The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1877-10-27
THE SILVER QUESTION.

The monetary commission appointed at the
at the last session of congress to look into the
silver question submitted a report on the 18th
inst, from which We find the subjoined extract
in the Washington papers. The figures it
gives are probably correct and such as all
should be familiar with in the present discus
sions of the silver question and currency prob
lens generally:
The legal right OF the United States to pay
their bonds in gold or silver mt their option is
so clear that no serious denial of i is made.
The claim that they should be paid only in
gold is based on vague and shadowy grounds.
There Is no dispute about the facts of the case
or the law A contract has been entered into
between the Government and its creditors in
voving contingencies which may favor either
party, whatever it may be. The attempt to
brighten the Government from exercising its
undoubed right to pay its bonds in The cheap
cr metal by proclaiming that if il does so its
honor will be furnished and its ditimpared,
is unworthy of consideration The punCtual
tuliment to the letter of all obligations is the
surest and best support of the credit OF any
country. Its honor can rest permanently in
peace and war only on the patriotism OF its
people, which Is sure to be weakened if their
substance is taxed to pay premiums for the ap-
plausc of It's creditors, We are largely the
debtors of Europe. The aggregate of our in
debtedness, public and corporate, held there is
estimated to exceed $2,000000,00D, and the an.
nual interest must be fully $100,000,000. 1t is
not tribute in the odious sense of cOntribu-
ton exacted by sovereign or imposed by a
conqueror, but in its present financial effects it
does not differ from either. Solar as it is true,
I.,,,h - tn nxtn thnt nII in
debtedness to Europe is paid from the sale of
commodities elsewhere, the United States AS a
debtor country are interested against such Il
dimiution of the worlds measure Of values as
would result from demonetizing silver. The
investigation shows that the product of the Big
Bonanza thus far has not exceeded $50, 100000
during four years, Of which A. per cent was
gold, leaving for the average annual product
of silver from this orc-bed fraction over 81,
100000. Taking all the mines of the Com.
stock Lode together during sixteen years of
unprecedented activity there have been found
some twelve or thirteen ore bodies which have
Welded altogether about $240000000, an an
nua average of S15, 100000, of which S7S75,.
5000 was silver During the 'ixyears ended
December 81, 1876, the average annual silver
product of Nevada was Sl9,OOO0O0, and for the
wear 1876 by itself only $2S,00000O The sill
NtI va 1'tlNNN th'
same period was $l55600,000 making an an
nual average of S2GO00000; the product for
1876 By itself was $3S 100000 II is one of the
common estimates that in 1913 the bullion
value of the worlds stock OF plate, coin and
bars was $4,000, 100000 in gold, and $4,000.
100000 in silver but Of coin and bars alone
81 200 GOO, 600 in gold and S2200O00,00O in
silver. The total production Of gold and sill
yer in The five (Y) years ending with 1856 was
$3.50, 900. being an addition of only II per
cent to the total stock, inclusive of plate or of
- per cent to the stock in coin and bars The
total production of gold alone in the same years
was $3.50. 600, which was an addition of %
per cent to the entire stock of gold, including
plate, and the still greater addition OF 81 per
cent to the stock of gold in coin and bars. In
the twentycight years ending with 1870 the
aggregate production of gold and silver was
81. jS2 100000 which was an addition of 81
per cent tu the stock in 1913 of coin, bars and
plate, and OF l35 per cent. To the stock ot coin
and bars But in the same twenty eight years
the production of gold alone was S3,215,O 600
600, an addition to the gold stock in 1913 in
coin, bars and plate of Is per cent. and to the
stock in coin and bars of 2tiS per cent On
any estimate the two facts are illustrated that
annual supplies affect stocks of the precious
metals slowly, and that the stock of either one
of the metals is more eccentric enlargement
than is the aggregate stock Of the two