Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1876-08-02
THE OTHER SIDE.
The opponents of the silver bill, now
before Congress. urge the following:

The opponents of the silver bill, now
before Congress. urge the following:
That the adoption Of this bill aud the
amendments proposed to II. would at
once result in radical revolution in the
metallic currency of this country, in the
first place by making silver dollars and
silver coin certificates. the value OF
which 10 to be computed at the coming
value Of silver bullion. in exchange for
which they are issued. unlimited legal
tender. this deprecated silver currency
would at once take the place OF gold coin
and gold certificates In use in this conn.
try. aud the latter, being the more val.
liable. would be exported or sent to the
meIting-pot. No ono except exporters
would have any use for gold when silver.
worth 10 to 20 per cent. less, would psy
debts just as WE'LL In the second place.
by making silver bullion deposited at
the mints or assay offices Of the United
States Immediately available, by means
OF coin notes, as legal tender money.
without limit. for all dues to the United
States. BY laying no restrictions on III.
amount 30 to be deposited, the Govern.
mint would issue an invitation to every
one. not only in this country but In
Europe. who has stock OF silver on
hand for which II is impossible to find
favorable market, to. bring IL to this
country and sell ii to the Government at
higher prico than II can anywhere else
command.
When it is remembered that the an
nusl accumulation Of surplus silver,
arising from the decreased demand for
that metal in the payment OF eastern
balances, and from the enormously in
CREASED production Of the United States,
10 about $75 .U00. 900. and that this ac-
cumuiation has now been going on for
several years, some idea of the the extent
to which silver would be deposited with
the United States. should this bill be
passed, can be formed. In the FIRST
place, the owners OF the bonanza mines,
instead OF boarding their bullion or seek
ing market for it in Europe, would
ship their product directly to the mints
and assay Offices, reserving only q small
portion OF 1t for manufacturing purposes.
Secondly. the entire stock acc umulated
In Europe and now lying idle. entailing
great loss upon it's owners, because no
market for It anywhere exists, would at
once be shipped to the United States,
and also piled up in our MINIS and Assay
offices. Thirdly, Germany would send
TO the United States 500, 600, 900 worth
OF silver of which she ia seeking a
market, and that too. would be added to
the enormous stock which would then
accumulate in the hand OF Govern ment.
The estimates based on the best sources
OF information available places the sur
nj nsl In, ekA
seeking market at from 5000. 900, 900
to 800. 000.000 No demand exists In
the United States for any such enormous
amount Of coin or certificates. One
hundred and thirty millions Of gold coin
is all that 10 now needed in the United
States. and after that has been driven
out BY the operation Of the bill, $l75,-
100000 Of silver would fill it's place.
But by the silver bill. purchases to be
made by the Government are not to be
limited by the demand, but by the neces.
stiles of holders Of coin or bullion.
Whatever effects such q measure might
have upon the value OF silver in Europe,
1t 10 evident that such food OF it as has
been described, poured into this country
without the creation Of any correspond.
ing demand. would prevent the restor-
alton Of the value OF silver to what it
formerly was.
This is an extreme view OF the case
and entirely overlrawn. It confounds
cause and effect and seeks to blame the
one for the other. The English and
German attempt to demonotize silver is
the sole reason for the present dec line
and ensuing commercial disaster. The
enemies Of the bill likewise say that the
"bonanza representative" and the
Wall street clique Of gold brokers have
combined in an attempt to pass the bill
in concert with the infationists and
force gold up. thereby insuring 9 hand.
some profit. Party measures are like.
wise brought in and an attempt is made
to give the matter political meaning
aud trap for the uuwary legislator
The passage Of the bill would undoubted.
~ create rise in silver aud strsngh en-
the market but, at the present writing,
We see very little hope for successful
action in this respect.