Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1873-11-11
THE PURCHASE OF GERMAN CON.
DEMNED SILVER COIN BY OUR
GOVERNMENT.

On Saturday last we commented at
some length upon the extraordinary
proceeding OF our Government In pur-
chasing, at auction. from the German
Government 20, 900. 900 thalers Of con.
demnsd silver coin. adverting to the
condition Of our home market and the
present. glut OF silver therein. We
are pleased TO note the fact that the
Alta California;, q journal Of acknowl-
edged reputation and authority In
commercial circles In It's Issue OF Sur
Day morning last, takes \ similar view
Of this outrage upon N interests rs a
silver producing country. We clip
the following from Its commercial COL
umn Of that issue
Connected with this condition Of the
silver market comes the singular state
ment OF the telegraph from Berlin
that the Prusslan Government has
awarded to the United States Govern
ment, a. the highest bidder. a sale Of
20, 900, 900 thalers. or about $l5. 900, 900
silver. 1t IL possible, In these times Of
utter disregard for law, and Treasury
usurpatlons. that this Is true. Pre-
yIous kilograms have told Us that the
German Government was q buyer to
the extent of. BIS 600, 900 Of United
States bonds, - did not tell US the
mode Of payment. Ii Is possible that
there may be some connection between
the two. The new Mint law provides
that the Secretary of the Treasury
may purchase silver bullion to coin
into fractions Of the dollar, and pay 1t
out Of the bullion fund" 1t also
permits him to apply any money not
appropriated, In the Treasury, to a
bullion fund. But this does not au-
thorize the purchase OF | 5000 900 Of
silver In Germany and pay the ex.
penses of 1t to the United States Mint
at a time when he Is so short Of money
that he Is absolutely Issuing legal TEN
ders from = so-called reserve alter he
has himself declared the issue illegal.
Neither has he any right to sell any
bonds whatsoever, unless, as In the
case Of the legal tenders, he assumes
the right to reissue what he has pre-
viously called In. The whole matter
appears to be entirely illegal, and re-
quires explanation. Even II existing
laws could be tortured Into u SEM
blance of authority for such purposes
It remains to be explained why. when
the over-supply OF United States silver
Il so great, that fine silver is here at
39i per cent discount, the Secretary
has neglected this market and gone to
Berlin to make his purchases for the
use Of the Mint. Silver Is not only a
drug In London but bills drawn against
it when 1t Is shipped there are nearly
unsaleable, aud, as = consequence, a
s~tagnation Of business and heavy loss
es overtake silver miners In Nevada,
the largest silver-producing State In
the world. Yet. In the face OF this.
We are told the Treasury Department
has gone to Berlin to relieve the Ger.
man Government Of It's surplus silver
at the expense Of the people of the
United States. It hardly seems cred
ible that, ridiculous as have been the
financial schemes Of this Government.
so gross an outrage can have been
committed.
The fact has been for some lime ap-
parent, and Is daily becoming more
clear, that we have at the head Of the
financial and monetary department Of
this Government, an officer incapable
II not corrupt. Grave charges. which
seem we'll authenticated, are made IN
connection with his loan or advance to
the recently suspended First National
Bank of Washington, of a large sum
of money without any securities what
ever. His recent attempt to resume
specie payments in silver, BY paying
out not to exceed five dollars to any
one person over the Treasury and De-
pository counters, have excited the
ridicule Of tho commercial and flnan-
cial thinkers Of the nation, and this
last outrage will arouse an Indignation
which. 1t Is to be hoped, will eventu-
In hi, displacement, and the APP
pointment of q capable officer.