The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1884-12-31
BECK'S SPEECH.

Next to senator Hills mastery
speech upon the silver question that
of Senator Beck. of Kentucky, Is
deserving of special notice. This
gentleman, in his reply to Senator
Sherman, one of the Bit crest enemies
of the silver dollar, so plainly proved
the absolute necessity of continuing
the coinage of the standard silver
dollar that 1t would seem further evil
dence is not needed upon that point.
After charging and proving that Mr..
Sherman and his successors in the
Treasury department openly violated
the law in not paying out silver in
payment of interest upon national
bonds and for the redemption of the
bonds themselves, and that by thus
neglecting to comply with the re-
quirements Of the law silver dollars
accumulated in the treasury vaults,
the gentleman refers to the re-
port of Mr.. Burchard, director of the
mint. as follows:
Read his report, and you will see
that we produce 80 per cent of all the
silver produced in the world last
year, and 80 per cent Of all the gold
produced In the world !; and he says,
in substance, that all the gold pro-
| duced in the world annually is, IN
| his opinion, absorbed in the arts and
manufactures. This ia his language:
The amount of coin and new gold
used for the purpose of ornamental
ton and in the arts is $13. 600, 600
In the United States, $11. 100000 in
France, and $4,000 600 in Great
Britain and Ireland. These four
countries alone withdrew from the
stock of gold last year $53. 900 90 out
Of a total product of $50, OOU, 600.
Proceeding. MI. Beck asserts that {:
"The struggle now 10 to have gold,
and nothing but gold tor u coinage.
| We are asked to destroy our silver,
| which, Of course, means to destroy
| our silver certificates, which are bas. d
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.. Bnrchard
clearly shows that of all that is now
produced $50, 0OO, 900 out of $50, OOO, 0U0
absorbed by four countries alone, is
without counting what all the rest Of
the world consumes or uses for pur-
poses other than for coinage, In this
condition of things, while we are
producing 40 per cent OF all the silver
produced in the world, we are now
told at this late day that we must
destroy OF abandon it, or add 60 more
grains to each dollar by an admins
tration that has never given it a
chance. l repeat, no executive officer
has given it fair play. Even the law
forbidding mi national banks from
going into any association that would
not receive silver certificates has beon
violated"
In regard to the amount of silver
and gold certificates outstanding, Mr..
Beck says
1--WE have $123, 600, 900 of silver
certificates now out; 1923. OOO, 900 or
responding with that amount of sill
yer coin lying in the treasury of the
United States. We have Sl20, 0oO, 900
of gold certificates and $120 600, 000
of gold coin, al equal amount, lying
in the treasury of the United States. |
Why not complain that your gold
lies there to secure the gold certifi- |
Gates as we'll az complain that you
have to build vaults for silver to pro-
tect the silver certificates? They are
the security for the more convenient
money.
X X 4 X K 4 4 |
Now, If we withdraw the silver |
dollar from coinage, stop the issuing
Of silver certificates, let the national
banks sell thelrb 'nds at the premium
they will get under cur pressing !
necessities and curtail their currency, |
where are we? That danger is upon
u in the near future, 1t is upon us to-
day, and it is, in my judgment, alb
surd now even to talk of stopping the |
power to issue silver certificate 9 upon |
the tasis of silver coin, Wien con-
traction Is going on by the banks in
the way 1t is doing. and with the
assurance that 1t will continue to get |
worse, until they will refuse to buy
bonds at all, unless we change ex-
listing laws. Do you thiuk q national |
banker looks to the good of the coun-
try in keeping out his circulation 2 |
Did the interests of this country re- |
qulre the banks to withdraw $24-
10000 last year? Does the business
of this country require them TO with
draw the $40 OOO, 600 which the Comp
troller of the Currency assures US
will be withdrawn this year and every |
other year hereafter? Why Is it
dOne2 Because 1t 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 1t is to take circulation upon
the bonds.
These thriving gentlemen have no !
other interest except to make the
money they can for their stockhold-
era. And is our government to be ut !
the mercy of a body of men of that
sort, or of any body of men? Is there
a man Oh the floor of this house who, |
if he were president of a national
bank and could make ten per cent
more by selling the bonds than he
could make by depositing them and
taking circulation, would not feel |
bound to sell the bonds in the inter-
est 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 to which we
are rapidly drifting.
What l desire to do il this: Just as |
the greenbacks were as good as gold
the moment they were received, even
in violation of express law. at the
custom house, the silver dollar will
become as g. cd as gold the moment