The silver state. [volume] (Unionville, Nev.) 1870-1903, 1885-07-28
THE SILVER RUGREAR.

The New York Sun is doing good
service in the cause of silver. 1t says
the devotees OF the gold standard seem
to be suffering from renewal of the
alarm which fell upon them just before
Congress adjourned last March. Then
they were crying aloud in chorus that
unless the coinage of the silver dollar
was stopped the ruin Of the country
was certain. Gold would be univers-
ally withdrawn from circulation and
boarded, and financial panic would
set in, or, as distinguished member of
the House expressed it, a financial
earthquake would happen more terrible
than the physical earthquake which
had devastated Spain. President
Cleveland wrote letter to the same
purport before his Inauguration; Hon.
Edwards Pierpont published pamph.
let demonstrating the peril of the occa-
sion; Hon. John Sherman descanted
upon it, and the gold standard press
generally took up the theme and did
their best to brighten Congress into
adopting the measure they recon-
mended.
SWELL" says the Sun, Congress
adjourned without suspending the COIN
age of silver dollars, and during the
past four months about ten millions
more of them have been turned out of
the mint. Somehow, though, the pre-
dicted panic has failed to occur. Bnsi-
ness has gone on in the usual way, and
just now there is revival of specula-
tion at the Stock Exchange, which, if
it means anything, means that we are
to have better times everywhere else.
The scare evidently was groundless.
Eat present the panic mongers rein.
force their old arguments with the fact
that the United States Treasury will
soon have to pay out silver dollars for
interest on the public debt. This STEP
the New York Herald says, would be
at once the signal for an immediate
premium on the price of gold, for uni
versal disturbance in business, and for
panic everywhere Such, undoubt.
eddy, is the opinion of some Treasury
officials, and they seem willing to vic.
late the laws of the country to avert
the calamity. With $llS, 600 600 of
gold and SOS, 900, 600 in silver at his
disposal, Treasurer Jordan desires to
buy more gold And he proposes to
buy it with $3l, 236, S99 in fractional
silver, which, on the 3Oth of last
month, he declared to the public, was
unavailable assetsi How sum of coin
which the Government can not use for
the payment of it's debts is going to be
more available in the possession of the
banks. neither he nor anybody else has
explained.
"What would be the result if the
Treasury should pay out $40, 600 600 or
so. 600, 900 in silver for interest on the
national debt? Simply this: There
would be added SIC, OOO, 600 or $40, OOO,.
600 to the $40, 600, 600 Of silver now
in circulation, and it would have about
a. much effect upon the relative values
of gold and silver as the pouring of a
cup of water into a well would have
upon its level
"The currency of the country, as es.
timated by the Comptroller of the Cur.
rency in his last report, was made up
as follows:
Gold coin und bullion. -. s5s5, GIL .s72
ohver com. ...-.-.,............. 275, 1856, 439
Legai tender notes. ............ 346, 6S1 ,0l8
National bank notes .. aa3 $50 ana
Ioeai..-.. ..................$ 81 ,54l, 5SS, 140
This shows that the l4O, 600, 600
asIuor dnIi0ra