The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1895-01-19
Disqualification OF silver.

DEnoxETIzATIox OF SILVER.
It Has Caused the Hard Tinss and Mach
sa2sriAg.
EDIToR PREss:
The question Of finance il far the
most vital political question before the
country to-day, and our future welfare
for some years to come will probably,
in great measure depend on financial
laws that may be enacted by the pres
ent congress, during the next few
weeks.
That great money trust, called 1.-THE
Associated Bankers, (Nationalof the U.
S." has had almost perfect control in
financial legislation for many years, I'M
til no such law is even discussed, with
out first inviting the opinions of Wall
Street, in order to learn what would
suit their wishes and interests best, and
on which subject our Fat Functionary
in the White House, his satellites 10
the cabinet, and many congressman
show great solicitude, but not q thought
for the people whose interests are
antagonized by those of the class these
officials are SO anxious to serve. My
intention is not to infiict my personal
opinion on the public, only to present
some quotations of the monetary com.
mission created by jsint resolution of
congress Aug. Is, 1876 and reporting
March 2, 1877, and their reports were
published under the authority of the
United States.
The commissioners were from both
parties, Republican and Democratic
aud sat for over seven months. 1t was
composed Of nine members, three from
each house and three experts
amongst the best posted men on finan
ciaI matters in congress or the country
They consulted the best authorities
of this country and Europe, past ant
present. and their report is prota
bly, one Of the most profound and ex
haustive document ever published OF
the subject.
On page 60 of the report, Alexande
} Ha milton is quoted in his report Q79l
on the mint He says: "To annul tn
use of either of the metals as money il
TO abridge the quantity Of the circu
lating medium and is liable to all tn
: objections which arise from a compari
son Of the benefits Of full with tn
, evils Of q scanty circulation"
, Thomas jefferson, in letter to NJ
2 Hamilton says: Il concur with 20
that the mint must stand on bot
metals"
VIM. ii. Crawford, secretary Of tn
. teasury, in a report Feb. II, 1870. I
= congress, says: IAN intelligent writer
4 on currency agree that when it is d,
r creasiug in amount, poverty and miser
must prevail"
!. Again on pages 81 and s. the con
y mission, in explaining the effects {
4 hard times caused by decentralization {
f silver and withdrawal of paper none
r from circulation.says: SECURITIES ha,
r become SO impaired through fallin
{ prices that loanable capital has fle
:. affrighted from newer and more spars
;. ~ settled sections of the country, ar
r accumulated in large amounts in ii
n great financial centers, whose secureti,
n are more ample. The personal and prof.
e erty securities of individuals, ha'
d generally ceased to be available exec
at the highest rate of interest or
y ruinously low valuations. Money c.
be borrowed readily only upon SUI
le securities as bonds which are based {
u the unlimited tax-levying power of Il
Government. The competition amor
rs capitalists, to loan money on the
more ample securities has become We
a. keen, and such securities commal
2. money at unprecedentedly low rat
Of These low and lowering rates of int
~ est, instead Of denoting financi
,e strength and industrial prosperity, a
gague Of increasing prostratc
a Large Accommodations Of money
or financial centers, instead of bel
re caused by the overflow of a healthf
(. circulation, or even proof Of sufHcie
pr circulation, are unmistakable eviden
Of a congested condition, caused by
as insufficient and decreasing circulate
On The readings with which governme
he bonds, bearing very low rate Of int
be est, have been taken, instead Of sho
al ing that the credit Of the governme
q. has improved, is q melancholy evider
of of the Frustrated condition to which
le- dustry and trade have been reduced
On page IS they say: There ne'
he has been a decrease in the volume
rs money, nor has there ever been
de a stationary volume Of money, uni
,or accompanied by stationary populati
in and commerce. which has not sooner
IN. later resulted in a general fall Of pri'
,ed and there has never been recov
therefrom except through a proceed
increase in the volume Of money"