Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1888-01-21
sENAros STEWARDS ssLvEs
Hill.

SIN
BILL.
Senator Stewart is reported as offering
an amendment to the bill recently intro
duced by him authorizing the issue Of
coin certificates N deposits Of either gold
or silver in their present legal relation to
each other. The amendment materially
changes the character of the bill. The
amended bill provides that any person
may deposit at any mint or assay office
gold or silver bullion and receive q GER.
~tiicate therefor. The price to be paid
for gold bullion is to be fixed at 81 for
25.S grains, while the price Of silver is to
be fixed by the Secretary of the Treas
ury on the LIST and 18th Of each month
at the average price Of silver in New
York market during the preceding fifteen
days. This provision substantially estab.
fishes gold as the measure Of value, as it
provides for the issue Of certificates based
upon q gold dollars worth Of silver, with
the stipulation that the price OF silver
shall not exceed the rate of an ounce OF
cold TO sixteen ounces Of silver. The
present legal relation Of gold TO silver is
is. So to $50 nearly sixteen to one that
the latter ratio is usually spoken OF as
the legal one. Under the provisions Of
this bill as amended silver will be re-
ceived on deposit and certificates issued
for the same at its market value in gold
in place Of its legal value as the bill first
proposed. The certificates issued against
silver will call for a gold dollars worth
without regard to the number Of grains
that may constitute a silver dollar, worth
as bullion 25.S grains Of gold. 1t is an
expedient TO utilize the silver bullion in
the country at it's market value, but it
will be objected TO on the ground that it
recognizes the yellow metal as the true
measure of value. In principle il is not
essentially different from Mr.. Sherman's
proposition to coin silver at its market
value in gold. In place Of coming silver
at a f~luctuating value, it receives the
bullion on deposit.
The above criticism OF Senator Stew.
arts latest move on the silver question
is from the San Francisco Call. The Call
is right in its conclusions. Senator Stew.
art has simply come around to the Sher-
man idea, and the Sherman idea embod.
les all that is disastrous to the silver
interest in Nevada. In brief, it is a com.
plete recognition Of the single gold stan.
ard as the measure Of all values, including
as we'll the value of silver. Wall street
has never demanded more than this.
Eastern financiers do not claim to be
against the standard dollar if we will put
enough silver in it to bring it up to the
value OF the gold dollar. 1t is this con.
t~ention that has caused all the fight Of
the last dozen years, or more. We can.
not imagine what Senator Stewart is
thinking about. He cannot join hands
with John Sherman and at the same time
represent the best interests Of Nevada.
He will find to his sorrow that he has
made a grave mistake il he persists in his
course. Nevada wants no such nonsense
on the silver question as he proposes.
What we do want is free and unlimited
coinage. Our interests are not in the
direction of more paper money, but less.
II all Of the smaller denominations OF
bills were wiped out Of existence at once
it would be so much the better for silver.
The entire volume of silver would then
be required to make change among the
people. It would not accumulate in the
Treasury as now. Indeed there would
not be a silver dollar in the vaults Of the
Government in thirty days If all of the
small notes could be abolished. 1t would
have to go out for change. And this is
the way to extend the usefulness Of our
silver. Whenever Senator Stewart de.
parts from this well.beaten track he gets
over among the Eastern gold bugs and
plays directly into their hands, whether
consciously or not. But there is no like
lihood Of his new.fangled scheme ever
becoming a law. There are too many
real friends Of silver in the Democratic
House to permit such a contamination.
But the position of Senator Stewart, os-
tensibly the representative Of a silver
State, will have a tendency to weaken
the whole cause OF silver. This is the
worst that he can do with his scheme.
John Sherman, who struck down silver
in 1873. could not do us greater harm as
the question now stands and is under.
stood. Senator Stewart stands in as
much need of taking the back track as
President Cleveland did in connection
with the hattie fac incident.