Los Angeles daily herald., 1889-11-25
rhe silver Convention.

MONDAY. NOV. 2s, 1859.
The silver Convention.
Tomorrow the Silver Convention will
assemble in St. Louis. 1t is really called
pursuant to an exigent demand from the
people of the United States to right the
great wrong which was perpetrated by
the sureptitious introduction, in 1873, in
the Revised Statutes Of the United States,
of the law demonetizing silver, which
really failed to pass the Congress of the
United States, although it did all the
evil that an authenticated law could have
done. From the date Of the passage of
that law the whole people, not only OF
the United States but Of the world, have
suffered depression and curtailment OF
trade. Enterprise has been arrested,
and the debtor classes have since, day
by day, felt their burdens increasing.
As the silver question stands today
there is great hope Of remedial legisla-
lion. England even, the great creditor
nation, shows, in many of her repre-
sentative financiers, that silver ought to
be restored to its old relation to gold.
Germany, outside of the immediate circle
ofPrince Bismarck, feels the same whole
some impulse towards reconciliation.
France and the Latin nations have the
same conviction-although that is, as
respects these latter nations, simply a
continuation Of their old time beliefs.
The great gain, in the silver proposition,
is the marked revolution which has
taken place in its favor amongst the
people of the United States. The stead
lily contracting volume of the national
bark circulation, together with the rapid
transit of gold to Europe during the past
twelvemonth, has made it tapparent to all
people patriotically inclined that the
currency must be expanded in some
shape or national syncope would super
vene. With vastly expanded popula-
ton in the United States since the close
of the war, we have a vastly decreased
circulating medium. As a result, We
have had depression in business, sus.
pended enterprise and, twice within the
past three years, we have been on the
verge Of a panic-a panic which has only
been averted by liberal sales of govern
ment bonds, thus easing the market to
that extent.
As the question now stands, under the
Bland bill, the Secretary of the Treasury
can buy monthly, for the pur-
poses of coinage, from $1,000. 900
to $4,O0O.O 900. All the previous Sac.
retaries of the Treasury, bar ring
none-they have all been Eastern men,
in both parties, and responsive to the
suggestions of Wall street-have leaned
invariably to the minimum rather thar
to the maximum figure authorized by
the law. This invidious preference has
practically existed since the bill was
framed. But, hostilely interpreted as il
was, it has kept the silver industry
alive, though in a sort of perfunctory
fashion.
The situation which confronts us just
now is one in which iron and silver are
both rising, and this circumstance is
highly encouraging for the future both OF
the United States and of mankind. AS
we have frequently shown, in previous
articles in the Herald, the price of iron
is the real commercial barometer of the
worlds commerce. If We can add
to this gratifying auspice of coming
prosperity the genuine reconciliation
Of silver--or can point to steps under the
authoriz alton of the government of the
United States decisively pointing to that
result in the near future-the financial
and industrial millennium is not far off.
The st. Louis Silver Convention will
doubtless demand the free coinage of
silver, and why should it not? Until
the discovery OF gold in California and
Australia-almost coincident results
silver was an equally favored metal with
gold in the financial transactions of the
world, and the cheapness of gold, re-
sultipg from the plethoric production o!
that metal, soon gave silver the prefer
.snce. Silver coin was, during
all the days of early settlement
in the great West the favor
ite coinage. 1t was known amongst
the early settlers,as ''land Office money"
In the days of "wildcat" banks the man
who could show up with the cleaning
silver shekels was the man whom the
Land Office officials delighted to see, and
they seldom recognized any other, for
gold was scarce as hens teeth, and
the issues of the wildcat" banks were
only seen to be distrusted.
With silver once again honestly re-
monetized-and with q Congress- and
Secretary of the Treasury honestly COM
mitted to its being regarded as honest
money-and with iron advancing stead
lily in price, there be gala days ahead,
not only in the United States but all over
the world. The initiative of this country
will be respected.
THE specimens of ores which are COM
sv,n into 40 A v,uo1ae of l. r~o