Daily Yellowstone journal. [volume] (Miles City, Mont.) 1882-1893, 1886-03-18

known that Europe has no supply OF silver
except It's coinages, 10 which the silver is
rated about per cent. higher than IL IS In
our standard dollar, and more than 90 per
cent. higher than could be obtained for il
in our markets Our circulation of paper
or silver does not approach an equality in
volume with other commercial countries,
and until il Is above and beyond proper
proportion Of such our prices can never
be inflated above the prices abroad, so as
to cause balance of trade against ms.
II We would give stability, dignity, and
value 10 our silver production commensu.
rate with the importance Of that industry
to the United States without impairing the
quantity or intrinsic value of gold, IL is
essential that new departure shall be
taken by the Executive ana Treasury
officials. Instead of policy which seems
to be an organized system of assault and
const quent depreciation, the opportunity
should be seized upon TO follow plain
direction that has the sanction and validity
of law TO support it-one which since 1873
has been trampled underfoot and defied
with a boldness and determination that
brings back the memories of other days
when notification in another form threat
eDed this county.
When reports Of our Treasury officials.
made 10 pursuance Of law, are published
to the world they are clothed win verify
and authenticity which are well calculated
10 inspire confidence 10 the public Of the
absolute tru;hfulness of their report.
And so IL is that sentiment has been
nodded in certain quarters based solely
upon such reports that the aggregated sill
yer of the country can find no circulation.
and hence its Judgment in the Treasury
and subtreasuries of the United States;
and that further coinsgs is folly and ex-
travagance. Such statement is illusory
and misleading. Ii is inconteslibly true
that there are $40 in silver coin 10 one in
gold coin in actual circulation among the
people, and that tbree.fourths Of the silver
dollars now in the Treasury are represented
by silver certificates in actual circulation
in the business of the country.
AMOUNT OF MONEY REQUIRED II rms COUNTRY.
We have now Of gold and si,er....... sits3,m11W
[ nited States notes ........ ...,.,.., q5,UDnn
National.hank notes. GO. jls.MUO
Fractional currency, about. ........ i,Gn,rD
Total money for 6o,oC,oD people. l,5si,U,1n
or sd per capital This l. none too much. AZ the
population and business increase we shall need
more not less. France, much more compact
country than ours and the sonndest country in the
world financially and arePnSllc has IN addition 70
tween sJD,UD,nD and Sfsn,un,00 Of paper,
making total of s2,DD,Wl,OsC. This il So per
capita Of her population, or twice ~ much as We
have She does not find that too large sum. We
should not II We had Il.
We certainly, then, have not too much money
now: and Ia avoid disaster We must take care that
its volume If not reduced.
For these figures and estimates am in.
debted TO Mr.. Dexter A. Hawkins. of New
York, gentleman of much learning upon
this subject.
These considerations are enough 10 adj
monish US that We have not reached within
fifteen years Of the lime when. at the pres
ent rate of coinage, the question Of sus
pension can be seriously considered. The
gentleman from Maryland (Mr. FIndlay)
was disposed TO complain in his recent
speech because the Government was com
PEELED TO furnish a market under existing
law for $4,000 600 of silver per month,
and characterized il as form OF protec-
ton which no other commodity received IN
this country.
Some practical individual once defined
law to be: THAT which is confidently as.
serted and plausibly maintained. The
correctness Of the gentlcman's statement
cannot be measured by any stronger rule.
II this was protection IL would seem thai
silver ought TO thrive and prosper under
the protecting 9gis of the Government.
But everybody knows that the contrary Is
true, and that every time il contracts and
sbrinks it can be traced TO the assembling
and illusory touch Of the Government,
Why, cir, instead Of silver being bur
den and accepting the so.called protection
of the Government, 1t has been loaded
down with weight Of seiguiorage until ii
has become an actual investment for the
country, out Of which the government has
made q net profit of $25. 122, 1884 90 since
July /, 1879, for Its coinage. As proof Of
this statement / submit the following from
the last report Of the Director Of the Mint.
pages s and 0:
sEIexIoRAoE on SILVER COINAGE.
Arising from seigniorage on silver coinage, there
were In the coinage mints at the close Of the fiscal
year moneys amounting TO SLIT, Nam, known as
the silyerpront fund.- which had not been deposited
In the Treasury
sidiary silver coined at Philadelphia si0,igs 81;
total for the year OF 36S ,fs6.4s. OF this amount,
the Of 90 Si n was paid for expenses incurred
In the distribution Of the coin Cos o - being paid
the express companies, and <t,3J4.8 for bags,
bagRing, &C., and ei85. 90 for telsgraphingl
The sum OF tn,s793 SO form the same fund was
used 10 reimburse the loss arising from the silver