The silver state. [volume] (Unionville, Nev.) 1870-1903, 1885-12-10
THE PRESIDENT AGAINST SILVER


The President devotes a considerable
part of his message to the discussion
of the silver question. He is thoroughly
imbued with the Wall Street idea, and
displays his prejudices in treating the
subject. He argues that the necessity
for increasing the silver currency of the
country as compelled by the Bland Act,
is negatived by the fact that only 5O,-
600, 900 of silver dollars have actually
found their way into circulation, leaving
more than 1852, OOO, 900 in the Treasury
against 1913, 900, 600 of silver certificates,
and that every month 81, 600, O6O in gold
is paid out for 1000 900 or more of
silver dollars to be added to the idle
mass already accumulated.
As the President admits, what only
a few persons attempt to deby, that
these silver coins are legal tender for
all debts and dues, public and private,
the argument advanced in the above
paragraph clearly indicates that he
looks at the silver dollar through gold
spectacles, or has not given it the study
il deserves. The fact that 1000, 600
dollars unrepresented by silver certifi.
Gates remain in the Treasury does not
prove that the coin is unpopular any
more than the $500, 600, 600 in gold
boarded beside it, shows that gold is
Objectionable to the people. 1t is the
fault of the Treasury Department that
these dollars are not kept in circulation
by paying the obligations of the Govern
ment with them. Neither is the Treas.
ury Department compelled to pay ST..
600. 600 in gold monthly for the silver
it coins, and in fact it did not do so
until recently, if It does 50 now, as those
who have sold bullion at the Carson
Mint know by experience.
As further argument against the
dollar, the President states that 20 per
cent. of the receipts for duties in the
last six months have been in silver or
silver certificates, but as they are lie.
gal tender for custom duties, that
proves nothing. The Treasury Depart.
ment could have paid them out as fast
as received, as the expenditures in the
period stated were very nearly as much
as the receipts. Equally unconvincing
is the assertion that if the coinage Of
silver continues gold will command
premium for the liquidation of foreign
debts. The balance of trade is in favor
of the United States, and instead of
money being sent from this country to
Europe, it has to be sent from Europe
here. If bankers and spectators want
to hoard their gold, instead of having it
in use and drawing interest, that is
their business, and it is business they
will very soon tire of, as they will find
it very Improbable.
There is nothing in the Presidents
argument against the coinage of silver
to convince the friends of the metal or
anybody else that its coinage is injur-
ious to the country. and should be sus-
pended. 1t is equally with gold the
money with which the Government
agreed to pay its Indebtedness, and it
is far better than the deprecated cur.
rency which was in ejaculation when
our national debt was contracted; in
fact it is the money of the masses. not
only in the United States but in Eng.
land and Germany, notwithstanding it's
demonstration in those States, and
if it is good enough for the people, who
have by direct or indirect taxation TO
support the government, the bondhold-
ers, bankers, contractors and officials
who have been enriched at the expense
of the masses, should be compelled to
receive a fair proportion of it for inter.
est and salaries.