The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1890-08-15
The Silver Bill.


The Silver Bill.
In spite of the outcry of our politicians
the country may he congratulated upon
the passage of thc Silver bill i'll its present
form. 1t authorizes the monthly purchase
by the Treasury department of four and Il
half million ounces of silver at the market
price, not to exceed 81 for 37l % grains of
pure silver, and the secretary is directed
to issue in payment for such purchases of
silver bullion treasury notes of the United
States. which shall he rcdccmablc on de-
mand in gold or silver coin. ut his dlscrc-
ton. sit being the established policy of
the United States to maintain the two
metals on parity with each other upon
the present legal ratio, or such ratio as
may he provided by law" The secretary
shall each month coin two million ounces
of the silver bullion purchased under the
provisions of this act into standard silver
dollars. until the first day of July, 1891,
and after that time he shall coin of the
silver bullion purchased under the pro-
visions of this act as much as may he
necessary to provide for the redemption of
the treasury notes herein provided for.
The present law to authorize the coinage
of $2000,000 in silver dollars monthly is
repealed. 1t is estimated that the new
act will annually increase the money of
the country about $60,000,000
This is vastly superior to the bill that
passed the Senate under the dictation OF
inhationists, and silver kings who own
large interests in Western mines and who
bought their seats in the Senate with the
product of those mines. The latter bill
would not have accomplished even the de-
sire of the inflationists. Had it passed. the
$475000, 600 of gold coin in circulation
would have rapidly disappeared, and there
would not have been a sufficient supply Of
the bascr coin and the cheaper dollar to
take its place. There was only Sl62, $50 600
of silver Coinage value) produced in the
world during 1889, and not more than
two-thirds of this amount was produced in
this country 1t would, therefore, have
taken Il rapid and impossible development
of our mines to have supplied the def
cheney caused by the retirement of gold,
which would have disappeared, as if by
o., co,a;ru couutriaa infn voulfs
tin boxes, and old stockings. If there
is one settled fact in regard to the law
of finance it is that the superior cur
rency disappears when an attempt is made
by legislation to force an inferior cur
rency TO an equality with it. So, instead
of imitation, we should really have had Il
contraction of the currency, for Il consid-
cradle time IL least. Add to this the
evil influence it would have had upon cap
ital, which is always quickly inundated
bv such legislation, and it will dc seen that
the entire country. and the South particu-
larry, has escaped serious danger.
1t is true We need deal of money to
meet the demands of such rapidly grow
ing nation as this; but We take it that
the $50, 900, 600 which the present measure
will add to the circulating medium, and
bv method that will maintain its parity
with gold, together with the s52,O00,O0O
that the English are annually bringing
here for Investment, which has an inhu
encc upon our gold balance, we can worry
along for time.
In this connection VIC may compare the
circulating medium of the four leading
nations. According to recent estimate
made by the Bankers Magazine it is as
| follows:
COUNTRIES. Population. Gold Silver
France 600 $500 600 zoe $7OO, 600 900
United Kingdom 81 165. 900 650,oOO,OO0 l0O,oOO,oOo
Germany ......iS 000, 900 500 600 900 215. 900 900
United Satcf.64 0O0, 900 1858 1l2 116, 298, SOP
Notes Total metallic
COUNTRIES. outstanding and paper.
1894 900 0oO g, 194, 900, 900
United Kingdom 100. 600 $40 900. 0G0
Germany 49,. ............ 81! HO,00O 800, 600. O00
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