The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1882-04-29

,nLy Ml(&.
WHAT II 1nA1g&
Foiled IN IL attsnpt b. de0eoeease
silver aGnin By another dtlgroeesol
tsiok the Rspubllean party In the Unit
Cd States eenate, through 4r. John
Sherman, its leader n that body, has
prepared aud introduoed . bin, which,
II 1T become . law, viii compass tho
desired end. According to our dispetoh-
e the bill b entitled - bin 70 regulate
the coinage Of standard silver dollar"
It provides for the repeal Of that provis-
ION Of the BLAND Act," now in force,
which requires that not less than two
million standard silver dollars shall b
coined eanh month and directs the pur-
chase Of silver bullion from time to
time and it, coinrge 1t the discretion a
the Secretary Of the Treasury. We Ill
know what the passage Of such bill
means. Under the existing coinage act
the Secretary Of the Treasury = direct
cd to coin standard silver dollars at the
rata Of not exceeding four millions Per
month and not less than two millions
per month. There Il also . provision In
the act which directs the Secretary Of
the Treasury to withdraw from the CIR
rency circulation Of the country al one
dollar and two dollar United States
notes, which are known - greenbacks.
Mr.. Sherman and his success0Es In the
United Etatcs Treasury Department
have net seen 1T to carry out neither
the letter nor the spirit Of the law.
There arc at the present time two hum
dred million dollars in one and two dol
lar notes in circulation. No effort has
been made to call them in, and they are
usorping the olles Of standard silver
dollars to that extent. Neither has
there been the maximum amount
coined during any ono month which
the Bland bill authorizes. The reason
Of this IL that MI. Sherman and his
succesoors are pronounced mono metal
lists and hostile to the white metal.
They have been and are still the cham
pions Of the National banks and bond
holden. Mr.. Folger recommends the
Of the coinage Of standard
silver dollars. The bill which Mr..
Sherman introduced leaves their
coinage to the discretion Of the Secreta-
y Of the Treasury. Hence It IL too ap-
oaren that the passage Of the bill means
he suspension Of the coinage Of stand |
nd silver dollars.
Now let ~ suppose the bill becomes .
~, what will the result be? The Sec
etsry Of the Treasury has already eu-
cred judgment against silver. In his
eport to President Arthur he recon-
aended that its coinage he suspended.
resident Arthur in his message tn Con-
ress recommended that its coinage be
uspended. Both Of these officials are
falwart mon0metallists. Under the
i'll the Secretary Of the Treasury will
old the key Of the treasury in more
enses than one. We know his opinion
pom the silver question and can readily
20 what his discretion will lead him to
. concerning the coinage of the metal.
liver will he virtually .demouetizod.
his will be done by suspending it's
'inage, and the metal relegated among
rticles of commerce. Now let US see
Nv such a disposition Of it will affect /
ute. Soon after silver was denone- /
xed in 1873 by the contemplate trick (
} which we have often referred. It
,preciated = per cent in value. 1t I've {
me merchan 1ise-an article of COM Il
cree and was bought by foreign ma \
pms at the price they saw fit to place \
non it. There was much less silver /,
en- than now, hence it is fur to pre- \
me the depreciation in its market a
'lue would lie much greater to-day O
an in 1873. Twcnty-four millions Of ii
'l'ars OF the metal would Ike directed .
'm the United States mints annually "
ID thrown upon the markets of the I,
'rld. This amount added to the pres O.
t supply in the markets would force "
Z commercial value Of silver down 30 Il
r cent, that is, an ounce of silver that =,
W brings $l.l4 would not bring but Ii
III! ~ cents. Now how many mines ~
Butte and vicinity could stand 30 per a,
1t. depreciation ut the value Of their Il,
fput: or in other words how MANY
I'D take seventy cents for the silver
Which they arc no getting one dollar
ID continue !" work proiita,!y. W.
Ature I" say there is not one. Then
lat would lc the result OF this Rcpub- ,,
III measure introduced by AIR. Sher-
n: Ii would he this. Every silver f.
ne ~ Butte would be closed down y,
min sixty days after that bill became H.,
tw. AMI that means that every sill m