in Loudon than
the same quantity in any other shape.
This is why silver coin cannot become avail
able for foreign debts. They are taken here
at their face value because the law makes
them a legal tender: they will be taken
abroad only at their actual value as 80 many
pounds and ounces Of the metal of which
they are composed"
We fail to see how il concerns us what
price the English place upon our silver dol
lars. Gold happens 10 be the money OF
European countries because the debt holders
of those countries when gold became the
scarcer and dearer metal as merchandise,
managed to have silver demonetized in
order to cut off the abundant supply OF
money metal, and thus increase the value
of their debt property,
But what need we care whether they
take our silver dollars for y cents or 100
cents? When they refused to take our
greenbacks fo- debts at so cents on the dol
lar it didn't injure US in the least. If mer-
chants can purchase goods in London to sell
at profit in the United States they will
purchase if not they will not purchase.
They pay for the goods in produce of var
ious kinds, and if the balance is 20 be paid
in money they figure up what the cost will
be to pay that balance. The price of silver
does not trouble them. The same law ap-
plies to gold or wheat CIR pork, etc. In pur-
suing the subject the Journal of Commerce
continues:
"Various schemes have been suggested for
the handling of silver by the Federal Gov
eminent, and these have been alternately
criticised and defended in the press and from
the rostrum, but none of the writer's or
speakers, as far as we have seen, have
touched at any length upon the real
point at issue. One urges that the pur.
chase of silver at its current market price IN
gold, now confined by the Secretary to two
million dollars per month, can be greatly
increased without peril to our financial in
terests. Mr.. Window proposes that the
Treasury shall purchase the entire product
ofth country, if so much is offered and pay
for it in paper certificates. The output OF
domestic silver is now about sixty million
dollars per auuum, and this scheme wonld
1 Il. hat mol u
TO the paper circulation ofthe United States
In sixteen years thousand million dollars
of these certificates would be a1oat, for as
fast as the spectators made their little turn
in the metal it would be again deposited"
How is this "litle turn" to be made!
The government we will suppose, gives the
owner Of silver, for 4l29 grains go fine, a
dollar note, or certificate; he cannot get the
coin again without paying back the note fol
it, and he cannot sell ii for any more. How
is lie to speculate with silver under these
circumstances?
The output of silver Of the United States
is 60 millions per annum, and the United
States and Mexico furnish 70 per cent of the
silver bullion of the world Suppose the
United States proposes to use this silver for
money-all that is presented-would not
the price of silver at once equal gold everv
where in the world, for the very eviden,
reason that il could not be had for lessi
The demand would be beyond the supply
The next question to consider is would the
silver bullion, if taken by the U S. govern
ment as basis or representative Of paper
money. 4l22 grains for dollar, create a
plethora of money, so much in excess of the
demands of trade, as to depreciate money
injuricusly? This is impossible as the
J1urnal Of Commerce statement proves. BY
the Treasurer issuing certificates based on
the output of the United States in 16 years
it would add only thousand million dol
Jars to the currency of the county. 1t is ad,
mitted that our present straitened circu N
stances in business, especially in the farm
ing business, and The low prices that pre-
vail for products of the farm, are mainly
owing to the scarcity of money, that the
circulation should be at least doubled. which
would require an addition Of about Is or
l6 millions. And in the face of these bust
ness demands and stubborn facts, the Journal
of Commerce seems 10 infer that dangerous
financial initiation would be caused by add
ing a thousand million 10 the currency in
sirteen gears. With the disappearance OF
JAG millions National Bank notes now in
circulation in one half of sixteen years
while the increase Of population and bust
ness will demand an increase In the guam
tity of money, we see no chance whateyer
for plethora of silver certificates if the
government were 10 commence tomorrow
exchanging certificates for every ounce o.
silver offered. Money has got to be fur
nished in addition to the present supply, by
many millions, and no man has pointed ou
a better basis for that increase than silver
The same paper continues its comments:
"There is no good reason why the Treas
ury in the first place should have been in
structed to buy at least two millions
month and coin it into dollars. Nobody
wanted the dollars, and the Treasury wa
not bullion dealer. That was a Job frou
the start. The dictate of common sens'
would be that the business should be stop
ped at once. Having coined three hundret
and fifty millions Of these pieces, for whicl
there is no possible use, the Treasury ought
e A. 10, rlrnt hn has