The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1889-12-06
silver Coinnrc oncstion.

| The continued coinage of the silver dollar,
at constantly increasing monthly quota.
IL a disturbing element in the otherwise
excellent financial condition of the country,
and n positive hindrnnce TO any interna-
tional agreement looking to the free coinage
of both metals at fixed ratio. Mandatory
purchases by the government of stated
quantities of silver, and mandatory coinage
OF the same into full legal tender dollars
are AN unprecedented anomaly. and have
proved futile. not only in restoring the
value OF silver but even in staying the
downward price of that metal since the
passage of the act of February y. 1873. Ia
| November I. 1883, there have been purchased
2f9, 9,Ss9.i .ilG.ll standard ounces of sill
yer, at cost of S2oG. $3.50. .Gs3 Gi
| from which there have been coined
3t3.6}S ,001 standard dollars. There were in
circulation ON November of the present
year 6O.09S ,4S0 silver dollhrs.less than 81 per
capita, the remainder. 2S;i. .539, ,59l, being
stored away in government vaults. of which
S2Ia3l9,Wl were covered by outstanding
certificates. The price of silver. on March
/, 1873, WAS ~ II III pence, equnl TO $l.20i29
per ounce fine. Az this price $2,0O0,0O0
would purchase 1.GG0, 729 ounces of fine sill
yer, which would coin 2.I47.205 standard
silver dollars. At the average price of silver
for the fiscal year ended June 20, 1889
t42lB pence, equivalent 90 SO.IilG3 per
ounce fine, 81 1000, 600 would purchase ?, li6.-
755 fine ounces, out Of which 2, 775, ,G25 stand
ard silver dollars could be coined.
The lower the price of silver. the greater
the quantity that must be purchased. and
the larger the number of silver dollars 10
he coined to comply with the act Of Feb
ruary 2S 1873. No proper effort has been
spared by the treasury department TO put
in circulation the dollars coined under this
law. They have been shipped, upon de
mand, from the mints and -trensuries,
free Of charge, TO the nearest and the most
distant localities in the United States, only
10 find their wny back into treasury vaults
in payment OF government dues and taxes.
Surely the stock of these dollars which can
perform any useful function as a circulat
ing medium must soon be reached. II IL has
not been already. and the further coinage
and storage of them will then become
whste of public money and n burden upon
the treasury. II is freely admitted that the
predictions of many of our wisest fnan-
ciers, Ms TO when the safe limit of silver
coinage would we reached, have
not been fulfilled, but il is be-
lieved that the principles on which
their apprehensions were based are justified
by the laws of trade and finance. and by the
universal experience of mankind. While
many favorable causes have o-operated to
postpone the evil effects which are sure 60
follow the excessive issue of an oyeryRlued
coin, the danger none the less exists. The
silver dollar hns been maintained vt par
with gold. the monetary unit, mainly by the
provisions of law which make il full legal
tender, and its representative, the silver GER
tifcate, receivable for customs and other
dues; but the vacuum crented by the retire
ment Of national bank circulation. and the
policy Of the government IN not furcibly
paying out silver, but leaving its acceptance
largely 20 the creditor, have materially aided
its free circulation.
The extraordinary growth Of this country
in population and wealth. the unprecedent-
ed development in all kinds of business.
and the answering confidence Of the peo-