Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1888-10-06
srryER


The Salt Lake Tribune says the steady
rise in silver is significant, and what Is
more significant, is the feeling tia. seems
to be universal, that the rise has come TO
stay. 1t is not much Of . feat either 10
pu. silver back TO par. II we but consider
the facts. A syndicate strong enough to
buy and store 1000. 900 ounces = month
for two years can do il. We think, in
deed, that eighteen months would be
enough. The banks OF New York could
use a little of their surplus that way and
be out nothing at all, for they could
reckon their silver bullion as surplus.
even as they now do their gold. And
should they succeed they would clear the
difference between 81 cents per ounce
and 81 IS on what they purchase now.
and 80 on down until there would be no
longer any occasion to purchase any
more, for it would be sterling money and
the same perfect measure Of values thai
II was In 1874. before the wicked and
foolish legislation was resorted to which
has caused such fearful losses. This was
the idea, doubtless, which was IN ex-Seo-
rotary Mannine's mind, but which was
arrested by his sickness and death. The
Tribune at that time explained that 1t
would be nothing for the banks to do this
II they tried, and the reasons are quickly
given. In her dealings with her great
India colony, Great Britain has use an
nually for the sum of SIS, 600 900 to So.
900, 900 more in silver than all the mines
of the world outside Of the United States
yield. By requirements Of the Bland Law
the United States Government is bound
to buy and coin 24,O0O,0oo ounces snnu-
ally. Our mines yield about $40, 000.-
600. The rule Of late has been to let
nearly sll our silver go to Europe, to have
the brokers in London tx the price upon
u, and then for orr Government to buy
1t back and coin 1t. Last year 100000
ounces were handled that way. Now, 1t
the banks would buy 1t as fast as 1t
reached New York or any other Ameri.
can seaport, within four months England
would have no more to sell and our Gov.
erument would have to purchase Of the
syndicate, or at least at the syndicate
prices. This would absorb three-ffths
of our product. With no silver shipped
across the sea, by next June England
would find that all her stock Of bullion,
and all that abe could get from the world
outside, would not be sufficient to meet
her India obligations. She herself would
then have to call upon the syndicate.
She would be in q corner and she could
not help herself, except by using her sill
yer coin. and that passes now from hand
to hand as money at the rate Of Isl 10 !
of gold. There would be no escape for
her, and the infamy would have to stop.
There would be another blessed effect.
II would no longer be possible for her to
get the wheat and cotton of India at the
cut-throat rates which have ruled fol
years, and 1t would be found that oul
own wheat and cotton would be steadily
climbing up In price. II would be curl
Gus then to see the goldites trying to ex'
plain the phenomenon, and may be the
producers Of the country would begin tt
see at last how long and how tremen-
dously they have been robbed. We dc
not believe in trusts as q rule any more
than we do In p~oisons. But as medical
practitioners give one poison to counter
act the effects Of another, we welcome
the silver trust. believing that Its ulti
mate effect win be TO wipe out one OF the
~mightiest crimes ever perpetrated on .
free people by legislation.