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

L
| deprecated greenbaclSs the balance OF trade
| was against us every year. State bank issues
| had been tried and could not be kertat par
| with gold. United States bank issues had also
been tried, and, though backed by the wealth
| OF the nation, they, too, had failed to preserve
| parity with gold. The increasing production OF
silver as compared with that OF gold had in
duccd Germany TO follow England and 70 dis
card IL MS twin standard OF value ana the
| wisest md most considcrate Statesmen OF the
world were being rapidly driven to the convic.
| tion that the highest and best political econo-
! my required and demanded q single standard of
| value.
| g The American congress of 1873, actuated no
| doubt by these views and earnestly desiring to
escape in the future evils that thelloast sa-
gacious were now compelled to admit had fol-
lowed the use of depre ciatcd money, adopted
without dissent the single gold standard This
was in reality, no violent change from the long
declared policy OF the government, At the
date OF the creation OF greenback notes, eleven
years before, the pledge was given that they
should be redeemed in coin ut the close of the
war, and the obligation OF that pledge was still
acknowledged by all political parties So far
rs the silver dollar was concerned its coinage
has been free from the time OF the first coinage
act, in 1872, but during the eighty.one years
that had now elapsed only about 100000 of
these dollars had been coined 1t is true that
half dollars quarters dimes and other sub
sidiary silver coins had been made at the mint,
silver currency had never been an important
factor in the business transactions OF the
people
The Single Standard Necessary.
1.-TWO years aftet adopting the single stand
ard in 1873, o measure was inaugurated and
passed for the resumption of specie payments,
to become operative on January 1, 1879. II
these two measures had remained on the statute
books, inviolate and unamended, there is no
economical reason why the United States and
their people should not to-day enjoy the most
unboundcd prosperity. We should have had the
best and most abundant currency-a gold cur
rcncy OF universal value and of such volume as
to force its circulation. as in England, France
and Germany, into the hands OF the people To
be assured OF this fact IL is only necessary
again to examine the conditions OF commerce
for the last seventeen years In the first year
after resolving upon specie payments the ex-
cess of our exports OF mercha ndise over inn
ports was sTa,653,4st. In the next year, ending
June 30, 1877, this excess was si5l. l52,094 For
1873 ii S257, ,Sia 234 For 1879 1t 1884 dGi.
G66, and this excess continued, with various
amounts, down to 1892, excepting only small
adverse balances in the years 1888 and 1889 The
net balance OF trade in our favor from June 30.
1876, to June 30 1892, amounted TO the enormous
sum of 81 S92. 1856 446 1t is safe to assume that
il the legislation Of 1873 and 1875. looking for
permanent circulating medium Of intrinsic
value, had remained at least one third-that is,
5000 0o0,OC0-of this vast trade balance would
have been paid TO us in gold. In the first six
years of the time ending June 30, 1884, we had
| already imported in gold over sl02, 900 more
than we had exported, and 1t must be remem-
bered that in 1881 we had been already four
years on our downward course toward a silver
standard after the Bland law OF 1873.
Gold Shipments Disastrous.
"Finally, after passing the Sherman law of
1890, which more than doubled the silver pur
chases, the remarkable fact is disclosed that
no amount of expectation of merchandise could
stay the shipments .of gold from the United
States. For instance, iii 1890 We exported an
excess of merchandise of over SGS,000,0O0, and
in the same year exported an excess of gold OF
over SlS,0)00)l In 1891 we exported an excess
of merchandise of over 500, 100000 and exported
an excess of gold OF over S72O0O,OOO, and al
though the excess Of our exports OF products
in 1892 amounted to.nearly sos 900, yet the
almost startling fact appears that during that
year we exported over Sl3OC0,000 of gold, and
now that the balance OF trade has naturally
turned against US the country is being drained
OF its remaining gold with alarming rapdity.
II any gold be left in this cousltry 1t is boarded
by the tiInid. 1t is as completely absent from
the circulation as If it had no existence. From
January 1880, to June 1892, nearly SlSOO,00J O0O
of gold aau gold certificates were Withdrawn
from the national treasury. The rapid disap-
pearance of gold may be further determined by
the fact that in January, 1891, sS per cent. OF
gold and gold certificates, while in May, 1893
only one-tenth Of per cent was similarly paid.
80 1t only remains now briefly TO state the
character OF the silver acts of 1878 and 1890 and
to furnish you the reasons for believing that
the overthrow of public confidence und the
present depression in business are the lcgiti-
mate consequences Of those acts. The natural
or normal results of this legislation would prob
ably have followed much sooner but for the
many abundant crops OF this country and the
| numerous failures in that respect abroad. The
act of February sS, 1873, known as the Bland
act, was, by title, to authorize the coinage OF
| the standard silver dollar and 10 restore its
| legal tender character 1t directed the secre-
| tary of the treasury to purchase monthly not
| less than Sa,0O0,000 nor more than 100000
worth of silver bullion, to be Immediately
coined into silver dollars of 4l2M grains of pure
| metal-and these dollars when SO coined. were
made Il legal tender for all dcb's, public and
| private except when otherwise expressly stip-
| ulated in the contract. The act further pro-
vidcd that the holder of these coins might de
| poslt them with the treasurer or assistant
| treasurer OF the United States and receive
| therefor certificates OF not less than $40 in
| amount, and these certificates were made re-
| ceivable for customs, taxes and all public dues,
| and when so received may be rcissued' q
Rad Business Policy.
''The act OF July IA. 1890, known as the Sher-
| man law, directs the secretary Of the treasury
10 purchase 4,oUOUJU ounces Ol SllVcr UulllOu III
| the market value thereof long as silver
| was deprecated below the par OF gold. and TO
| issue in payment thereof treasury notes OF The
| United States in denominations OF 81 tO $1,000.
These notes were made q legal tender for all
debts and receivable for all public dues, and
were to be reissued by the government The
secretary OF the treasury is required TO redeem
these notes in gold or silver coin, at his discre-
tion To induce the national banks TO accept
them they arc authorized TO count them as 0
part of their lawful reserves. Coinage ofsil-
yer dollars was to continue, as provided by the
| Bland act, till July /, 1891, and after that the
secretary is required to coin any additional bul
lion that may be necessary to redeem the treas
ury notes issued for Its purchase.
"Under the act Of 1873 the government pur
chased 20l ,292, 0l9 ounces OF fine silver at cos
OF S30S, i09 262 and coined 1t into silver dollars
to the amount OF 1913, l96793. The profit o.
nearly sT0,0U00o0 made by stamping :asehoot
on the coins was covered into the treasury u:
so much profit. Under the act of ls0) the gov
ernment, up to June /, 1898, had purchased
sl45, SOL 1857, and under the injunction OF con