The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1885-12-30
The Silver Question.


There is a variety of views among
senators and representatives concerning
the silver problem. Senator Teller of
Colorado has introduced bill to pro-
vide for the free coinage of silver the
same as gold Senator Mcpherson has
introduced bill for the absolute sus-
pension of the silver coinage. There
are many congressman who are not
prepared to support any radical meas
ure either way, but favor some sort of
a compromise. Mr.. Hewitt will intro
duce an anti-silver bill in the house.
but has no faith that there will be any
legislation accomplished this winter.
He says that the silver men seem to
lose sight of the fact that the gold dollar
is by law the standard of value which
has enabled the country to make its
domestic and foreign exchanges with
ease and certainty. Any fluctuation in
the value will bring, in his opinion,
disastrous consequences, for which the
democratic party will be held response
BILE if it defeats legislation on this
question. 1t will be the poor man and
the working classes who will suffer
most from the decrease in the purchas-
ing power of money. The rich man
can protect himself. Wages will not
increase to correspond to the lower
standard of value, while the accumula-
tions in banks, benefit funds and life
insurance will shrink and the industri-
Gus people thus be robbed of a portion
of their savings. He estimates the loss
in that way at $3.50 900, 900, or fifteen
per cent of the $4,000, 900, 900 now rep
resented by the accumulation of the
people in savings banks, benefit funds
and life insurance. Mr.. Hewitt hopes
that for the sake of suffering humanity
something will be done to settle this
question. Judge Kelley has prepared
bill which provides for a small coinage of
silver dollars until the coinage of both
gold and silver as full legal tenders
shall be established at common ratio
by the leading commercial nations of
Europe in concert with the United
States" Representative Scott of Penn
sylvania has a bill which he calls a
compromise measure" but the anti
silver men regard it as a surrender to
the silver interest, or at least as no i'm
provement on the present condition of
things, as it involves unlimited paper
imitation based upon deposits of silver.
His plan, in brief, is to create what
shall be known as the silver reserve
fund. This is to consist entirely of
standard silver dollars of four hundred
twelve and one-half grains each, and to
be maintained at minimum limit of
$50, 200, 900. Whenever in any one
month the fund shall show a deficiency
below that amount, the secretary of the
treasury shall be required to coin, dur
ing the succeeding month, enough sill
yer dollars to supply such deficiency.
He also proposes to retire all the 81,
81 and 50 notes now outstanding,
whether issued by the government or
by the banks. About $50 800 900 of
the outstanding notes at present are of
bank issues, and about $3.50, 900 900 are
government notes. In place of the
S212, 500, 900 of such notes now in use
he proposes to issue new notes, redeem
able in silver only, and without limit
as to amount, excepting it is pre-
sumed that such notes shall be repre-
sented by silver in the treasury. In
order to compensate the banks for the
loss of circulation of $50 GOO 900 in
small notes, he proposes to retire all
government issues of SO and $50 notes,
so that the banks can increase their cir
cuation of that kind.
The solution of the silver problem is
not apparently to be found in the unre-
stricted coinage proposition; for, not
withstanding the efforts of the treasury
department to force silver into circula-
ton, the inflow of standard dollars is
now greater than the outflow. The
government now holds S75 900 900 that
cannot be tloated, and this amount is
likely to increase, rather than decrease,
unless the coinage is suspended.
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