Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1884-12-27
eureka Dailp 4entu,el.
THE SILVER question.


in replying to Senator Sherman, of Ohio,
one Of the bitterest enemies of the sill
yer dollar, said in the United States
Senate on the 10th instant:
Every country IN the world, as / have
said, except perhaps Mexico. has a smaller
proportion of silver in their silver coinage
than we have. So the Director of the Mint
says, and he has none of the ap~prehensions
that the President and the Secretary of
the Treasury and the Comptroller OF the
Currency seem to have about silver money.
Read his report, and you will see hat we
produced 40 per cent of all the silver pro-
duced in the world last year, and 80 per
cen of all tine gold produced in the world;
and he says, in substance, that all the gold
produced in the world annually is, in his
opinion, absorbed in the arts and manu-
features. This is his language: The amount
of coin and new gold used for the purpose
of ornamentstion and in the arts is 3d.
600, 900 in the United States, Sill 600 900
in France, and $40, 600, 900 in Great Brit
ain and Ireland. These four countries
alone withdrew from the stock OF gold last
year SIS, 900. 900, out of 8 total product of
SOC, 900, 900.
The struggle now is to have gold and
nothing but gold for our coinage. We are
asked to destroy u silver. which OF course
means TO destroy our silver certificates,
which are based on coin deposited, and
thus double the burden of every debt.
True, you will double the purchasing
power OF the little gold which remains to
the creditor class, for Mr.. Burchard clearly
shows that of all that is now produced
$50, DOC, 900 out of $50, 600, 900 is absorbed
by four countries alone, without counting
what all the rest of the world consumes or
uses for purposes other than for coinage.
In this condition OF things, while we are
producing 40 per cen Of all the silver pro-
duced in the world, we are now told at
this late day that We must destroy or
abandon 1t or add so more grains TO each
dollar by an administration that has never
given it q chance. I repeat, no executive
officer has given it fair play Even the
law forbidding our national banks from
going into any association that would not
receive silver certificates has been violated.
The senator from Ohio in his place in this
body denounced that provision of law when
we passed it, 4 4 4
Why, sir, if You turn to page 10 of the
report of the Director of the Mint, you
will find that we ave S123, 0O0, 900 of sil-
yer certificates now out, Sl23. 900, 900
corresponding with that amount Of silver
coin lying in the Treasury Of the United
States. We have S120, 900. 900 of gold GER
tificates, and $120, 000, 900 of gold coin, an
equal amount, lying in the Treasury Of
the United States. Why not complain
that your gold lies there to secure the gold
certificates as well as complain that you
have to build vaults for silver to protect
the silver certificates? They are the secur-
ity for the more convenient money.
A 4 n II 4
Now, il we withdraw the silver dollar
from coinage. stop the issuing of silver
certificates, let the national banks sell
their bonds at the premium they will get
under our pressing necessities, and curtail
their currency, where are we?
danger is upon us in the near future, it is
upon rs to-day, and il is, In my judgment,
absurd now even to talk Of stopping the
power to issue silver certificates upon the
basis of silver coin when contraction is
going on by the banks in the way it is
doing, and with the assurance hat it will
continue to get worse, until they will re-
fuse 70 buy bonds at all unless we change
existing laws. Do you think q national
banker looks to the good of the country in
keeping out his circulation? Did the in
terests of this country require the banks
TO withdraw $24, SOC, 900 last year? Does
the business of this country require them
to withdraw the $40, 000, 900 which the
Comptroller OF the Currency assures us
will be Withdrawn this year and every
other year hereafter? Why is it doneS
Because it is more profitable FOR them to
sell the bonds they have at the premium
they can get for them, especially when the
United States is forced to purchase them,
than it is to take circulation upon the
bonds.
These thriving gentlemen have no other
interest except to make the most money
they can for their stockholders. And is
our Government to be at the mercy of a
body Of men Of that sort. or of any body
OF men? Is there Q man on this foor who,
II he were President Of q national bank
and could make 10 per cent more by sell
ing the bonds than he could by depositing
them and taking circulation, would not
feel bound to sell the bonds in the interest
Of his stockholders, and would he not do
it? The Senator from Ohio would do it.
no matter what became Of the currency of
the country. And that is the condition
toward which we are rapidly drifting now.
What I desire to do is this: Just as the
greenbacks were as good as gold the mo-
ment they were received. even in violation
of express law, at the customhouse, the
silver dollar will become az good 90 gold
the moment it has all the uses that
gold has. The moment that the Admins
tration Of this country. the executive
branch, and the Congress Of the United
States will give II Q helping hand instead
Of treating IL as q step-child, will pay it
out for interest, will pay the bonds with
1t. will use II to comply with existing con-
tracts, every man who receives that silver
dollar will be interested in keeping It in
circulation. interested in keeping ii as good
ss gold. Foreign nations will then unite
with us in making it good, and we shall
not be dependent upon England, and Eng
land alone, who Of all the countries de-
sires gold and only gold. as we have been
and will continue TO be under the policy
sought to be pursued.
THE UNIVERSITY PROPOSITION.
IL accura IN ma an rakhar ucors;stant