The Windham County reformer. (Battleboro, Vt.) 1876-1897, 1893-07-28
SlLAS M. WAITE.
CONTINUED from LIST page,


controlled 10 the same way as this Commute
shall order"
The proportion should be b,sed on the re
alive values of the metals In London and Ne
York for the - months preceding July
any year. II necessary It shall be revise
stamped as Of the year when It commenced
'All silver certi6catesthat have been issue
by the United States for deposits, of silve
cola or bullion previous to this acts takin
effect shall be redeemed with this new COLI
age Of silver dollars of APO grains each, an
when redeemed shall be retired fiom circuls
tion. For this purpose OF redemption To
present silver bullion now owned by to
United States shall be coined into silver do
lars as soon as may be, and used Tor tbs re
demption OF silver certificates. Hereafter IN
United States treasury may issue certificates
redeemable In standard silver dollars OF ~
grains each, 10 sums of 800 or any multiple
OF 800 to $4,000. The present silver coin
age at any lime after one year from the TIM
this act takes fleet shall be redeemed or ex
changed by the minis of the United States
substituting therefor the coinage OF Inc 4.t
grain issue, and when this present coinage II
thus Ia possession of the mint 1t shall not DC
again paid out, but it shall be melted and re-
Coined into dollars of 42O grains each of the
proportions spt CITED for such coin In this act
Owners Of silver that Is produced and owned
by citizens of the United States may deliver
to the mint of the United States at PhiadeI'
phia such silver for coinage; and when Its
purity and value is ascertained 1t shall be
paid for in coinage of silver dollars of the
kind called silver dollars OF 420 grains each
at the rate per ounce that the proportion OF
silver used In cOlning dollar Is rated In
piice at the time of the delivery of the silver
to tho mint, payment to be made within sixty
soon as supply Of this coinage Of silver dol
lars of APO grains each can be furnished by
the minis OF the United States, all pay ments
to government officials, officers and men of
the army or navy, members OF congress, en-
| plOyes of the government In any capacity,
pay ments OF pension claims or pensions In
any form, for any and all materials purchas.
cd by or for any department Of the United
States government, for any and all internal
impr " ements and construction of public
buildings may be paid In the coinage made by
virtue OF this act and shall be so paid as far
as prat ticable certificates Issued for deposits
of this coin and redeemable In coin may lie
considered the same as actual coin. This
coinage shall be legal reserve for national
banks I'm Ter the national banking act, and
shall be a legal tender for all debts not specl-
fed by legislative enactment or by written
contract to be payable only In gold coin.
With this coinage OF silye dollars OF APO
grains each graduated to be the equivalent of
gold currency, and to be coined and put Into
! circulation. after the present accumulated
stock of silver bullion now In the vaults OF
the United States treasury is converted into
coin, only when the silver is furnished by the
producers or owners and the cost OF supply
ing the proportional quantities needed to
maintain the value OF the dollar at 100 cents.
Is also at their expense, 1t Is fair to assume
that the supply OF circulating coin will not
exceed the business requirements. While II
the use and demand of silver coin Increases,
the eiver producer must be The gamer. Inc
silver coined and on deposit for which cerit'
Gates are out will not be released and added
10 the active circulation until the certificates
are redeemed, and when put In circulation
must conform to the APO grain standard.
Therefore a silver now 10 circulation, either |
In co n or in certificates, tecomes to the hold.
er of same value as tho new coinage. The |
expense Of this change Is borne by the Upited
States, as 1t should be, as 1t only redeems
their implied promise that all coinage of the
United States is equally good.
AS 10 the jut tice of It Mr.. Waite says:
1t will probably be claimed that this com.
pell'ng silver dollar to be maintained at the
standard value of 100 cents is hardship ur-
on the silyer producing portion OF the United
States. When it becomes the policy and
duty of the United States government to
place a fixed standard valuation upon Ger.
tain number Of grains of silver by authorita-
lively stamping that price upon j., 1t will be
qualIy lawful and tight for the government
to fix value upon bushel of
corn or wheat, pound OF cotton, or beef, or
pork, or iron, bushel Of coal. or any other
or article produced from the farm
or otherwise obtained from ting soil or from
mines.
This ia nation based upon great prime
pie: mo favo.itism; equal rights for ell"
Although the silver producer furnishes a
'ood article from which to create the needed
currency, be does nothing more than the pre-
lucer of corn, cotton, wheat. hogs, cattle, +.
to-. etc. Jail of these commodities furnish the
nj ans 10 be used as money In keeping our
immense commercial transactions alive and
prosperous; every one, II not each one, is :
be cause of bringing into circulation annu- \
lily more money than the yearly silver prod
right to make silver pet infant to be rer- :
toned or draw bounty!
As 10 the present trouble and what Is
eeded for a remedy, he says: !
1t Is not the large amount OF gold that .
Tould be RI qulred TO transact the blu illness of :
be country, provided that gold only was In
ircuiation. 1t Is confidence" that the treas. :
~ of the United States is not being dep eted :
its reserve to sustain q certain commodity
t fancy valuation by arbitrarily calling 1t
honey and thus putting 1t In place of this re. !;
erve. IL the purchase OF silver by the Unit. y
Il of The silver which the producers could
nd It to their advantage to put into coin OF
certain fixed value was made into currency,
7ol Id not that be an inducement strong .
nOugh to bring Into circulation all the silver Y
hat the business of the country could use as
honey, and at the same time satisfy the finan-
ial world. and establish confidence" IN such
n honest, conservative financial foundation? ?
he purchase OF large quantity of silver at .
xed dates by the treasury and the use OF II y
q basis for circulation, based upon its va
e when purchased. has 10. been successful
experiment. In establ's hing stability In the val
e Of silver. The money cepters of the world y
re firm 10 the belief that free coinage by any u
ne nation, single handed, will not be sue
ess In maintaining silver at valuation re-
ulred to maintain ''c0ufdence;" and as the
roblem has not been demonstrated by actual Ct
'ial 1t seems too hazardous to venture upon, o
hiie 1t seems very desirable aud absolutely G
eces sary to adopt such quality Of money o.
,r our standard as Will give "copfi1ence." Isl
It Is a theory OF some thoughtful hnanciers o.
lat II standard silver dollar, composed of N
lch proportions as has been suggested 10 j.
lis article, was to become our. liked standard Il
lat the silver coinage of the world would "
ave to conform to II or else tbs large amount d,
silver used IN the far eastern commerce d,
ould be superseded by United States dollars. %
For the rest of bis argument, historical and bt
respective, be siys: al
When the paper currency OF the United SO
ates was Put into circulation to meet ne.
ssIty, while the life OF the nation was trem.
Ing IN the balance, its value rs money was
red date r. W
ncy woul Of nc nc
ho1 no "