Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1880-07-29
SILVER AND POLITICS.
some Points for the People of Ne.
vada TO Consider.

vada TO Consider.
From the Humboldt Silver STATED
Before the characterization of silver, by
act Of Congress in 1878, silver bullion over
$50 fine commanded q premium Of from
one to four per cent. Of its assay value in
San Francisco. That is, a bar Of bullion
which assayed $1,000 was worth in the
market from 81, 012 to 1000. This en-
couraged the development of the silver
mines OF Nevada, and tSe State was pros
porous. Congress, in the interest Of the
bondholders, at the suggestion Of Euro
pean financiers, in 1873 demonetized silver
dollars, which up to that time were u legal
tender to any amount for all debts, public
or private. The bonds could be redeemed
in silver dollars, and as this did not suit
the bondholders, their friends in Congress
passed the bill in their interest. At the
time the bill was passed Congress was over
whelmingly Republican, and when Senator
Jones Of Nevada, and Representative Bland
of Missouri, undertook to repeal the Act
OF 1873, by introducing what is known as
the Silver Bill" the Territorial Enter
prise attempted to excuse those who voted
for the demonstration act, by saying that
Congressman, except those who had charge
Of the bill, did not know what 1t was in
tended for. However, the Republicans as
partisans, refused to correct the mistake,
only a few of them voting with Senator
Jones to pass the Silver Bill, and then only
after it was emasculated of every provision
intended to benefit the mining interest.
The bill, as it passed the House Of Repre-
sentatives, placed silver on the free coinage
list with gold. This provision was stricken
out by a majority of the Senate, and even
in that shape it did not suit Hayes, who
vetoed it.
Now as one of the consequences Of the
Act Of 1878, and the refusal of the Senate
to pass the Silver Bill, as it passed the
House, the ST. 900 bar of bullion, which
prior to 1878 commanded q premium Of
from $40 to $50, sells at a discount Of from
eleven to sixteen per cent. In other words
a bar of bullion which assays 81 900, sells
to-day for about $3.50. That is one Of the
reasons why times are dull in Nevada. and
the mining interest depressed. Mines
which could be worked at a small profit
when silver sold at its assay value in the
market. cannot now be worked without
loss. Where the margin between profit
and loss in mining was small, the differ
ence between a premium OF two or three
per cent. and a discount of twelve or four
teen per cent. is SO great that the mines
nave to be abandoned. Is it the duty Of
the people of Nevada, whose prosperity de-
ponds to a very great extent on silver min
ing, to support for President a man who
opposed the passage of the Silver Bill, and
who is known to be in full accord with the
President and the Secretary cf the Treas
ury, in opposition to silver Why should
Nevada, which almost unanimously in
dorsed Senator Jones because of his advo-
cacy Of the mining interest, vote for Gen.
eral Garfield, whose vote is on record
against that measure? Is it not our first
duty as citizens to sustain the party which
is in favor Of restoring silver to its old
standard, that prosperity may again return
to the State. and that its mineral
may be developed?