Audubon County Republican. [volume] (Audubon, Audubon Co., Iowa) 1885-1894, 1890-10-02
AN EFFECTIVE REMEDY.
Prices and Money in All Coun-
tries
Extracts From n Paper Read by
Edward Roscwater of the
Omaha Bee.

The present Congress has grappled
with this problem, and in my judgment
has applied the safest and most effec-
tive remedy. BY the act which went
into effect within the past month, tn
Secretary of tho Treasury is required
10 purchase 1900, 900 ounces of silver
every month and coin or store the
metal in bars in the Treasury, issuing
therefor silver certificates that are
made legal tender for all dues and
exchangeable for other money in the
National treasury. This will absorb
the entire silver product Of our mines,
unless the stimulus given to silver
mining should increase the production
beyond all expectation. The beneGc-
ial effect of this policy has already be-
come manifest by the very marked
rise in the price OF silver bullion and
it's rapid approach TO the old standard
OF 1929 per ounce. But the bullion
aires ana bonanza kings demand free
and unlimited coinage OF silver. There
is no doubt that free coinage would
add many millions 10 the wealth OF
these mine owners, and stimulate
speculation in mines and mining stock,
but its expendieucy is exceedingly
doubtful unless the leading European
nations can be induced to join Us with
an international agreement as to the
bimetallic standard.
Free coinage is the right OF any
person to take the bullion TO the mint
and have it coined without charge.
Unlimited coinage means that any
owner Of bullion may offer the same
at the mint in limitless quantities and
have the same coined at the expense
of the American people.
Now why should coinage be free TO
anybody? Why not ask the Govern
ment to print bank notes free Of charge
10 anybody that will present bank note
paper at the United States Treasury?
Even the national banks have been
compelled TO pay per cent on their
circulation to compensate the govern
ment for the expense incurred in print
ing their bills, and the tax has already
amounted to $4,000. 900 siuce the
passage OF the natioual-bank act
Why should not the Government es-
tablish United States mills and grind
the wheat OF the American farmer in
to -four free Of charge? Why should
not the Government have the benefit
Of the seigniorage on coins?
Why should our government Or
rather the people Of this country, pay
any bonus 10 bullion owners above the
face market value OF the metals l.:
the bullion owner any better than the
farmer, or artisan, or merchant? But
we are told you reduce silver 10 a
commodity when you refuse TO give it
the same privilege that gold now has
a. coinage metal in unlimited guam
titles. This may be true; but gold as
we'll as silver is commodity and al
ways will remain SO.
What has happened since the pas.
sage OF the silver billp While the sill
yer bill was pending, spectators, no,
only in Wall street, but also on the
British Exchange, in Holland auC
everywhere, were watching the out
come, anticipating "a great rise in min
ing stocks and silver bullion. A yer,
large quantity OF silver bullion wa
exported from Holland and held il
New York. On the British Exchang
one party made very large forum
in India rupees, and there is no doub
h.,t is,
who made vast sums because 1t wa
given out all round that there woul
be millions in it for those who ha
stock. What has been the result
The Government has bought a yer
large amount of silver bullion and ia
creased the volume OF money by issu
ing additional certsiicatcs. TIE pi.ic
Of money rose right away and is muc
higher nos in New York than it In
been for years. Why? Because th
moment you start speculation yo
start demand for money. Those VIII
invest expect TO make great deal c
money and are willing TO pay hig
price for money in order to realiz
big profits on their ven urcs. In tn
UTuludfy COEutIo VI pu5iuc-o kuO
this oy my own experience. In 1876
the rate OF interest for money wa
10 per cent. In Nebraska To-day IS
can borrow at per cent. on good res
estate security. Why? Because ther
has teen depression in all the maj
kets OF the world. Those Of you VIII
want 10 borrow cheap money shout
not be deluded by the tree coinag
idea. When silver advances zap |
the standard OF 81. 20 ar ounce | vor
ture TO say that free coinage soull %
be demanded by any Of ihe miaiu
men. because they can DO just "a We
by selling their silver in bui lon.
A silver brick would lie worth =
much Ia the melai as IL would be II
were, coined oy the Treasury. Nb
should Uncle sam pay bonus 10
Hullinnp Whv ahnf,ld uct lTncla S.p