Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1890-11-11
FREE COINAGE ABSOLUTELY
NECESSARY.

The statement that the retire
mont Of $1O0,OOO,o0O. Of National
Bank notes, and the substitution
OF silN er certificates based on the
purchase of S1OO,OOO,O00. of sill
yer bullion, would undoubtedly
put silver to par. is an admission
that the bill passed by the late
Congress will not do so; that the
purchase of 100000 ounces per
annum is not enough. A later
and better ascertainment Of Stats
teal facts concerning the product
ion OF the metal and quantity to
be cornered, shows, according to
Mr.. Stewart. that the purchase of
500, 100000. worth Of silver bull
lion in four years and the substi-
tuition of silver certificates based
on bullion will probably be neces-
sary to effect what was intended
by the recent silver legislation,
and what has been claimed con-
f1dently had already been effected.
The silver legislation to date
is an attempt to purchase metal in
bullion form, convert it into a
coinage the stamped value OF
which differs from the bullion
value of the metal in the coin,
and by the purchase and storage
OF enough silver bullion force the
value of the bullion itself up to
par, with the stamp value on the
face Of the coin. Silver having
deprecated in the markets Of the
world, it's intrinsic value having
declined, it's ratio. Of value with
gold having changed, the Govern
ment Of the United States has set
out to guarantee and perpetuate
its value to the former parity with
gold, without regard to the pre-
sent or future supply Of the metal,
and there Is no argument 50 ingen-
ious as to be able to hide the
simply common sense truth Of
this statement.
The oath. Of October, when the
Government had completed it's
purchase for the month, silver de-
scended to less than LOS. The
closing purchase of 100000 ounces
Of silver was at the rate Of 1.04.98
and the amount offered on that
day was 100000 ounces. Thus
on the day Of the closing purchase
there was five times as much
offered as could find a market.
The regular dispatches, announc-
ing this fact, declare that there
is no doubt that the miners and
smelters In the West have greatly
increased their production and
made a very large and heavy col
lection of the metal when the
agitation Of the new silver law
was started. The same despatch
es declare that there is a surplus
of silver in Europe as well as here
and concludes with the statement
that on that day the value Of the
silver in q dollar was 80 cents
The highest point reached in this
ATTEMPTED initiation Of the metal
was 1.21 IL. We have witnessed
a steady decrease until the recess
sion promises at an early day to
reach the point from which it
started, and thus afford another
example Of the fallacy of attempt-
ing to coin q metal at any other
than the intrinsic value Of the bull
lion coined. d,
Yesterdays purchases witnessed
a still further decline, closing at
1.03, with transactions amounting
to 100000 ounces. The total pur-
chase for this month to date was
2,1s0,S89 ounces.
The Government finds itself
confronted with more silver than
It can buy under the present law.
To repeal this law would result in
a smashing Of values which would
be felt throughout the United