The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1883-10-06
PILING UP SILVER.

In spite of his frequent complaints tina
there Is no demand for silver and the treas
ury Is so overburdencd with the stuff as tC
be at its wits end to find storage room To-
it, Secretary Folgcr has been glad to sup
ply the sudden demand of the west anC
south for currency to move the crops, by
an Issue of several millions OF silver cert
ficates, so that of the $llG,000000 OF silver
piled up in the treasury $9G0O0000 OF
paper money of most acceptable char
acter, known as silver certificates" has
been issued IN lieu of this pile of coin
which Is thus IN actual circulation.
As to the pretence that the government
is troubled tor storage room for so much
coin, 1t is shown that the whole $4,000.
600 can be piled in a room 90 feet wide, G5
feet long and 10 feet high. The treasury
building, which covers several acres, has a
dozen Of vaults Of that capacity and room
for dozen more.
In this connection it is interesting TO
note that a most important Congress of
Commerce and Industry which met few
weeks ago at Amsterdam, in Holland, adop-
ted resolution declaring that depreciation
of silver is the natural result Of its non
coinage In Europe, and expressing wish
for the adoption Of the double standard in
Europe. a meeting has also been held at
London for the purpose OF bringing about,
a free international coinage of silver, and it
is worthy of remark that Mr.. Gibbs, late
president of the Bank of England, was
chairman, and that his associates were
prominent fnanclers and members of Par
lament.
We are also gratified to notice, IN the
same connection, that the New York Her
aid, hitherto almost fanatical in its demand
for the characterization Of silver, seeing
these signs on the other side Of the water,
has suddenly become an advocate Of hi.
metallsm. Its editor has been reading
Senator Hills late article on silver in the
North American ReCieto, and admits that
his facts and figures are unanswerable.
The strong point Of Mr.. Hills article Is
that the annual production of gold has so
fallen off that 1t Is barely sufficient to sup.
ply the present annual consumption of
that metal in the arts, and that with gold
as the only standard it must henceforward
increase So rapidly in value as to cause
ruinous depression in prices and complica
tons IN business generally.
But" says the Herald, "to justify the
coinage OF silver, the govern
mcnt ought to com it in a shape IN which
our people can use it," To this end, the
HraId proposes that congress shall re-
qulre the calling ia OF ali bank bills and
greenbacks under ten dollars. BY that en-
urely legitimate and useful device sill
yer would flow naturally INTO circulation.
Probably not less than one hundred and
twenty millions would thus be easily ali
sOrbed, and at the same time we should
iChoO w l'lit AP SilFil hblldIS III lllC lICbs
ury, to the great danger of the country; for
the continued coinage of SILVER opens the
way to a sudden or gradual drainage of
gold which would greatly embarrass Us.
The shape of the coin in which the
people can use 1t" the Uerdd thIuksI
would be to com the balk of the silver into
half and quarter dollar pieces, and dimes.
Very well. Any way the people may
show the greater liking for it. The great
point gained is, that the country and the
world is finding out that TO discard silver
entirely and adopt the monometal scheme
of the London and Now York bondmon
gers and money sharks, involves lnevita-
bic hardship and ruin and is rapidly tend.
ing to the conclusion that it must be aban
doned.
Dob, th,, tas. 10, ,,,-t h,l !