Morning journal and courier., 1885-12-14
THE SILVER QUESTION.

! Treatment of 1t En His Message. To the Editor of the JOURNAL AND COURIER: The President justly regards the question | of silver coinage as being important as | any that may claim the attention of Con gress.
 He assumes that there is no necessity for further silver coinage, because only about fifty millions of silver dollars are in actual circulation.
 He complains of the cost at which some treasury vaults have been built, but omits to state the cost.
 He admits that there are still outst anding silver certificates representing about nine ty-three millions of dollars, thus admitting
 that about a hundred and forty three mil
 lions of silver dollars are practically in cir culation.
 He omits to say that the Secretary of the Treasury has pursued the policy of withhold
 jng de asR9ssid and that put for this po
 cy, nearly all the silver dollars in the treas
 ury might be thus represented in circula-
 tion.
 He says that F'every month two millions of
 gold are paid out for silver dollars, to be
 added to the idle mass.'
 If gold is paid for silver bullion, nobody
 is responsible for it but the administration.
 It is not easy to see, however, that it
 makes much difference whether gold sill
 yer is paid, so long as there is so large gold surplus.
 But the sellers of silver bullion will just
 as willingly take silver dollars or silver cer- tifcates for their bullion.
 He omits to mention that great many millions of the gold in the treasury were re- ceived for silver certificates and that more millions may be so received, if the Secretary of the Treasury cares to have it so. Instead of frankly making this admission he says that if this operation of paying out gold for silver lis continued long enough it will re- suit in the substitution of silver for all the gold the government owns, applicable to it's general purposes"
 He says that ''the hoarding of gold has be- gun" Doubtless, although the greater part of the gold in the country is in the treasury and banks a very limited amount is hoarded by private individuals. Some silver dollars are hoarded upon which infants have cut their teeth and which are kept family keepsakes Perhaps more gold will be boarded if the administration should succeed in alarming sufficient number who are pos sessed of a niserly disposition. It need not be said that, with about six hundred millions of gold in the country to a little more than two hundred millions of silver dollars, mo- body is likely to make much money by boarding gold.
 A strongly outlined picture is presented of "gold at ruinous premium over silver" and of 'tthe defenceless laboring men and women of the land" suffering therefrom.
 It hardly need be said that this is repro duction of the picture presented to us seven years ago by those who are still the promoters of the anti-silver movement. It has been again and again exhibited to us since then with but slight variations in tone and color and with the promise of almost immedi- ate realization The fact that during these seven years there has coexisted with our linn ited coinage of silver continued addition to our stock of gold until that addition equals in amount about twice the total coinage of silver during that period seems to be unable to deter ''the masters of the show" Others, perhaps quite as unprejudiced, think that these facts make the danger of a premium on gold as the result of silver coinage Gf such danger ever existed except in vivid imagina- tions) much more remote than it was when our stock of gold was small.
 Certainly these seven years have demon | strated, if such demonstration was needed, l that country with large surplus of ex- ports can gain gold, even if it coins silver, l and that too, regardless of the price of sil- 1 yer bullion.
 Why should 8 message, which may be | read at every fresde in the land, reiterate l we'll worn but hitherto futile prophecies cal culated, but let us charitably suppose not in tended to operate upon the fears of the | timed or the ill-informed and thus to induce hoarding and consequent practical contrac- tion?
 Daniel Webster is quoted as having said that s'he who suffers most by mischievous legislation in money matters is the man who earns his daily bread by his daily toil"
 That truth had practical demonstration after the mischievous anti-silver legislation in 1873 Had Daniel Webster then been in ,he Senate possibly such legislation might have been avoided. The same truth might have another demonstration perhaps if the Secretary and his coadjutors could have suf- icient weight with Congress.
 The President speaks of the silver dollar as being eighty cents. According to that mo- bion is the legal tender greenback worth 8 nills Everyone knows ought to know that silver dollar is worth a dollar anywhere in the United States, and is worth the same in Europe less the merest fraction of per cent It is no more the amount of bullion in ! United States dollar which makes it dol ar than it is the amount of paper in the yreenback which makes that worth what it represents It is not true that the greenback calls for gold only.
 It is said that "a large share of the silver dollars put out has soon returned to pay | luties."
 How has it been with the gold put outs
 It is said that ''we are eoining silver upon our own peculiar ratio,' and it is intimated that Eve are thus making ourselves an un- desirable party to any future monetary con- ference of the nations"
 thati at a l