Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1886-07-29
N PREDICTIONS.
ment Officials Concerning she
Coinage of the silver Dollar.
Nep York Sun, July ~.

NeW York sun, July ~.
Not without reason do the officials Of
the Treasury Department protest that they
cannot tell what Ia going to happen in
matters of finance, and therefore oppose
being sied up to any particular line OF &C
ton.
About O year ago, the United States
Treasurer came on to this city from Wash.
ington and summoned a meeting of bank
Presidents to consider what be regarded a.
the gravoly p~erilous situation OF the ma
tionGl finances. The Treasury gold reserve,
he said, was rapidly running down, and
in a few weeks would be exhausted. SO
emphatic was he in his talk, that he
frightened the meeting into the supremely
ridiculous step OF lending to the treasury
SC, 000, 900 in gold coin, which was an nm
limited legal tender, in exchange for $6,-
neS, 900 fractional coin, which was q ten.
der only for sums OF $40 and less. In case
there really had been any financial danger
therefore, the banks would have had just
Sc, 900, 900 less with which to meet de-
mands upon them. The Treasurer
promised, however, that IS soon as Con-
gress assembled the Silver Coinage bill
would be repealed or suspended and then
he would pay back the Sc, 000. 900.
Congress neither suspended nor re-
pealed the Silver bill, and yet the Treas
nrer found hat he not only had plenty of
gold with which to pay the bank loan, but
a handsome surplus besides. His dis
| possible stock Of the precious metal, which
had mover run below SIG, 900 900, has
| since risen to 1857, 000, 600, with q pros
pee. OF u further increase. But just as he
| was q year ago in O panic over an appre-
hended deficiency, 30 he is now, and re-
| sists vigorously the attempt to make him
| part with any portion OF his darling
hoard, even for the purpose OF lessening
| the burden of interest which the people
are paying.
still, the Treasurer is not the only official
who has been wrong in his financial pre-
| dictions. Our worthy President, nearly q
year and q half ago. declared in q public
| letter that a financial crisis was close at
hand, and could only be averted by sus.
| pending the coinage of silver dollars. His
| description OF the immediate calamity was
graphic and startling, but 1t fortunately
| had no effect, and, as events have proved,
II was entirely unjustifed. The esteemed
representative from this city, Mr.. Abram
| s.. Hewitt, also about the same time, de-
| clared upon the floor of the House that
unless the coinage Of the silver dollar was
stopped at once, prices. within three years
at the latest, would shrink, and a financial
earthquake wonld open greater than the
earthquake which had just before been ex-
perienced in Spain. Mr.. Hewitt's predio-
| ton has still a year and q half to run; but
10 is as baseless as President Cl~eveland's,
and no doubt will be as completely fall
siied by the event. The coinage of the
silver dollar has not been stopped and will
not be stopped, and we shall not have In
consequence o financial earthquake nor
anything like it.
The country need not be alarmed be-
cause Of tho payment Of the public debt,
nor because OF the coinage of silver. With
a revenue of 81. 900, 900 a day we shall al
ways have money enough for current ex.
penses; and as we did very we'll for II
years without either silver or gold. the
silver dollar Is not going to ruin US now