Year: 1878

SILVER AND RESUMPTION


We are within month of resumption as
legal fixture and still nearer as an accom-
plished fact. The result of the November
elections gave great increase of confidence
and has fixed thousands of doubtful and
wavering ones. The greenback balloon COL
lapsed and fell in much less time than it
took to mount. The daily subscriptions to
the government 4 per cent loan is pretty
good pulse to test the financial health of the
country, and these have quadrupled since
the elections. Our imports are still decreas-
ing and our exports increasing. Our crops
have been good and our graneries are full.
Business is reviving slowly and carefully
cropping its way. Failures are becoming rare
Everything betokens that bottom has been
rea&aasA, and things are bound to improve
ffem this time on. Our people have learned
economy III tie only school where it is sue
cessfully taught, and are practising it with
the very best results, in private as well as in
public.


There is only one disturbing element in the
situation, and that is the legal tender silver
dsNsr, about which there was such wild
excitement about year ago. Some good
men were carried away by the infection, and
the majorties by which the bill overrode the
Presidential veto prove how general was the
favorable opinion at that time in all sections
aaaD parties.


The result has justified the fears of its foes
and disappointed the promises and hopes of
its friends. The silver dollar as it was in the
days of the fathers was restored to its legal
tender function, regardless of the fact that
in all the markets of the world it had depre-
ciated in relative value. We were told that
this restoration would be soon followed by
its enhancement, and that all nations would
follow our example; even Germany would
restore it, and the Latin Union would remove
all restrictions upon its coinage. Our gov
ernment appointed a commission and in
vited all the nations to conference which
was to record its verdict of approval of what
we had done. Here we began to see our
selves as others saw US. Not single ma
tion-not even Russia with all temptations to
adopt debased currency followed our ex-
ample. It was total and miserable failure,
and ought to have been. 1t was an insult to
other nations to fix this standard ourselves
and then invite them to ratify it. If we had
called the nations together to fix standard,
we would have had much better chance of
success. A general adoption of standard
by the principal nations would have put an
end to its decline. But in our bull-headed
fashion we would not wait, and as conse-
quence have not only failed miserably, but
injured the chances of any future success.
Our mints have been busy coming the big
dollars, and our Secretary has been devising
every conceivable method to get them out
into circulation. All in vain. Almost the
entire coinage remains stacked up in the
Treasury vaults. Those who figured how
much they would save by paying their debts
in these ninety cent dollars, are figuring still
how to get hold of them to pay with,
though the swindling margin has
doubled since the coinage began.


The discomforture is completed by the
action of the New York and Boston banks,
which will necessarily be followed by all
others, to refuse to receive silver dollars ex-
cept as special deposits, or in other words, as
bullion. Secretary Sherman, as in duty bound,
officially growls at such action, but cannot
wonder. The failure has reached the degree
of q farce. Even the picture of the American
eagle and that devout expression of trust in
God will not induce the most patriotic Ounce
in the country to accept IS cents worth of sill
yer for 100 cents value.


If government stamps and notices fail to
give an increase of value to silver, how much
would an irredeemable paper currency be
worth? Let those expert in financial secrets
and the manipulation of figures try their hand