Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1889-12-04
COINAGE OF SILVER.

Difficulties in the Way of Purchasing
Bul1ion-Windom's Recomme alton.
table presented by the secretary of the
treasury, showing the amount Of money of all
kinds L. circulation each year, from 1873 to the
present time, is OF interest. 1t appears hat the
amount of national bank notes in circulation
has decreased during that period $1l4 109 72y, OF
which S37, 199, 229 is chargeable to the last year.
The withdrawal of bank circulation will neces-
sarily continue under existing conditions. 1t is
probable that the adoption OF the suggestions
made by the comptroller of the currency, viz.
that the minimum deposit OF bonds Tor the es-
taolishment of banks be reduced and that au
issue OF notes TO the par value OF the bonds be
allowed, would help TO maintain the bank circu-
Iation. Bul while this withdrawal oil bank notes
crease in the amount of gold aud silver coin in
circulation and i'll the issu.s OF gold and silver
certificates.
The total amount of money of all kinds in cir
culation March ], 1878. was $685. 7s3, 807.
while ON October !. 1889, the total was 81 .405,-
01S 600. There was All increase of S293.417 $50 in
golo coin, If So, 554, 100 in standard silver do!
lars, O ,2l9 III gold certificates of $780,
619T15 in silver certi cages, and of S14 073 7S7 In
United States notes, making total OF S7l3,-
976 405. there was during the same period a
decrease OF Sill, 109729 in bank circulation, and
of So 24Sl in subsidiary silver. The net increase
was S399, 224 1913. he circulation per capita has
increased about five dollars during the time
covered by the table referred to.
The total coinage of silver dollars was on
November !, 1889, SS43, 6SS, Oo1, OF which $685.
539,52l were in the TIRE asury vaults and &c.,.
09o ,4s0 were in ciTcrlauoI. OF the ann unit in
the vaults, S277, 319, 944 We're represented by out
standing silver certificates, leaving SC, PIG, SIT
not i'll circulation and not represented by
certificates.
The law requiring the purchase by the treas
ury OF 81 Oo0.I0O worth OF silver bullion each
month, 10 be coined into silver dollars OF 4l2.5
grains. has been observed by the Department.
but neither the present secretary nor any OF his
predecessors has deemed it safe to exercise the
discretion given by law TO increa>e The monthly
y,,Ir nhou fn Whcr fhn loxu q
acted February %, 1879. the p ics of silver in
the market was 81 20 4. 10 per ounce, making the
bullion value OF the dollar 90 ceDis. Since that
time toe price has fal en- as low as 81 cents per
ounce, reducing the blu lion value OF the dollar to
70.6. Within tine last few months the market
price has somewhat advanced. and on the 1st
day OF November Last the bullion value of the sill
yer dollar was 70 cent?.
The evil antlcipations which have accom-
panied the coinage and use of the silver dollar
have not been realized AS coin 1t has not had
general Use, and the public treasury has been
compelled to store il. But this Ia mauifeslly
owing to the fact that its paper representative is
more convenient. The general acc, ptance and
of the silver certificate shows that silver has
not been otherwise disc1edited. Some favorable
conditions have contributed to maintain this
practical equality, In their commercial use,
between the gold and silver dollars. But some
of these trade conditions that statutory enact
Ments do not control, and of the continuance OF
which we cannot be rtain.
think 1t IL clear that il we should make the
coinage Of silver at the present ratio free, we
must expect that the difference in the bullion
ues OF the gold and silver dollars will be taken
account of ia com mercial transactions, and
fear the same result would follow any consider
able increase OF the present rate Of coinage.
such result would be discreditable to our finan-
cial management and disastrous to all business
interests We should not tread the dangerous
edge of snch a peril. And, indeed, nothing
more harmful could happen to the silver inter-
esls Any safe legislation upon this subject
must secure the equality Of the two coins in
their commercial uses.
l have always been an advocate OF the use
silver in our currency. We q. large producers
OF that metal, and should not dlscredit it. TO
the plan which will be presented by the secre-
tary of the treasury for the issuance of notes or
certificates upon the deposit of silver bullion at
it's market value, have been able to give only a
hasty examination owing to the press of other
matters and to the fact that it has been 70 re-
Gently formulated. The details OF such q law
require careful consideration, but the general
plan suggested by him was to satisfy the pur-
pose-to continue the use OF silver IN connection
with our currency, and at the same time to obvi
ate the danger OF which have spoken At q
later day may communicate further with Con
greSS upon this subject.