Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1878-02-18
TIE SENATE SILVER BILL.

tnc ufbt ttShout "hieu
silver dollar Of 4i2h grains Troy. which
il authorized to be coined. shall be full
legal tender for all debts, public and
private, from and after the passage OF
the act. The Bland bill further pro-
vidsd that "any owner Of silver bullion
may deposit the same at any United
States coinage mint or assay office. to
be coined into such dollars for his ben.
eft. upon the same terms and condi-
tons a. gold bullion Is deposited for
coinage under the existing law" This
clause is entirely stricken out in the
Senate bill. and in place thereof an
amendment inserted. authorizing and
directing. the Secretary Of the Treasury
"to purchase from time to time silver
bullion at the market price therefor. not
lees than two million dollars worth per
month. nor moro than four millions dol.
lars worth per month. and cause the
Same to DO coined monthly a. fast rs so
purchased. into such dollars ; and a sum
sufficient to carry out the foregoing pro-
vision Of this act Is hereby appropriated
out Of any money in the treasury not
otherwise appropriated; and any gain or
ssigniorags arising from this coinage
shall DO accounted for and paid into tho
treasury as provided under existing
laws relative to the subsidiary coinage"
There are other additions to the bill
as IL IN from the Senate. but this
limiting Of the coinage Of the new dol
lar. and transferring the eight or ten per
cent. market discount from the pockets
Of the shareholders to the Treasury Of
the United States. Is the rock upon
which the bill will be wrecked in the
House. IL 1t is wrecked at all.
We believe that the Senate amend
msnt will appeal to every fair and a n
did mind a. a wise one. However much
we may desire to see silver on q par
with gold. the fact still remains that 1t
10 at q discount. and will continue to be
80 long ~ the markets Of the world
treat 1t as a commodity. The people Of
the United States have the right to
make il money and invest ii with full
legal tender power within the limits Of
our own country. This Is an indisputa.
BILE right. and cannot be taken from Us.
But We cannot extend our financial
operations TO other lands. The great
center OF the silver market Is London,
aud 10 long as England insists on treat
ing IL rs q commodity. and maintains
her position rs the greatest dealer in the
articls-whieh will 10 rs long as she
holds her power in India-so long she
will dictate tho market price OF silver to
the world. AMI so long Il will rule at a
discount from gold. We may remon.
etize, and to that extent beneht our.
selves. by making loyal tender money
moro plentiful; but We cannot by our
selves lift silver from Its place rs a com
modify in the markets OF the world,
and force ii to q position as universal
money.
This being tbs case the coinage ques.
ton, after demonstration. should he
easy Of solution. 1t is a mere question
whether. having escaped from the en-
brace Of tho gold ring. we shall rush
headiong into the clutches OF = silver
ring. or give TO the controllers and
owners Of bullion their just dues, pay
them for the raw commodity, OF which
va make our money. the price which
they can get for II in the markets Of the
world. and cover the profits made from
coinage into the Treasury to add to the
revenues Of the nation. The silver dol.
lar. according to present quotations,
will contain about % cents worth OF
silver. The Bland bill says that the
eight cents wanting To mako 1t the
equivalent Of the gold dollar, shall be
the profit Of the bullion owner /; the
Senate bill says that II shall 60 to the
Irn;teJ Statsa Treaauyv aud Nv svallino