The semi-weekly miner., 1886-01-23

last six months it had lost $38, 900, 900 oi
it, and in the same time it had lost SIS, ,OOO,-
900 of it's deposits. Was it not extraor-
dinary il our financial policy was SO un-
wise and that of England SO wise that we
had accumulated large amount of gold
while
ENGLAND WAS LOSING HER GOLD.
The condition of our country, Mr.. Teller
continued. was an eloquent denial OF the
truth OF the predictions and complaints of
the enemies of silver. The stoppage OF sill
yer coinage would be equivalent to the ad-
dition of $500, 900, 900 to the national
debt. It would add 20 to 80 per cent. to
every dollar of debt in the land, an amount
almost too great for computation.
The creditor. class demands sus-
pension OF coinage, which was practically
a stoppage Of it and also that we pay
in gold $346, 900 900 of national bank
notes and withdraw them from circulation.
The next move would be to take from the
silver dollars already coined their legal
value and thus effect reduction amount
ing altogether to $562 ,OOO, 900 in the cir
culating medium, or over One-third of our
whole circulating medium. Then with
$500, 100000 OF the balance laid
up in the Treasury the business of the
country would be left to be done on about
one-third OF our pset stock OF money.
that the laboring men would iirst suffer
from silver coinage. Let that gentleman
said Mr.. Teller, speak for the great monied
corporations and for the bondholders and
capitalists, but not for laboring men,
The laboring men were well aware that q
great department OF our Government had
passed into the control of banks and
bankers, and the monied powers. They
knew that statutes passed to curtaif the
powers of the monied corporations and
capitalists were violated every day in the
Treasury departments. The present dis
turbed state of the public mind. concerning
silver, Mr.. Teller asccribed to the attacks
made upon it by the Government officials.
Every scheme that could disgrace silver
had the sanction OF that department, if it
did not directly originate in the depart
ment. The Treasurer of the United States
had gone into a convention of fifty-fonr
banks, the object OF which convention was
the depreciation OF silver, and his presence
among the bankers was carefully tele
graphed to all the corners of the earth.
That was 3 scheme to frighten the people
into the idea that silver coinage would
bring ruin to our industries. The Treas
urer's presence in that convention was the
most indefensible attack that had ever
been made on the credit of a Government
by it's own officials. sworn to respect and
execute the laws of the country.
FANCY BOOKKEEPING.
Another attack on silver was found in
the system of book keeping newly adopted
by the Treasury Department in treating
it as liability and not as an asset.
According to this idea the more money the
Il - oh
to redeem it's paper money or pay
it's debt the greater it's liabilities. This
change of bookkeeping came of long expe-
rience in Wall-street, it was for the purpose
of deceiving the people as to the amount OF
available funds in the Treasury, as it
would always show 500, ,OOO, ,OOOless than
was actually in the Treasury. No doubt
the Treasury officials believed that the con-
tinued accumulation and retention OF
money in the Treasury was beneficial to
the country and the suspension of silver
coinage would be also beneficial to the
Treasury, but the trouble with the
Treasury officials was that they
had consulted the national banks
and money loaners and not the real
business men of the country. Had
laws of the land as they found them there
would have been no trouble with the silver
question. Mr.. Teller commended to those
officers the example of the Government Of
fcials of France, who had given the laws
of their Republic q loyal and hearty sup
port Mr.. Teller did not demand forced
circulation of silver. He merely demanded
for itan nequalchance with gold. When that
was done he would abide the decision of
the commercial world. Let the gold advo-
Gates give to silver free coinage, as they
gave it to gold, and let the judgment of
mankind be taken on it's value as money.
Do not allow the Government officials to
discredit it, do not allow Government
Agents (the National Banks) to refuse to
receive it on deposit, and when that was
done silver would resume it's place
as the favorite metal money of commerce.
If it were said that the special interests of
Colorado warped MIR. Teller's judgment, he
would reply that although Colorado pro-
duced one-quarter of all the annual silver
yield of the world, yet the question of
silver coinage was one of but little more
to Colorado than to the other
States of the Union. The real
question was whether the worlds
commerce should be conducted
with all the worlds stock of coin, or with
one-haH OF it. That question affected nine
men in ten in the United States. He spoke
therefore for all who toiled in mill and
field that great host as mighty in numbers.
as modest in aspirations, who constituted
the estrength and power of the nation who,
though forbearant and long enduring; yet.
when aroused in defense of their rights,
knew how to compel their agents to respect
their will.