Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1889-12-04

certificates. The total amount of none,
OF all kinds in circulation Oh March |
1878, was $S05, 793, ,S07, while on Octobe
|, 1889, the total amount was 81 ,405, ,OlS,
900. There was an increase of $29S, Az,
552 in gold and $57,554, 40 in STANDARD
silver dollars, OF $72,3ll ,249 in gold certi
ticates, and of 1886, ,619,7l in silver cert
ficates, and of $l4, ,073, ,787 in United States
notes, making total of $7l3,976, ,403
There was during the same period de
crease of $ll4, l0y, 729 in bank circulation
and OF $642, ,4Sl in subsidiary silver. The
net increase was $599, ,224 1913. The Cir
culation per capita has increased about
IS during the time covered by the table
referred to. The total coinage of silver
dollars was, on November l, 1889, $343,- =
S,001, of which $283, $50 ,52l were in the
treasury vaults, and $50 ,09S, ,4S0 we're in
circulation. Of the amount in the vaults
$277, ,3l9,940 were represented 10y out
standing silver certificates, leaving $6, ,219,-
577 not in circulation and not representt d
by certificates. The law requiring the
purchase by the treasury of 100000
worth of silver bullion each month to be
coined into silver dollars OF 4l215 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 in
crease the monthly purchases to $4,000
900. When the law was enacted Tebru-
ary 2S, 1879 the price of silver in the
market was 20 40 per ounce, making
the bullion value of the dollar SO cents
Since that time the price has fallen as low
as 9l.2 cents per ounce, reducing the bull
lion value of the dollar to 706 cents
Within the last few months the market
price has somewhat advanced, and on
November l last the bullion value of the
silver dollar was 81 cents.
the evil anticipatons which have ac-
the coinage and use OF the sill
yer dollar have been realized. AS a coin
it has not had general use, and the pub
lie treasury has been compelled to store it.
But this is manifestly owing to the fact
that It's paper representative ismore con-
venient. The general acceptance and use
Of silver certificates show that silver has
not been otherwise discredited. Some
favorable conditions have contributed to
the maintenance of this practical question
in their commercial use between the gold
and silver dollars. But some OF these are
;rade conditions that statutory enactment
10 not control and OF the continuance of
which we can not be certain. think it
s clear that if we should make the coin
lge of silver at the present ratio free, we
must expect difference in bullion. Val |
les Of gold and silver dollars will be taken |
lccount of in commercial transactions, |
lnu | fear the same result would follow |
my considerable increase OF the present
ate OF coinage. Such result would be |
llscreditable to our financial management !
md disastrous to all business interests.
We should not tread the dangerous edge
# such peril. Indeed, nothing more
harmful could happen to the silver inter
sts, and safe legislation upon this subject
must secure the equality of the two coins
n the commercial uses. 1t has always
'een advocated OF the use Of silver in our
urrency that '"o large produuers oi
hat metal, and should not discrcdit it.
% the plan which will be presented by
he secretary OF the treasury for the issu-
nee of notes or certificates upon the de-
,osts of silver bullion at its market valne,
have been able to give only hasty eX-
owing to the press OF other
matters, and to the fact that it has been
o recently formulated. The details of
uch law require careful consideration,
'ut the general plan suggested by him
GEMS to satisfy the purpose to continue
he use OF silver in connection with our
urrency, and at the same time to obviate
he danger of which | have spoken. At
later day may communicate further
With congress upon this subject.
The recently improved mail service to
he Pacific coast is mentioned and the
generals recommendation
Liberal yet carefully scru
inized appropriations for rivers and har-
,ors is suggested. The Terry case is re-
erred to and more liberal protection
sked by law for the protection of federal
Ulcers. The establishment of interme-
late courts with final appellate jurisdic-
ion is recommended. TRUSTS" are de-
Jared dangerous conspiracies against the
,ublic good, and should be made the sub
ect of prohibitory and even general Pc
lal legislation.
NEW MEXICO LAND GRANTS.
The unsettled state of the title to large
)odies OF lands in the territories of New
Mexico and Arizona has greatly retarded
he development of these territories Pro-
,ision should be made by law for the
prompt trial and final adjustment before
/ judicial tribunal or commission of all
claims based upon Mexican grants. 1t is
lot just to an intelligent and enterprising |
people that their peace should be dis
urbed and their prosperity retarded by
hese old contentious. / express the
nope that the differences of opinion as to
he methods may yield to the urgency OF
,he case.
INDIAN EDUCATION.
The report of the secretary OF the in
.erior exhibits the transactions of the gov
ernment with the Indian tribes. Sub
stantial progress has been made in the
education of the children of school age
and in the allotment of lands to adult
Indians. 1t is to be regretted that the
policy of breaking up the tribal relation
and of dealing with the Indian as an in
dividual did not appear earlier in our
legislation. Large reservations held in
common and the maintenance of the
authority of the chiefs and head men
have deprived the individal OF every in
centive to the exercise OF thrift, and the
annuity has contributed an affirmative
impulse toward state of confirmed
Our treaty stipulations should
be observed with fidelity, and our legisla-
ton should be highly considerate of the
hest interest of an ignorant and helpless