Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1893-07-15

l'Europo, TO Join In conference TO adopt com.
mon ratio between gold and silver, and to se-
cure a iixity OF value between the metals
Silver Decentralization Was Deliberate.
ITO show beyond all cavil that tho act OF
1879 demonetizing the silver dollar as a tender
for dobt was advisedly and conslderately
passed, we need only examine tho contempo-
| raneous legislation on the same kindred Quos-
tions. the provisions OF the act of 1879 Itself
! are too plain to have been misunderstood: and
70 have made them different would have boon
marked departure from the policy OF the gov.
| ernrncnt as fixed by that coina9u act OF Feb.
! ruary 81, 1853, which decreased tho quantity OF
metal in the subsidiary silver coins and
/ limited their legal tender character to pay
! mcnts of s5 and less. Hence, the act OF 1919
| dropping the further mention of the silver dol
lar from the coinage OF the United States, cx-
pressly confines the use of all silver coins of
the United States to payments not exceeding IS
in amount The act of Juno -, 1874, was strict
ly in consonanco with that of 1874 1t had been
our previous policy since the foundation OF the
government to mako foreign coins, OF both gold
and silver, receivable for public dues, and also
| between individuals The values fixed by law
for many of these coins, especially those of
silver, were already beyond their intrinsic
worth, and silver gave signs OF continued de.
crease. Hence the act of 1874 declared, first,
/ that oil foreign coins should cease to be
legal tcndcr;' second, that the gold coins OF the
| United States, when not reduced below the
| weight of tolerance, should be legal tender
! for all debts: third, THAT the silver coins OF
, the United States dncluding, OF course, the
silver dollar) "shal be n legal tender at their
! nominal valuc for any amount not EXCEEDING
| So" and fourth, that the minor CONS uhe
nickels and copper cents) shall be legal
tender for only 25 c ents.
Debased Currency.
at was obvious to the least discerning finan-
ciers OF the country that the act of 1873 would
! eventually bring about not double standard
as pretended by its friends but single stand.
ard of deprecated silver. Hence from the begin
ming these dollars were received with great dis
trust But congress- having entered upon this
strange scheme of expansion, determined to use
the power of the government to force the cir
! culation upon an unwilling public The asso-
ciated banks Of New York, Boston and Phila-
| delphia adopt cd rules forbidding the use of
these dollars and also the silver certificates In
clearing bala nces among themselves. 1t really
seems that when both debtor and creditor agree
not to use q currency thought to be injurious to
the public welfare they ought to be allowed to
rejectit in thoir own transactions without the
| fear OF punishment The national banks, how
ever, held their charters from the government
and the discipline OF congress was soon brought
to bear.
at was decreed that no national bank should
belong to u clearing house that refused silver
certificates in payment OF balances. When
| DanK CHARTERS naa 10 Ne renewed the renewal
| was conditioned on the receipt and circulation
of a currency already bad and getting worse
day by day. The government now entered the
| field as q common carrier and transported
| without charge, this unacceptable currency to
any part Of the country that would deposit gold
for II in the subtreasurics. Thus the govern
ment sowed the wind and now, by the Just law
! of retributon, reaps the whirwind The pub
lie demands TINT gold baclSand the government
must pay it or embark at once on the treacher-
Gus sea OF deprecated currency.
when pains and penalties failed to coerce
the banks the persuasion of sclf-interest was
! resorted to and they were offered the bribe
that silver certificates received by them might
| be counted in their bank reserves. Finally
when the banks remained obdurate against
! threats and seduction it was thought the gen.
eral public might surrender to the temptation
OF small notes, and to that end in 1885, IL was
enacted that the secretary of the treasury
! should thereafter issue silver certificates in
denominations of ST. 81 and IS, and the larger
certificates q. ready issued under the act OF 1873
might be exchanged for the smaller denomins-
tons
The Wiser Course.
'1f greater expansion OF the currency were
really required by the legitimate demands OF
business IL might have been secured. it seems
! to me, by inducing an increase of the national
bank notes, q currency secured by United
! States bonds, payable in gold and always worth
y premium. Instead OF this the contrary policy
was NEST persistently pursued, resulting in
decrease of speciepaying bank notes from
1856 100000 in 1883 10 sl12,C0o 600 in 1892 While
this better currency was being d.iven out by
unfricndly legislation the channels OF business
were being gorged by an issue of 4l9O0lO0O of
silver dollars, 325,0OJ0O0 of silver certificates
and finally, under the act Of 1890 by the issue
OF sl5i,OOO0OO more of treasury notes in the
purchase OF silver bullion at enormous loss
to the people ard 10 the government.
'Of the b 600 go or 6.OOOO0O gold with which
we began in 1873 none can be found in circula-
ton What has not gone to foreign countries,
enjoying the blessings OF single standard,
has teen boarded, not 10 reGppear until the
holders have some guarantee il loaned IL will
be returned in money equally good The gold
certificates not already forced upon
the government for redemption are no
longer seen The United States notes,
for the redemption OF which the sl0O,
O)O,00o gold reserve is supposed 10 be held by
the government, constitute the best security OF
the national banks and hence the greenback is
RAPIDLY disappearing. The national bank notes
are necessarily held II possible, by the banks
issuing them, in fear that in the extremity Of
distress their redemption may soon be asked in
gold Nothing is left but silver certificates and
treasury notes The banks are unable to main
tain their lawful reserves, hence they can give
no relief to suffering community. The gov
ernmcnt treasury Is depleted OF its surplus.
Government expenditures exceed government
receipts. Extravugant appropriations made
upon silver basis must now be paid in me-
dium OF value. Tho needless promise to pay
has now run its brief course, and its perform
ance comes with suffering and tears.
Remedies Suggested.
"What now is the rcmedy?
al. The customs duties should hereafter be
paid in gold alone
40 The silver bullion in the government
vaults should at once be sold for cash in gold
and tho proceeds covered into the treasury.
80 That per cent. gold bonds TO tho amount
OF 1900 COZ, 900 should be promptly sold ard the
proceeds transferred TO the treasury.
~ A day should be fixed, not later than Jan
uary !, 1898, for the redemption and payment
in gold coin OF all circulating notes OF every de.
scripsion hitherto issued by the government
"5. At least half Of the silver dollars issued
under the acts OF 1873 and 1890 should bc sold
: as bullion and the remainder minted into sub
sidiary silver coins and made legal tender only
! In. nf lrrr