Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1889-12-12

The total amount of money of all kinds in cir
culaton March 1st 1878. $685. 793, S07. while
on October l, 1889, the total was 81 405, 900;
There was an increase of 1888 All $50 in gold and
of $3.50 100 in standard silver dollars, of S72,
31,z49 I'D gold certificates of S276 LIS in silver
certificates, and of S14013,1eI in United States
notes, making total of s713 976. 403. There was,
during the same period, decrease Of S1l4, 19O2UI
IN bank circulation and of S642, 4S1 in subsidiary
silver. Inc net increase was Soss, "a TO. Inc
dollars during the time covered by the table re-
terred to- The total coinage of silver dollars was
on November l, 1889. S3l3 63S O01 of which $685.
9.521 were in the treasury vaults and 500 09S $50
we're in circulation. Of the amount in the vaults,
S219 ,319 944 were represented by outstanding sill
yer certificates, leaving 6,219,57 not in circula
ton and not represented by certificates.
The Silver Question.
The law requiring the purchase by the treasury
OF two million dollars worth of silver bullion each
month, to be coined into silver dollars of 4121s
grains has beer observed by the department. but
neither the present secretary nor any of his pre-
decessors has deemed it safe TO exercise the dis
erection by law, to increase the monthly purchase
TO four million dollars. When the law was enacted
February 2S 1873, the price of silver in the mar
ket was 81 20 40 per ounce, making the bullion
value of the dollar 90 cents Since that time the
price has fallen as low as 91.29 cents per ounce
reducing the bullion value of the dollar to roo
cents. Within the last few months the market
price has somewhat advanced On the first day
OF November last, the bullion value of the silver
dollar was y cents. The evil anticipatonS which
have accompanied the coinage and use of the silver
dollar nave not been realized. As coin it has not
had general use, and the public treasury has been
compelled to store it. But this is manifeslly ow-
ing to the fact that its paper representative is
more convenient. The general acceptance and
use of the silver certificate show that silver has
not been otherwise discredited. Some favorable
conditions have contributed to maintain this
equality in their commercial use between the
gold and silver dollars. But some of these
trade conditions that statutory enactuentS do not
control and of the continuance of which we can
not be certain.
think it is clear that if we should make coin
age of silver at the present ratio free, we must
expect the difference in the bullion value of the
gold and silver dollars viii be taken account OF In
commercial transactions and / fear the same re-
suit would follow any considerable increase of the
present rate of coinage Such result would be
discreditable to our financial management and
disastrous to all business interests. We should
not tread the dangerous edge of such peril and
indeed nothing more harmful could happen to the
subject must secure the equality of the two CONS
in the commercial uses. / have always been an
advocate of the use of silver in our currency.
We are large producers of that metal and should
not diScredit it.
To the plan which will be presented by the sec
rotary of the treasury for the issuance of notes
of certificates upon the deposit of silver bullion
at its market value, l have been able to give
only haSty examination owing to the press OF
other matters and to the fact that it has been so
recently formulated. The details of such law
plan suggested by him seems to satisfy the pur
pose, to continue the use of silver in connection
with our currency and at the same time to OBJ
yiate the danger of which have spoken. At
later day may communicate further with con-
gress upon this subject.