The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1890-12-13
Failure of the Silver Bill.

| IL NAOiO 10 al OAAhS AASAhS w
convince the most skeptical that
the Silver bill is wolf in sleeps
clothing, it is found in the speculat-
i've movements of the metal. From
80 cents the price was advanced
(under the belief that a silver bill
would be passed by Congress) to a
dollar an ounce. After the law went
into effect, under steady buying by
the Treasury Department at Wash
inton, the price at one time reached
$1.2Oa an ounce, but it fell with
smaller purchases to S1.17 an ounce.
These movements are unmistak-
able evidences that the bill does not
meet expectations and was another
bold attempt to demoralize silver,
for, while pretending to make it the
basis for the circulation of silver
certificates, in reality the law places
the entire control of the currency,
as before, in the hands of one man,
the Secretary of the Treasury.
There is no denying the fact that
large majority Of the citizens OF the
| United States want a stable curren-
cy, one based on bimetalism, and
that more determined move will
be made to its requirement by re-
monetizing silver. What they de-
mand, as expressed through their
various organizations, and what
they intend to have, is the full, free
and unlimited coinage of silver into
money bearing the stamps of the
Government placed in actual circu-
lation. They, es far as we can as
certain by our exchanges, have no
objection to silver certificates to be
used in handling as a substitute
for the silver, but they want the
silver first coined and placed be-
yond the reach of Wall street and
the National banks.
No fears need be entertained that
by free coinage this country will be
made the dumping ground for other
countries, for events of the past
month prove the contrary. Writing
to the Manchester Guardian on the
silver question, a leading European
authority, Sir Mortin Frewin, has
the following to say on this partic-
ular point:
The silver market will be very
bare of supplies after Christmas, so
that before the next session of Con
gress is half through the United
States par Of exchange Il to 16)
will have been restored and the
rupee will be at % pence. There
will then be a proposal, supported
by both political parties, that the
United States shall join the none
tary league of the Latin Union with
mints open at 1 to 154. We shall
then have entered upon this cur
rency phase. Any 15A ounces Of
silver coined at Washington will
enable the holder to draw an ounce
of gold from the Bank of England,
the bank being powerless to pro-
tect it's reserves. The operation
will be conducted on these lines.
l take silver to the United States
mint, which is coined freely, and
returned to me, if prefer, in the
shape of notes. These notes | de-
posit in my bank in New York, and
| proceed to invest my bank bal
ance in the purchase of New York
Central Railway bonds. These
bonds I sell by cable in London for
gold; so that just as long as any
European investor will buy Ameri-
can securities every 151 ounces Of
silver will be available to draw an
ounce of gold from the Bank of
England, the bank having no dis
cretionary power to refuse to pay
gold.-Mining and Scientific Press.