Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1890-12-02

available for the redemption OF out
standing bonds and other uses. The
estimates of receipts and expenditures
for the postoffice department, DeihS
equal, are not included in TINS state
ment on either side. The act direct
ing the purchase of silver bullion anu
the issue of treasury notes thereon,
approved July ii, 1890, has been ad-
ministered by the Secretary OF the
Treasury with an earnest purpose 10
get into circulation at the earliest pos
sible dates the full monthly amounts
of treasury notes contemplated
by its provisions and at
the same time TO give TO the market
for silver bullion such support as the
law contemplateS.
TIE SILVER QUESTION.
The recent depreciation in the price
of silver has been observed with regret.
The rapid rise in price, which was an
tic;pated and followed the passage vi
the act. was influenced in some degree
by speculation, and the recent reaction
is in part the result of the same cause
and i'm part of the recent monetary ais
turbances. Some months OF further
trial will be necessary TO detetmlne the
nermancnt effect of the recent legisla-
ton upon silver values; but it is CRAFTY
ing 10 know that the increased circula-
ton secured by the act has
exerted and will continue to exert
most beneficial influence upon
business and upon general values.
While it has not been thought best to
renew formally the suggestion OF an IN
ternational conference looking to an
agreement touching the full use OF sill
yer for coinage at a uniform ratio. care
has been taken to observe closely any
change in the situation abroad, and no
favorable opportunity Will be lost 10
promote a result which it is confidently
believed would confer very large benefits
upon the commerce of the world. The
recent monetary disturbances in Eng
land are not unlikely 10 suggest re-
examination of opinions upon this sub
iect. Our very large supply OF gold
will, if not lost by impulsive legislation
in the supposed interest of silver, give
us a position of advantage in promoting
permanent and safe international
agreement for the free use of silver Is 4
coin metal.
The efforts of the Secretary TO in
crease the volume of money in clrcu!a-
ton by keeping down the treasury sur
plus to the lowest practical limit have
been unremitting and in very high de-
gree successful. The tables presented
by him, showing the increase of money
in circulation during the last two de-
cades, and especially the table showing
the increase during the nineteen months
he has administered the affairs of the
department, are interesting and
instructive. The increase of
money in circulation during the
nineteen months has been in the aggre-
gate 500, S6G, Sl3, or about $3.50 per cap
tia. and of this increase only =, 100, OOO
was due to the recent silver legislation.
That this substantial and needed AID
given to commerce resulted in an enOr-
nous reduction of the public debt, and
of the annual interest charge is matter
Of increased satisfaction. There have
been purchased and redeemed since
March I, 1889, and I ~ per cent bonds
to the amount of S2ll, So, $50 at 4 cost
of $40, &C., al. resulting in the reduc-
ton of the annual interest charge OF
=. 9G7. 500. and "a total saving of interest
of S5l.5E6. FOG.