The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-03-08
THE BOOMERANG.

THE BOOMERANG.
The silver men forced through a
bill of the utmost Importance after
an all night session in one House,
aud without any debate in the other.
1t serves them right if they get just
what they do not want. For the
sake of doing a dishonest thing,
they passed q bill which defeats
their aims, and politically cuts their
throats. 1t ought to be vetoed for
the sake of deceucy, duty and pub
lie honor. But we shall shed no
tears if the throat-cutting process
be completed by passing the bill In
spite of all objections. They had
their warning. Often we have
showed that, if silver dollars were
made receivable for customs, they
would go back into the treasury as
fast as they could be paid out. In
the Senate, AA amendment was Of
fered which would have made the
bill a little more honest, and far
more effective, namely, the one pro-
viding that the silver should not be
taken for customs nor paid out for
interest. This amendment was toss
ed into the waste basket as a trick
of public creditors to get their pay.
Well, In order to be dishonest, thu
have passed q bill which makes pos
sible contraction of legal tenders at
the rate of nearly twelve millions a
month, and yet would put no silver
into the hands of the people or the
reserves of the banks.
To what extent Sec'y. Sherman
may see fit to use his vast power, If
the bill passes, is another matter.
1t is az well to know what power
be will then have. He can coin
four millions g month. To pay in
terest in silver, as long as he can
pay in gold, would be q wanton act
of bad faith. The silver will go out
in place of legal tenders, and hence
will be worth, to those who get il,
about SO cents, as compared with
gold. But men who have duties to
pay can use it in place OF 100 cents
in gold, and hence can pay SO or
1897 cents for it. The month OF
March, then, sees $4,000, 600 in silver
flow out instead of legal tenders,
and flow back into the Treasury in
stead of gold. at the end of the
month the Treasury has the silver,
but the people have not the legal
tendera. In April, $4,000, GOO newly
coined, and as much more taken for
duties in March, can be paid out
and 100000 in legal tenders stick
in the Treasury. But again the sill
yer flows back in payment of duties
In May, the Treasury can pay out
100000 newly coined silver, and
$4,000, 600 taken in April for duties
Thus $I2,000,0O0 in legal tenders
stick in the treasury, waiting for re.
sumption day. But the silver coin
again lows back in payment for the
month.
1t happens that the Treasury cen,
, not pay out moro than about $I2,-
4 100000 per month for all other ex.
peDses except interest. It happens
also, that nearly an equal sum mus
be paid in each month for duties, il
gold or silver. After May, then, tbt
J Treasury cannot pay out more silver
. tor ali purposes except interest THAI
il takes in for duties, and the silver
afterWard coined must per forct
stay in the Treasury Meanwhile,
$l2,OO0,OOO in silver goes its tireiesi
: round, serving for all payments ex-
p CSRb 1OI AutOACctO on4 AOA al SSCCkRSl
! | for customs. But the people hav,
, to pay their other taxes in lega
|, tendere, because men who pay d.
ties can afford to give more for silve
, than men who have only legal tend
; ers 10 pay. When will this cease
: When gold ceases to command an
!, premium, but not sooner. Unit
then legal tenders may go int til
. Treasury at the rate of about So,
100000 per month, and sleep Their,
while the silver goes out and come
: in again. Eight months may thu
] abs orb 500. 5000. 900 in legal tenders
: besides $4,O0Q,O00 in March, ans
$ s., Coo 600 ia April; in all, $l06, 900,
COO virtually retired before the dat
iof resumption With no use 70
gold and 3 SMART scarcity of green
backs, the premium on gold nigh
; quickly vanish IL banking were 40
81 tree. II Il does we have resump
ton more quickly than the hatee