The Press., 1890-08-07
(Youth's Companion.) A NEW SILVER LAW.

The most important law passed by con- gress at it's present session is that relating to the coinage of silver. Since February, 1878, the law has required the secretary of the treasury to expend each month not less than two million dollars nor more than four millions in the purchase of silver. which he is required to coin into standard dollars. The secretary is also directed to issue silver certificates Tn exchange for sil- yer dollars, and the coin is retained to re- deem the certificates when presented.
 A complete change ia made in this sys- tenn by the new law. The secretary is re- quired to buy four and one. half million ounces troy of silver each month at the market price, but he is not to pay more than dollar for so much silver as is con- tained in coined dollar.
 From the present time until July next two million silver dollars are to be coined each month. After July 1, 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 bullion.
 Certificates are to be issued to the exact amount of the cost of silver bought by the treasury. The certificates will be full le- gal tender for all purposes, except for the payment of debts where another mode of payment is agreed upon ill the contract. The government undertakes to redeem the certificates, when presented, in coin, either gold or silver at it's own option. It will be seen that whereas, under the old law, the issue of silver or of certificates representing it diminished as the price of silver in the market advanced, the issue will hereafter increase as the price ad- vances. At one dollar an ounce the gov ernment receives for two million dollars silver enough to make almost two million five hundred and eighty six thousand sil- yer dollars. At one dollar and ten cents an ounce 1t receives enough to make only two million three hundred and fifty-one dollars.
 Under the new law, if it buys four and a half million ounces at one dollar an ounce, it will issue four and half million dollars in certificates. If it pays one dollar and ten cents, it will issue certificates 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 it was purchased. The new law was the outcome of a very lonS contest III conBIesS. Luere WaS U strong demand for the measure known as 'free coinage" which means that any per- son might take to the mint a quantity of silver, and receive coin for it at the rate of dollar for each three hundred seventy -one and quarter grains of pure silver. Free coinage 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 was not represented at all on either side, for there are many people who do not think that more extensive use of silver as mon. ey than at present is either desirable or safe; but those who hold to this view were in so small a minority that they were forced to yield their convictions and ''compro- mise" in order to prevent the passage of 8 bill providing for the free coinage, to which they were most of all opposed.
 Unfortunately, political manoeuvring has had too large share in the framing of the silver act. The country enters upon a truly novel currency experiment., the ef- feet of which only time can determine.