Arizona silver belt., 1893-05-27
DEAD SILVER.

The present general stringency ir
 the money market and the consequent
 financial disasters that are daily occur.
 ring in industrial and commercial cir.
 clss, not only in the United States but
 in Great Britain, continental Europe
 and the colonies, IS prsmonition of q
 recurrence of the monetary coRvulsions
 of 1919, 1S37, 1857 and 1873. The
 present striDgency is attributed to the
 boycott" of silver coin, thus making
 silver less desirable currency than
 gold, consequently rstardirg it's circu-
 latiori and coRfining it's major part in
 the U. s. Treasury.
 Congress, in providing billions of
 dollars for carrying on the late fraternal war, in single instance only, stipula-
 ted in it's obligations to pay gold, and
 that was not upon bonds, but interest
 upon certificates of indebtedness issued prior to March 4th, 1868 It is other wise now; gold is demanded and paid upon bonds and other indebtedness eollectable and payable only in the lawful money of the United States.
 The Constitution of the United States says, "coin" is the only legal tender and was so regarded until aR obliging majority of the Supreme Court rose superior to the fundamental law of the land and said 'greenbacks" was also legal tender Charles sum- ner once expressed himself thus: 'I hold judges, and especially tho Supreme Court of the country, in much respect but am too familiar with the history of judicial proceedings to regard them with any superstitious reverence. Judges are but men and in all ages have shown full share of frailty. HAlas, said he, ''the worst crimes Of history hays been perpetrated under their sanction" Although he did not sEy 60, no doubt hs thought it, that a majority of the United States Supreme Judges, in resolving the court into q legislative body and amending the supreme law of the land was not the least of their insxcusable acts; they should have been inpsached for a vio- latiOn of their oath to support the fed eral constitution, which ignores every thing as money, except "coiA, which Is the product of labor, and, therefore, has q market value.
 It is true, the natural limit of the metal and the fact that it is made legal tender, giyesit an increased value. And also the fact that the stamp on it enables one to know how much of this market value it contains is another quality which commsAds it to the com Ihercial world under all and every sur rounding circumstance, in proof of which it is only necessary to refer to the fact that gold and silver are the standard and made so by the Consti- tution of the United States, and rated At their face value, while other govern ment obligations during tho war fuc- tuated and in July, 1864, gold com manded a premium of 2s5 per cent for other federal securities
 Since the remarkable decision of the | U. s. Supreme Court the Secretary of the Treasury may elect to pay wholly ia 'greenbacks," but as payment iA gold has been the prevailing custom, it is'fair to conclude it will continue while there is yellow metal in the government coiTers sufficient to meet current de- mands. When that is exhausted it be- comes a dsbatablo question whether silver will he resorted to, or bonds sold iR European markets in order that de- mands may be promptly paid in for Oign exchange where the major part of American gold has gone, by reason of toe much liberality on our part, to our own injury Had wo observed Shy locks policy and paid only what was nominated in the bSnd we would not, to-day, be cudgsling our brains with the enigma how to solve the silver question, which requires nc further solution thah to pay in kind as sx- pressed ia the obligation.
 A professor of political economy, in University, in his reference to the financial condition, refers to whits metal as dead silver" which we are 'ree to admit is so at present, but we Ire buoysd by the hope that the pres 'nt financial distress will cause it's re- labilitatien, at no distant day, and rate as current coin of the realm, whore Inc constitution of l7S7 placed it and which is as binding law as when at ested by the signature of George Washington, President of the convsn- ion, and will remain in full force and fleet until changed or annulled as pro- 'ided by article V of that instrument.
 - The Engineering and Mining Jour ,al sDeaks bigblv of Ar;zono,s ro;naral