Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1890-09-10
A New silver Law.

The most important law passed by
Congress during its present session is
the silver law, which Is SO concisely
stated in the Youths Companion, that
We quote it at length.
Since February, 1878, the law has re-
quired the Secretary of the Treasury
to expend each month not less than two
million dollars and not more than four
millions IN the purchase of silver, which
he Is requested to coin into standard
dollars The Secretary is also directed
TO issue silver certificates In exchange
for silver dollars, and the coin Is re-
tanned TO redeem the certificates when
presented.
system by the new law. The Secretary
is required 20 buy four and one-half
million ounces troy of silver each month
at the market price, but he is not to
pay more than a dollar for so much
silver as Is contained in coined dol
lar
From the present time until July
next two million silver dollars are to be
coined each month. After July /,
1891, only so many silver dollars are to
be coined as may be needed to redeem
silver certificates presented. The silver
purchased and not coined Is TO be held
by the government in the form of bull
hon.
CGtificstes are TO be issued TO the
exact amount of the cost of silver
bought by the Treasury. The certiti-
Gates will be full legal tender for all
purposes, except for the payment of
debts where another mode of payment
Is agreed upon in the contract. The
government undertakes to redeem the
certificates, when presented, in coin,
either gold or silver at its own option.
1t will be seen that whereas, under
the old law, the issue of silver OF of
certificates representing 1t diminished
as the price of silver in the market ad-
vanced, the issue will hereafter increase
as the price advances. At one dollar
an ounce the government receives for
two million dollars silver enough to
make almost two million five hundred
and eighty-sIx thousand silver dollars.
At one dollar and ten cents an ounce it
receives enough TO make only two mil
lion three hundred and fifty-one dol
lars.
Under the new law, if it buys four
and half million ounces at one dollar
an ounce, 1t will issue four and a half
million dollars IN certificates. II II
pays one dollar and ten cents, 1t VIII
issue certificate to the amount of four
million nine hundred and fifty dollars.
Another fact which Is to be noted is
that the new certificates will represent,
not the certain definite weight of silver
IN dollar, but so much silver as was
worth dollar in the market on the
day 1t was purchased
The new law was the outcome of a
very long contest IN Congress. There
was a strong demand for the measure
known as free coinage" which means
that any person might take to the mint
a quantity of silver, and receive com
for II at the rate of a dollar for each
three hundred seventy-one and a quar-
ter grains of pure silver Free coin
age was supported by nearly all the
Democrats in each House OF Congress,
and by few Republicans. The bill as
passed received no Democratic votes in
either House.
There is one class of opinion that vas
not represented at all on either side,
for there are many people who do not
think that a more extensive use of sill
yer as money than at present Is either
desirable or safe; but those who hold to
this view were III so small a minority
that they were forced to yield their
convictions and ''compromise" In order
TO prevent the passage of bill prOvId-
ing for free coinage, to which they
were most of all opposed
Unfortunately, political man9uvering
has had too large a share IN the framing
OF the silver act The country enters
upon a truly novel currency expert
ment, the effect of which only time can
determine.