The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1896-10-15
SILVER IN HONDURAS.
An Object Lesson from the Noted
British Colony.
GOOD SENSE OF THEPEoPLE.
Sir Alfred Moloney, the Governor,
Gives Some Facts.
A WARNING TO THE STATES

A Change 10 Made from siive, ~ Gold.
and the Chief Authority. Speaking of
II. ssys, "unqusstionsbiy the Change
Has Bssr 80 Far . Valuable Boon 30
the Colony. and II May be Reasonably y
Anticipated That u WIN Provs To he a
stin Greater One In the Nsap Tusurc.-
The governor OF British Honduras, Sir
Alfred Moioney, gives In The North Amer
lean Review an interesting account Of the
experience Of that colony under the silver
standard and its successful passage 10 the
gold standard, IN experience full Of in
ssruction At this time. Honduras had nat
urally followed Its noighbors In ths uss
n silver money, but some four yenrs ago
the depreciation Of the currency had
reached such q point that credit was
destroyed and trade and industry para
lysed. There prevailed "a constant worry
and bewilderlng uncertainty which ro-
suited practically in the conversion Of legit-
innate trade into speculative gambling
~ csr he appreciated when 10 Ia known
that the value Of the Guatcmalnn silver
dollar, the local standard, varied no less
than 30 por cent. within eighteen months" !"
In 1891 the purchasing power OF the
"sol' oquallod ~ cents, gold; in October.
1894, at the timc OF the establishments Of tho
new standard, 1t was represented by 80
cents, net, above which II has not been
quoted since.
Governor Molonoy says:
with no direct cable connection and
with AN exchange rate continually vary
ing, calculations as to prices were con.
jectural goods had TO be figured oapric.
iously In anticipation Of fall, whether
one occurred or not, or at rate ruling at
the time Of importation and whom sold,
ns was frequently the case, at n credit Of
SIX months or more, serious loss was often
experienced. Consequently, traders wore
dszed, imports decreased, selling prices
had 10 he constantly readjusted and
grestiy advanced and tho main burden
faii upon the consumers, whose income,
wAcsss hIed or as wages, had not cor
rcspondinaly increased. These became
dRscontsnted and irritated with the OK
pcrtsss, who wero the fow persons who
roally made money during tho period, as
they worked with the depreciating and
realiEed In the approaching money. Enter
prise was discouraged. Sales Of property
were suspended. As material had chiefly
10 be imported, builders fought shy Of
ocatrscts, as they never could tell how
they would como out The shrinkags OF
the value Of tho "sol' meant correspond
Ing loss - most and had most demoral-
izing effect. tending TO destroy prudence
and thSin Progress under such ciyoum.
stances was impossible"
Shh picture would apply to any country
attempting 10 do business on u silver basis
NJ the present time.
Honduras sought and found romedy.
With tbs consent Of the crown u colnago
ordinance WAS enacted, which domono-
tizcd the then existing currency; provided
for its redemption within u specified time
NJ prescribed rate, which was fifty cents
20 the dollar, determined by IA committee
OF experts and representing the ratio of
the new 10 tho old currency which ruled
al the date Of the change and erected the
soiN No'i"f VI 'ho Chlteu states OF
niheric" INTO 'ho s'lhu''rd com Oh british
hohuur"S
!" Instructive 10 observe while Mr..
o.F"h IN proposihg 10 introduce the span
Ia "a ii'sr'o"n Sii'or uoilar as tho standard
ocin of the United States instead Of the
se'u ao''"'' 'h"t progressive state which
No -" sipsr1shce Win the SILVER dollar
' 'ssa Ths' from its hhhnelal trou-
"1"p"hs our soid doiiar "s Its
sAa WIN II inc other "eii tried
N"'""ss " VIZ ihet"ii'c monetary syssom
Isu IN 'he famous "ct OF 1913.
efuihahco n'auo the soiu
NC oni'"u otatos ihih' legal ten
Amounts OF 'hsir dehomiha-
- "oii As ths brinsh SOW
HS@ .st so'oroish ior the amounts
- ~ no respectively ana estab-
~" SS~sp ciroul"Iion suosid-
= ''~-nSo ." pa WIN soid' comprising
'"sAV'h's cohs.' ION oehts
's' 'Ai pieces anu .hs bronze
TO lNtsN, glO Us Lnu Iullt OF LEGAL