The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-02-12
The Silver Mania.

The "silver crazs', as it has been called,
originated with the enormously rich owners Of
the Rocky Mountain silver mioes. The annual
yield of these mines is very great, and can be
increased almost indefinitely, by working full
gangs of hands on full time. But the value
Of this metal has fallen greatly ia the
market, partly as the result of a large pro-
duction and partly as the result Of its demone-
tization by Germany where immense quantities
of it have been suddenly put out of circulation
and thrown upon the market.
The lords of the mines supposed truly that if
silver could be remonetzed in this country aud
the coin of short weight shouli bs declared
legal tender for dollar with power to them to
exchange at the United States Mints, weight for
weight, their bullion for such coins, their gains
would be instantly increased and their fortunes
enlarged alaost beyond the dreams of avarice.
Such was their scheme and nothing is wanting
to its realization but its adoption By Congress,a
majority of both houses being clearly in favor
it.
But the scheme involved this: that the silver
lords would bs able, by the all OF the Law, to
levy tax of eight or tea per cant. upou the
people to the full oxtent of the business of the
country. Every business man and every work.
ing man must pay this royalty to the silver
lords upon every dollar he receives. Why? Be-
cause the mine owners would be empowered to
take their ballion to the mnts BY the ton, aud
receive for it coin of the value Of 80 to 90
cents which they could pay out fer 100 csnts to
all their creditors. The important element of
this scheme is that the law should compel all
creditors to receive 80 to 90 cents worth OF ell
yer in full payment for debt of dollar. If
the law should require dollars worth of silver
to bs put into the coined dollar the dishonesty
of the scheme, il not all its mischief would be
eliminated from il. Roguery IN a nation will
not pay better than it will in aa Individual
Honesty is the only true policy iu a nation as
well as in the citizen.
In 1866 was in England and guest in the
family of rich Quaker, whose house was ms
home in that country. The son had had sew
eral talks with me about the safety of invest
ments in American securities I had spoken
| of the fiye-twenties as the best investment by
| far, at that time, upon the market. They were
| then at SO in London. whils Eaglish consols-
| per cents-were at93. One evening the father,
| son aud L were together, and the snbject OF
| investments was introduced by the sou, who
| told the father what had said about the five
| twenties.
1t came out then that the father ha Just sold
an estate for $50, 900 cash-S250, ,000-and he was
considering what disposition to make of the
| money. He objected to the fve-twenties, that
| party might come into power, in America
| that would repudiate the public debt IN whole
| or in part. L replied that there was no public
| opinion in my country that would for a
| moment suggest or tolerate reputation
| That might be SO then, but popular opir-
/ ions change, he said, as saddeul7 as the
L wind and Wi n q 1ittla
result of it was that he invested his $3.50, 900 in
/ English threes at SO per cent. when he could
have had American skies at 50! Why? Be-
cause the American character for honest deal
| ing was supposed to be shaky, while the Eng
lish government is thought to bs good for every
shilling OF its promise to pay. The difference
l between three per cents at 50 and six per cents
at So with preference for the former makrs
the exact money value of an established repu-
/ tat'on for integrity.
BIT for the doubt of our honesty, our govern
ment could at that time have placed on the
| European market any quantity OF our bonds
bearing four per cent interest, at par, thus
practically reducing our debt by one third by a
mere stroke of the pen. Interest in London
was then two per cent. with no demand for
| money.
Now how is it that nearly or quite two thi rds
OF lighthouses of Congress are ready to dlshono
| the nation by deliberate act OF reputation OF
| a considerable share of the national debt, which
| share is as honestly due to our creditors as any
other part of it? do not know; but can see
this: Toe silver lords by such an act Will be
enriched by countless millions of dollars they
| can well afford to share small part OF the gaiI
with those who help in the plunder. A Senator
of the United States told me that he was in tn.
Senate when Texas was admitted to the Union
There were then ten mill ons Of worthless Texa
bonds which would be worth par on the admis
sion TO the Y moo of thar tnf of holiness and
peace. He was offered $50 900 in those bonds
to vote for the admission, which be would no
do. Texas was admitted; the bonds came tt
par, but the Senator did not tell me whether
any votes were really obtarned-for a consi Ter
alton; he probably did not know N. d.