Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1896-08-07


preceding the 1873 lrgisla-
ton.
But it is unnecessary To multiply words
on this subject. We will simply state
his proposition and leave il to our read
ers to see how far it viii affect the dis
cussion. Formulated it is this, namely |
When legislation Of one country Is had in
respect to silver and silver goes down in |
the markets of the world IT declines
from that one cause independent OF any
other. Now let us take some similar
arguments in reverse OF his method.
From 1873 to 1890 hundred and tity
millions in round numbers was added to
the currency. Now il increased coinage
of silver is going to bring 1t up SO surely
how did it happen that when the gov
eminent began to purchase TOUR and
half million ounces of silver month that
it went down with a thud? Now how
should we look claiming that this single
circumstance disproved our friends
theory? Just exactly as he looks claim
ing that an identically similar fact proves
il.
But says our friend, in 1890 when legis-
lation was pending to increase the pur-
chase of silver gold went up, and at an
other time it went down when the mints
were closed. Now this is of the same
character as the propositions we have
been discussing. But suppose it did prove
something, does our correspondent can
didly mean that a wave OF speculative
excitement should he the criterion by
which to measure the continuing results
OF political theory? Nobody pretends
that such legislation or talk oft might
not temporarily create such demand as
to raise silver to panic prices. On his
theory what will he do with the fact
that within three years confidence failed,
trade staggered and collapsed at the very
suggestion that we were approaching a
silver basis? We commend him to the
saving of one of the authorities" who
speaking of one act Of our legislation,
says; THE act also provided that the
supply of these dollars might be limited
to two millions per month. Owing t.
, the fact of this limitation, and to the
further fact that the treasury depart
ment has exercised a wise discretion, and
has not forced silver into circulation, We
, have thus far been saved from the calami
ty of losing the better part of our money.
Has he listened to our foremost econo
a., mist, who SAYS: For us TO throw our
selves alone into the breach simply be
cause we think silver ought not to hav
been demonetized and ought now to be re
stored would be piece Of Quixotism un
worthy the sound practical sense OF GU
people," And has he read this ~ hav
ever considered the efforts made BY tn
country for itself alone to rehabilitat
silver as prejuriicial equally to our ow
- national interests and to the cause {
true international bimetallism."
About the best way to test the effe'
a. on the country of any project or metho
is to look back and see what it has don
=. From 1878 to 1890 the governmer
49, bought from two TO four millions OF 81
:, yer per month and coined it into dollar
;" recipe cIamUTeu IuI niUIS unOnNs anu
al 1890 after an Intellectual attempt to S
y, cure free coinage compromise Wa
n effected by providing that the COVER
- ment should buy 4 10000 ounces of S
,o yer per month. This was about the pr
# duction of the country. This was don
~ and thus that amount was poured I'M
= the circulation each month. A trife le
-. than $50 millions was added to the ci
- culation which, based on silver, was :
III large that it drove gold out of the cou
=, try. Banks went to the wall. In Il
,,, space of three months 141 suspende
Or Employers had to pay a premium f
IN money to pay their help. There was
nj general famine or panic. We all remer
all Der it. Now if restricted coinage won
,r- do that who can estimate the disastro
results of opening wide the gates at
Ter offering premium of so cents on dc
m lar for all the silver there is in the worlt
nm But our correspondent says this W
Al. create such demand as to bring siv
no up to the standard. Well this is cor
ire torting. 1t is way he has. He W;
at formerly a merchant in Island Pom
mo- Beside him was a grocer who dealt
IN liquid supplies, and who issued some pc
,, sonal, what he called fractional curren'
M because change was SO difficult to pr
NJ cure. They read "Good for ten cent
in redeemable in goods at the counter
W. Our esteemed correspondent handed o.
mr. of them to one of his customers in ma
ed ing change who objected, saying that t
as article kept there was not worth Il
ne cents drink Well, replied our frien
Die he has kept cheap stuff, but he has ju
ne bought hundred barrels low, and Il
all immense quantity he has on hand, al
-: thr A.'"- -------~ "nnni,nt of this curren.
bo which he has got into circulation nj
as created such demand that it is up
ar fifteen cents, and it is really worth it.
he Now in conclusion our corresponds
Dir assumes to deal with the democrat
he platform adopted at Chicago, and ii
,s. discussion has thus far been spinnr
or round one feature of one plank in
,;s What does he think of the fairness or Il
tic morality of compelling man to take q
he article for ha1fits present value and pu