Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-28

aster that would result from the com
pulsory coinage of silver dollars and
protested against it. He predicted the
boarding Of gold whenever the conf
dence in the integrity Of the nations
currency should be shaken, and APP
pealed to Congress, In the interest of
the great army of the employed, for
sound money That portion Of the
Presidents message relating 10 the con-
dition Of the currency and coinage is
herewith given:
'Siuce February, 1878, the.govern-
ment has, under the compulsory pro-
visions Of law, purchased silver bullion
aud coined the same at the rate Of more
than 81, 100000 every month. BY this
process up to the present date 215, 1884,
431 silver dollars have been coined. A
reasonable appreciation of delegation
OF power to the general government
would limit It's exercise without express
restrictive words TO the peoples needs
and the requirements of the public well
fare. Upon this theory the authority to
coin money given to Congress by the
Constitution, if it permits the purchase
by the Government of bullion for coin
age, in any event does not justify such
purchase and coinage to an extent be-
yond the amount needed for sufficient
circulating medium. The desire
TO utilize the silver product Of
this country should not lead to a mis-
use or perversion OF the power. The
necessity for such an addition to the
silver currency of the nation as is COM
PEELED by the silver coinage act Is mega
tived by the fact that up to the present
time only about so, 1000, 900 of the silver
dollars so coined have actually found
their way into circulation, leaving more
than 165, OOO 600 in the possession Of
the government, the custody of which
has entailed a considerable expense for
the construction of vaults for its deposit.
Against this latter amount there are
outstand ing silver certificates amount
ing TO ab out S93,000,0 600.
Every month two millions Of gold In
the public treasury are paid out for two
millions or more OF silver dollars, to be
added to the idle mass already aCcumu-
lated. If continued long enouuh this
operation will result in the substitution
Of silver for all the gold the government
owns applicable TO its general purposes.
1t will not do TO rely upon the customs
receipts of the government to make
good this drain of gold, because the sill
yer thus coined having been made legal
tender for all debts and dues, public
and private, at times during the last
six months 5S per cent, Of the receipts
for duties have been in silver or silver
certificates, while the average within
that period has been 20 per cent. The
proportion of silver and its certificates
received by the government will proba-
bly, increase as time goes on for the rea-
son that the nearer the period
approaches when it will be obliged
to offer silver in payment OF its obliga-
tiOns, the greater inducement there will
be to hoard gold against depreciation In
the value Of silver, or for the purpose
OF specializing. This boarding. Of gold
has already begun. When the time
comes that gold has been withdrawn
from circulation, then will be apparent
the difference between the real value OF
the silver dollar and dollar in gold,
and the two coins will part company.
Gold, still the standard of value, and
necessary In our dealings with other
countries, will be at premium II sill
YER banks which have substituted gold
for the deposits of their customers may
pay them with silver bought with such
gold, thus making a handsome profit
Rich SPECTATORS will sell their boarded
gold to their nelghbors, who need it to
liquidate their foreign debts at ruin
Gus premium on silver.
"The laboring men and women of the
land, most oefenseIess OF all, Will find
that the dollar received for the wage of
their toll has sadly shrunk In its purchas-
ing power. IL may DO said that the latter
reautt Will be but temporary, and that ul-
timately the price of labor will be adj
iusted 20 the change, but even III this
takes place, the wage-mAker cannot pos
sibly gam, but must inevitably lose, since
the price he Is compelled to pay for MS
living will not only be measured in a coin
heavily deprecated and fluotuating and
uncertain in it's value, but thia uncertainty
in the value OF the purohaSing medium
will be made the pretext for an advance in
prices beyond that Justified by actual de-
probation.
"The words uttered in 1884 by Daniel
Webster in the Senate of the United
States are true to-day: The very man
OF all others who has the deepest inter-
est in a sound currency and who suffers
most by mischievous legislation In
money matters is the man who earns his
daily bread by his daily toll The most
distinguished advocate OF bi-metallism,
discussing our silver coinage, has lately
written: No American citizens hand
has yet felt the sensation of cheapness,
either in receiving or expanding the sill
yer act dollars; and those who live by
labor or legitimate trade never will feel
that sensation OF cheapness.' However
plenty silver dollars may become, they
will not be distributed as gifts among
the people, and il the laborlng man
should received four deprecated dol
lars where he now receives but two, he
will pay in the deprecated coin more
than double the price he now pays for
all the necesSaries and comforts of life.
"Those who do not fear any disas-
trous consequences arising from the
continued compulsory coinage Of silver
as now directed by law, aud who sup
pose that their addition TO the currency
oflthe country intended as its result,
will be a public benefit, are reminded
that history demonstrates that the
point is easily reached In the attempt
to float at the same time two sorts of
money Of different excellence when the
better will cease to be in general cir
culation. The boarding OF gold, which
has taken place. indicates that we
shall not escape the usual experience
In such cases. So il this silver coinage
be continued we may reasonably ex-
pect that gold and its equivalent will
abandon the field Of circulation to
silver alone. This, of course, must
produce severe contraction Of our