The Mineral argus. [volume] (Maiden, Mont.) 1883-1886, 1886-03-25

The Gum Of - ;sss, i;9@ was covered into the
al the e"n "a mnt@ on june ~ iss, q ss.sSs
The distribution If this balance at the close If
the fiscal year among the coinage minis WAS
follows:
Philadelphia OBSERVATION-DISCLOSURES. SsNs.s5 IL
arson lily. OBSERVATION-DISCLOSURES. Nuo -.
New orleans ACKNOWLEDGEMENTS F'','I" j:
Total ........... ,.53s6 "
The above statement a. approved 10y this bureau
was verified by actual count by representatives
from the department. Of the above balance, the
portion at Philadelphia and at New Orleans has
since been covered into the Treasury. The amount
at Carson and San Francisco has been retained in
order Ia meet the expense Of distributing the stock
of silver dollars nov stored at those mints
As shown by proceeding reportsof the Director
of the Mint. We'll as by the accounts of the coin
minis file in the office Of the Register Of the
Treasury, the se.noracr on silver on hand at tn.
coinage mints ON i-t of July, ls.s-the beginning
of tn, fiscal year following th. passage Of the ''at
authorizing the coinage of the standard silver dot
lar. amounted 10 Si.i...3.ts. The seigniora.r
ince that date up to June ~, 1855, ON the coinage
the sum of Sa..s. 81 refunded by Adams Express
Company for ",ercharges, and Si.J''l. ~ surplus
bullion and adjustment of silver values carried
to the credit of the ''slvrr profit fund.- makes
total of silver profits Ia he accounted for of Ss,
..d."i3.s. ot Ills amount Si>s...s.s} has been
paid ~ provided nv law for expenses connected
With the distribution of these coins exclusively.
and Si.n.ch H. used Ia reimburse wastagcS and law
suits the sale of sweeps incurred, in connection
with the coinage of the silver dollar. The net
profits for the seven years. including the balance
in the mni- on duly I. ls,s. thus AGGREGATES 80.
l..,i>l..1 ot this amount -si.;aH s.>i was
covered into the Treasury of the United states
prior Ia the Close "f the last fiscal year. and the
balance 2a,sd"., was in the coinage minr- at the
latter date. Of this latter amount sGiS .;r -,
h'ng tll. haianc.. a. stated above, at the mns at
Philadelphia and at New Orleans. has been deposit
cc in the Treasury.
From the above i, vi III be seen that this
is protection with Il vengeance. l. tle
gold, the gold monomciaiilst woul! char
acterize il as that protection WHICH the
wolf gives 10 the lamb and iIe eagle to the
dove
When Russi,. Australia and California
were pouring their unprecedented supply
into the lap Of the world, $500. 900, 900 in
Fix years, political economists became
alarmed. and its demonci,z uion was adj.
vised by some. \ few nations Welded TO
the prevalent sophi,try Of the time and saw
safety only in refuge behind silver.
Among those whD were conspicuously
wiser and Lraver was France with her hi.
metallic system. suppose the coinage of
gold had been suspended at that time. Sill
yer would have been king. and gold. ex
cluded from the minis. would for time
have only been u merchantable commodi
~ with only small demand The siiua.
ton IL now only reversed. AT that time
$500. 00O. 600 in gold was dumped upon
the country in SIX years-a production
without parallel In all the past Instead
money and saved ii from depreciation. Ii
is no better than its twin sister, silver.
which under similar governmental ipflu
ence and protection will soon assert and
maintain its parity with gold.
1t must bc apparent to every observer
that "a our national bank notes. based upon
Government bonds. are steadily disappear
ing in order To prevent u contraction Of
*4O, 100000 year. their place must be
supplied by some equivalent. How are
We to keep lip the supply Of good money!
This question is intelligently answered BY
Mr.. Dexter A. Hawkins. a gentleman from
New York, who appeared before the Com.
mite. on Coinage, Weights and Measures
a short time ago lie says.
With the payment os our debt tn. nai"nal hank
notes, based upon Government bonds, are steadily
disappearing. Their place must he supplied by
coin or its elui, al-nt otherwise contra tion IT
about forty millions year will follow, ana run
sequent depre-s OF business and Absorb tion of
property by capitalists.
The output If our mines i'll easily furnish the
minis the silver To do this and IL costs tn. people
may be done in silver coin or coin certifirst.-.
In this way, in a few years, our three hundred
aud eighteen millions IF paper money, based ON
nothin: but "a promise, and a PROMISE too that
within twenty live years last past has been at one
time worth only ~ cents silver To the dollar will
become three hundred and eighteen millions of
silver dollars, whose weight has never varied in
the ninety -four years of their existence, or certh
Gates for coin held in trust by the Government to
redeem these certificates at the pleasure of the
holder.
The domestic trade of the country. estimated a,
: '5.sr,k",'v per year, IL nov done ana from the
habits Of our p ople always will b.. done. chiefly
WIN paper I.lf'-FniliE money lUt.-.. f.Ifii. |
rates, representing coin in the Treasury, ar. tn.
best Kind of paper mon,y ever devised by man.
30 long as the Government buns the silver AT |
The market prize aud coins it into standard dol
lars these dollars within this country n.c,.-Sary
under the pre- ent law viii have the same ptr ha-
lns power ana paying power that the gold dollar |
hiss.
II il the duty nf tun-res- To provide Tor AMI SEQ
cure the business aud prosperity nf This country |
and not of foreign countries, and 10 tale al
the S.i,,roupi,iNn of home trade.
oar foreign trade, both imports and exports, il l
only about II per cent. of our domestic trade. |
Our exports for the last twelve years have i,hid |
for our imports and left an avera." credit laltur.
in oar favor OF more than Sir.s1n" per year. |
Mess the business If the country T. disturbed |
by legislation in the interest hot Of ourselves but
pt foreign countries. this credit balance VIII co,-
iinue. Bat If II i. disturbed, and a dr. balance !
j. Produced this debt will have to- hs paid tu ~.
gold using countries with gold sHd To the silver
countries Nith silver: hence the Necessity of k,
ing both in quantities 50 large that draft upon !
either need not disturb our financial position. |
the coming OF our whole available prudgct Of |
both silver and gold will enable u to- do Thu
The theory that the possession of a large amount
If full l.gatener silver j. gone TO make n more
difficult, a. the gold monometaiists say, for IL to |
pay abroad AN adverse balance OF trade has no |
foundation in fact. u il pure fiction. Logically |
il il like assuming that large corn crop ,li-ahlrs
~ from exporting wheat when ths re- j. foreign dc,
nand for wheat or that large wheat crops hinder |
the export Of corn whenever other nations require |
that cereal. The truth is, the more We have of |
her the greater l. the amount can pay ont or
export Of the other without Inconvenience III ". |
had only gold, desired 10y the enemies of silver
roinage, and that departed To pay debts To gold
using nations, should have no coin left A. "a ba-
-is of our paper money, and that would VARY ~ |
heretofore from par To- ~, per cent discount. but
Il We had both, the temporary departure Of one !
will only bring the other for the time being more
into use, and will support our paper aud keep our
Industries alive.
In my judgment this Is not an cxpedieni,
but a satisfactory and certain soluii IN OF
this question.
refrain from descending further into
details. that have already been presented |
To the House and TIE country; but. ia con
cusion | insist that the time l. nj hand !