It will not be disputed that any attempt on the part of the Government
to cause the circulation of silver dollars worth 80 cents side by
side with gold dollars worth 100 cents, even within the limit that
legislation does not run counter to the laws of trade, to be successful
must be seconded by the confidence of the people that both coins will
retain the same purchasing power and be interchangeable at will.
A special effort has been made by the Secretary of the Treasury to
increase the amount of our silver coin in circulation; but the fact
that a large share of the limited amount thus put out has soon returned
to the public Treasury in payment of duties leads to the belief that the
people do not now desire to keep it in hand, and this, with the evident
disposition to hoard gold, gives rise to the suspicion that there
already exists a lack of confidence among the people touching our
financial processes. There is certainly not enough silver now in
circulation to cause uneasiness, and the whole amount coined and now on
hand might after a time be absorbed by the people without apprehension;
but it is the ceaseless stream that threatens to overflow the land which
causes fear and uncertainty.
What has been thus far submitted upon this subject relates almost
entirely to considerations of a home nature, unconnected with the
bearing which the policies of other nations have upon the question.
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