Mexico weekly ledger., 1893-07-20

Travelling Solicitor for Evans-Sni-
der-Buel Co., st. Louis, Chicago,
Kansas City.
The Currency.
| To the Editor of the Ledger.
MEXICO, Mo-, July 19.-As the
public may be assisted in arriving at
just conclusions as to what ought to
be done with our currency when Con-
gress convenes by having some fixed
elementary standpoint from which
to consider this important matter,
the writer, through the LEDGER, VEN
lures to suggest the following:
l.. That parity of gold and silver
as used by our Legislators has no
reference to the commercial value of
these metals but means that our gold
and silver dollars shall be equal
legal tenders.
2. That it is in the power of
Government to carry out its intention
and keep its silver and gold dollars
at par for all monetary purposes
within the United States.
8. That power of coinage was
conferred upon the general Govern
ment to provide the states with
money that would pass without dis
count or premium in all of them
without reference to its commercial
value.
4. That while the theoretic argu-
ment for a mono-metallic currency is
as unanswerable as hat for free
trade, both are impracticabilities.
5. That those who advocate the
use of two metals, and would make
one subsidiary to the other beg the
question in arguing for mono-meta.-
lie currency as much as those who call
a revenue tariff free trade while con-
tending for the latter.
6. That NO country has been able
to maintain exclusively gold pay
ment.
Z. That all countries use silver
in the make up of their currencies.
England has her shilling and France
her five franc piece and yet specie
payments have often been suspended
in both of them.
8. That the coin having the high
est commercial value abroad is liable
to be gathered for export and that
when this is done it lessons the
amount of money in circulation and
therefore effects the measure OF val
ues in the country from which it is
exported.
8. That to meet this memorable
law our currency ought to be based
upon that metal which is least sought
for in other countries.
10. That as a consequence the
gold dollar of this country ought to
possess less commercial value than
the silver dollar, and to be used as
subsidiary to it.
1t is especially to this last prepo-
sition that the writer desires to call
attention.
The industries and domestic com.
MERGE of this country demand al
most inccnceivable monetary facili-
ties. Our present currency, COM
posed as it is of gold, silver, treas.
ury and national bank notes and
silver certificates assisted by clear.
ance house credits, bankers bills and
private checks is immense and vel
as a measure OF values it is deemed
by many, if not most persons toe
small for that purpose. The lessen
ing of it therefore by exports of gold
obtained on demand from the Treas
ury on payment of greenbacks ii
necessarily injurious to all Interest,"
except that of those who seek to ag
grandize themselves by producing {
further contraction of the currency
by Withdrawing money from circula
ton and boarding it. The onl.
: methods that can be resorted to t
restore the volume of our currenc,
under ourpresent laws is the issu'
of national bank notes and silve
certificates and as both of these ar
liable to be ultimately redeemed b,
gold for export, their issue as an en-
largement OF the currency defeats il
, self. In the meantime values de
crease, failures occur and panic en-
. sues. We are now prepared for th
question. Had silver been the cul
rency basis would this have occur
{ red? In view of what has happene
: in India would not national abilit
to sustain a sufficient currency hay
. been increased instead of ~lessened
| would like to add more but Ii
limited character of your column
!, forbid it at present.
IL John J. GILL.
p Read DR.. Lanoix's card in Il
LEDGER. II.