The Louisiana cotton-boll. [volume] (Vermilionville [i.e. Lafayette], Attakapas, La.) 1872-1883, 1876-01-26
AMERICAN SILVER.
ITS ENORMOUS nRODTeTfoE = WHIT
SHALL BIZ D0NE Efs.I3 Fl

6 Speaking Of the denomination oi
silver in Europe, Washington letter
of December 80, in the New York Bull
letin, concludes as follows:
The bearing of these facts upon the
silver mining interest of this country is
manifest, and begins to take definite
form in the action Of capitalists on the
9 Pacific coast. 1t is a fact that num-
Der of gentlemen from the Pacific
coast, some of whom have arrived,
actually propose and expect to carry
through congress, at this session, a
provision making silver coins an un-
limited legal tender in payment of all
debts.
i Only Yesterday there was a dispatch
from San Francisco to the effect that,
by some mysterious ffett pre- cess Aef A
smelling, the business of Swansea and
other ore smelling cities of the world
was to be wiped out. The story of this
inventor gains friends, asdid the. " mo-
tor" for Keely, nobody knowing any
thing about it, but all the miners say
ing she's got it"
The silver mines in Nevada have
ore enough in sight to keep all the
miners that can work busy years, and
with the appliances they have dis
covered for getting it out, and the
amount they are certain to put on the
market for years to come, comes with
the owners of the mines a great anxiety
as to what they will do with it. They
do not propose to make silver plated
come down to near the value of plated
ware, nor to sacrifice their bonanzas
through over production that might
bring reduction of price by any reason
connected with the law of supply and
demand
They are shrewd men who see the
nints of Europe closing one by one
against silver coinage. They see.in the
| Imperial demand that caused the pass
age through one German house Of
| parliament, as above mentioned, the
bill that threatens any day the demoniti-
zation of the thaler. They see the
threat. of the Latin states, thrown out
by the announcement of the Brussels
| Convention. And they see our mints
turning out silver pieces as fast as the
machinery will do it, in order that the
| silver clause Of the Resumption act Of
| 1875 may be carried into effect. And
we are to have another mint in the
Mississippi Valley. We are sending
trade dollars to Asia, and they like
them SO much that we can not coin
them fast enough. There is to be a
proposition made soon in congress to
| make trade half and quarter dollar Of
silver, and it viii be likely TO carry.
| So our mints viii have all the work
| they can do to coin silver for years to
come. Their entire hope is, therefore,
| in the United States. They are pro-
ducing silver ton after ton, and they
| want it used.
| Now the currency we have in this
country is the bone of contention as
strongly as the negro was in 1858.
| They talk here of repeating the legal
tender act, funding the greenbacks, and
doing all sorts of radical things in the
direction of specie payments. There
are probably ten earnestly and strong
! II urged propositions looking that way.
And then the resumption act stands
| forward, possessing an imperative place
in the statute books, to guide and di-
rect executive movements.
The issue, therefore, lies between
the Government and the miner of the
Pacific. 50 long as Che Resumption
Act says the secretary of the treasury
shall accumulate silver and gold, so
long will he be authorized and disposed
to accumulate it. But neither the
president nor the secretary of the
treasury believe in making silver coins
a legal tender for more than 80.
That proposition will be apt to be
made law at this session. There are a
| good many little amendments of law,
i of great moment, to be made by con-
gress, touching our financial system,
and they viii be made within three
months, or the secretary will distress
| the country by accommodating silver and
gold under the authority he has
/ The Pacific Coast people, having sill
yer to sell, and viewing with dismay
/ It's present and worse prospective de-
basement and demonitization, are de-
termined to make the United States and
i Asia and Mexico take it and use it as
the metal for standard coinage. The
government officers look upon its de-
4 rnonitization ais an evidence of pros
pective profit in the proposed suppIant-
/ ing Of fractional currency by it. DIR.
| Iinderinan, director Of the mint, and
/ the secretary of the treasury, are es-
peeially pleased with the prospect Of
/ bnYing silver cheap for silver resunp-
| tion. But the Pacific coast people say
! they have the silver, that the govern
| ment wants II, and fltat 1t can Be easily
| put in the place of both gold aud paper
/ if congress provides minis to coin i
/ fast enough, and permits its use as ain
! unlimited legal tender OF effective
i money MT the customhotse and iIl pay
/ ment 81 debts. They say they do not
use greenbacks except at q discount,
and that they win furnish material for
/ COIN as fast as the mints can coin it, 50
that hard silver money may soon be-
como il fact.