The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1886-01-09

D To - per cent more OF all that the tOiling
millions of this country labor to produce and
OF all that men need money to obtain than is
Hould in July, 1870.
In the face Of these official facts and figures
as 10 our trade and exports and imports of
gold and silver and the comparative pnrchas-
Ing power of the silver dollar now and in 1870,
/ repeat, why should be stricken down or its
purchasing power further increased ~ per
cent. by adding forty. fifty. or any other num-
Der Of grains to its weighty In other words,
why should every producer and debtor have to
give % per cent more of the products of his
labor to obtain either a new silver dollar or
gold coin with which to pay his debts4than he
does new. when he Is already paying bis obli-
cations according TO the terms ofhis contract,
in "A coin which will procure for its owner
much more of all he needs than il would in
1902 IL ie only another phase of the constant
struggle of the rich 10 grind the face of
the poor and of the favored few 10 enrich
themselves by class legislation. While no one
can deny every obligation OF the United states
and every contract within our borders can De
discharged hOnorably with the present silver
dollar. we are told that our foreign obligations
and relations are such that gold viii be at
premium very soon. and will be OH basis Of
degraded silver at once If we do not increase
the weight or stop the coinage of silver; that
all Europe is horrfed at our stupidity or dis
honesty, or both Even England whose gold
Is said to be used SO freely 10 buy Senators
and Representatives to vote for revenue tariff
against protection TO monoDolies called Ameri-
can industry, II held up now by the gold mo-
nometalists as an example worthy of all imita-
tion. Her financial policy is lauded as the
perfection of human wisdom.
Fortunately the official reports overflow all
the reckless associations of the gold worship
pers. The Register of the Treasury (see re-
port for this year, page 4) shows that of Si,
O1i.d60, ,262 registered bonds outstanding. only
sll 800, or little over one-tenth Of per
cent j. held abroad. and of those which can
be paid before 1892 foreigners hold only
tVk t.sk IL L.. Ia, f,4u ~
money now lying Idle in the Treasury for enc
day at ) per cent. per aunum These facts,
coupled with our imports. Sl30OO0.O01 this
year, and our imports of gold exceed our gold
exports sls.2I3s03. an amount greatly exceed
ing all our bonds held abroad. settle the ques-
ton. The ialsity Of the clamor about foreign
complications or gold premiums ~ made too
apparent Tor any sensibl man TO be deceived
by j; No Secretary OF the Treasury can mis-
take his duly under that law. No public cred
itor can complain when the interest on his
bond Il paid IN the coin which j. set apart as
a special fund first for the payment of the in
terest due 10 him. Yet millions. hundreds of
millions, have been paid for duties or i'm
ported goods since 1878 in silver coin and sill
yer certificates, which l. only n convenient
form Of handling silver. as the coin they rep
preseEt j. ours when tie certificates are paid
TO us. Yet not one dol AR so far a. | am adj
weed. has ever been paid in silver rs interest
on the public debt or in the purchase Of a sin
gle bond for the Sinking Fund. though ii is
recognized as a coin which constituted the
special fund created by law bv its acceptance
n payment OF duties on imported goods.
There can be bnt one purpose IN this attack
along the line on everything except gold and
national bank notes. and that i TO transfer to
the holders OF our bonds absolute power over
the currency. which means over the business
Of tho country. If that power II yielded or
conceded 10 them. with legal tender notes and
silver certificates Withdrawn. and gold paid 10
them, ard ts them elone for their interest," and
-
ary demands our bondholders and bankers
mi ght make. | know their power, and ap-
preciate the adroitness with which they can
have their claims presented. Even the Pres-
dent In his messsge has been induced TO say
that up TO the present time only about 5000.
0D0of the silver dollars we have coined have
found their way into circulation. IL Is true
he modified hat statement hy showing that
large amount OF silver certificates We're out
standing. but the press OF the country have
taken mp the first statement leaving out all
other qualifications and parade IL before the
country a. conclusive evidence that too much
silver has already been coined and that all of
IL il an incumbrance except about S50O00C00.
They utterly ignore the fact, which the official
reports show-that At the close of the last
fiscal year, June 30 1875. out of a total coinage
of S38.10nO0 Sl40,GW,00J in round numbers
we're ia active circulation In the form of silver
certificates In addition to the coin in the hands
of the people. of which certificates S446000,00
were paid 10 the Government as custom dues
during the last fiscal year at the port Of New
York one, more than was paid in gold and
gold certificates combined Why il not the
coin represented by these certificates as much
In active circulation as If II was passed from
hand TO hand as often as the certificates arey
| ask. il IL fair 10 complain of the useless
silver held In the Treasury as being expensive
and useless, under such circumstances, and
yet not utter one word Of complaint in regard
TO onr S137.O00.000 of gold coin locked up st
the same time. aud in the same way repre-
sented by the same sort of certificates, of
most of them in far less useful form II
our officials would unlock the Treasury vaults
and pay our interest bearing debt with the
money they are complaining of being over
whelmed with they would be doing their duty
more satisfactorily than by the course they are
now pursuing. The President says "a special
effort has has been made by the Secretary OF
the Treasury TO increase the amount of silver
coin In our circulation" Let i'm make one
more effort and pay ont the $60O00.000 or So
nnnn1 he received for custom dues, and which
he has use for, in payment of interest and
In the redemption of the bonds redeemabe and
the ordinary expense of the Government will
keep the vaults reasonably clear of all not
represented by certificates or bills which the
people have right by law TO demand on bank
ing deposits of coin. No public creditor other
than the bondholder, has ever complained
when payment Is made to him III silver or
entitled TO the same consideration as the hold
ers of our bonds. We, as tax-paying people,
are not Interested In keeping our bonds "a per
cent above par. when we must soon buy them
with our surplus revenues.
Mr.. President, | viii only add that have
no interest in the silver question other than
my conviction in regard to the best interest of
the country. never owned dollar worth
of stock directly or indi ireetly, In any silver or
other mine The people | represent here are