Roseburg review. [volume] (Roseburg, Or.) 1885-1920, 1886-01-01
THE SILVER DOLLAR.
[Contributed.l i

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[Contributcd.1
Should silver coinage be suspended
This is the most important question
which the present Congress of the
United States is called upon to solve;
and upon its action, in measure, de
pends the material welfare of the
Pacific states and territories us we'll as
the prosperity Of the entire country.
The silver dollar is ESSENTIALLY the
money of the poor man. 1t is the
money he receives for his days work
and pays TO- the butcher, miller and
grocer forRhe sustenance of life. Our
states and territories produce the bul
lion; the millions of our people need
the money to carry on the business re-
lations of life, and there is no reason
why the Government should not only
coin this silver but put it in circulation
instead of locking it up in the treas
ury vaults. The President, in his
message, and the Hon. Secretary of the
Treasury in his report to Congress
make public the statement, that under
the Silver Coinage Act the Govern
ment has paid out of the Treasury each
and every month two million dollars
gold coin for the silver bullion for the
mint, to be added to the idle mass
already accumulated, and uses this
statement in connection with gold bugs
OF the East as an argument in favor of
the repeal of the Silver Bill. On this
statement that the silver dollar is
nassing in the Treasury hangs the
main argument i'll favor of its demone-
tization. Let us, for a moment, analyze
the bill and see if the Treasurer of the
United States is compelled to use the
gold coin belonging to the Government
to the exclusion of silver for the pur-
chase of bullion when an idle mass of
silver dollars remain in the Treasury
vaults unappropriated. If not then
the major premise laid down by the
President and his Hon. Secretary is
wrong and their conclusion that silver
coinage should cease is erroneous.
The Act which was passed on the
2Sth of Feb, 1878, provides "That
there shall be coined at the several
mints of the United States silver del
lars of the weight of four hundred and
twelve and half grains troy, of stand
ard silver, as provided in the Act of
January, 1887. On which shall be
the device and superscription provided
~ said Act, which coins, together with
all snSSer dollars heretofore coined of
like weigGC<~ and fneness, shall be a
clegal tender at cNeeir nominal value for
all debts and dues f>pblic and private,
except where otherwisN expressly stip-
ulated in the contract. And the Sec
letary of the Treasury is Heuthorized
and directed to purchase from time to
time, silver bullion, at the market price
thereof, not less than two giillion, dol
lars worth per month, nor more than
four million dollars worth per month
and cause the same to be coineI
monthly as fast as so purchased, int&
such dollars; and sum sufficient tt
carry out the foregoing provisions OF
this Act is hereby appropriated out oi
any money in the Treasury not other
wise appropriated"
This idle coin under which the cof
fers of the Government groan could al
be applied in payment of tLo interest
bearing debt which is cger due. and
which, under the r sumption Act,
the Treasurer is not only empowered
but directed to call in for payment
This boarding of the coin in the treas
ury vaults is not only in violation o
the spirit and letter of the law, bu
violates all rules of political economy
to keep the money locked up in th'
treasury vaults while the Government
is paying interest on its overdue
bonds. Such policy would prove
ruinous to individuals, likewise to 6
nation. Pay off the bond holders anf
give us more silver, should be the raj
lying cry, not only Of the people of this
coast but of the entire nation.