The silver state. [volume] (Unionville, Nev.) 1870-1903, 1881-12-10
THE WAR AGAINST SILVER.

The single standard men have re-
newed their war against silver with
fair prospect of carrying it to a success
full issue. As usual, they are backed
by the President and the Secretary of
the Treasury. The latter suggests in
his report that the Act requiring the
coinage of at least 100000 standard
dollars per month be repealed, and the
President, in his message to Congress,
recommends that the suggestion be car
ried into effect. The Secretary says
that of the 100, OCo 600 standard dollars
coined since the passage of the Silver
Bill only 34,0O0,OO0 are in circulation,
while 66,OOO,O 900 are stored in the
Treasury vaults, and cites this as a
reason for stopping Their coinage. He
admits, however, that the millions
stored in the vaults are represented by
an equal amount OF silver certificates,
all of which are in circulation, and pass
as readily as greenbacks or gold notes.
II demand was made on the Treasury
fer few million standard dollars it
could not be filed until they were
coined, or an equal amount of silver
certificates were withdrawn from circu-
lation. Though silver certificates are
the most stable paper currency in the
United States for the reason that every
bill represents its face value in coin,
which is stored for its redemption in
the Treasury, yet the single standard
men in the interest of the National
Banks and bondholders want those GER
tifcates withdrawn from circulation
and the coinage of silver dollars
stopped. The strange part OF the pro-
ceeding is that the President and Sec
rotary recommend what the single stan
dard men desire. The Government
profits on the coinage of standard dol
lars to the extent Of the discount on
bullion, and pays interest on the secu-
rites which it holds for the redemption
OF National Bank notes, yet the Secre-
tary recommends the withdrawal of sill
yer certificates from circulation because,
as he says, the National Bank notes an
swer the purpose of silver certificates.
1t might be said in answer to the
Secretary, that silver certificates an
swer the purpose of national bank
notes, and that the Government makes
profit Of at least fifteen per cent. on
the silver, while it pays interest at the
rate of four or more per cent. on the
bonds held as security for the banks;
but the Secretary is aware that the OBJ
iect of the Government is not so much
to benefit the people, which it repre-
sents, as the moneyel power and cor
porations which run it. The whole
influence of the Administration is to be
used against silver, and people may ex-
pect recurrence of the financial con-
dition Of affairs of few years ago, when
merchants refused silver, except at a
discount OF from four to six per cent. !;
when corporations like the Central Pa
cific Railroad Company paid their en-
ployes in the deprecated coin, and re-
fused to take more than five dollars in
silver for fares and freight; when the
discount on silver bullion was so great
that mines which could be proftably
worked with silver at par had to be
shut down, and the great industry Of
the State received blow from which it
will not recover for years unless silver
is fully remonetized.
The silver question is of far greater
importance to the people Of Nevada
than the political complexion of the
officers and committees Of the Senate
and House of Representatives, and it
devolves upon our Senators and Repre-
sentatives in Congress to use all honor
able means, regardless OF partisan con-
siderations, to not only prevent the re-
peal of the Silver Bill, but to secure
more favorable legislation for the silver
mining interest.