The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1890-09-20
FAILURE OF THE SILVER BILL.
Candid sOpInions OF y NOn-Partisan
Journal.

The San Francisco Scientific and
Mining Press thus discourses on the
recent silver legislation of Congress.
The Press, while non-partisan, is
published by Republicans of high
standing, which gives its opinions
greater weight than il emanating
from Democratic source. 1t says:
II there is anything lacking to con-
vince the most skeptical that the Sill
YER bill is wolf in sleeps clothing,
it is found in the speculative move
ments OF the metal. From 80 cents
the price was advanced (under the
belief that a silver bill would be
passed by Congress) to about dollar
an ounce. After the law went into
effect, under steady buying by the
Treasury Department at Washington,
the price at one time reached $l.20Z
an ounce, but it fell with smaller
purchases to $l.15H an ounce.
These movements are unmistaka-
BILE evidence that the bill does not
meet expectation and was another
bold attempt to demoralize silver, for,
while pretending to make it the basis
for the circulation of silver certifi-
Gates in reality the law places the
entire control of the currency, as be-
fore, in the hands of one man, the
Secretary of the Treasury.
There is no denying the fact that
large majority of the citizens OF tho
United States want a stable currency,
one based on bimetallism, and that
more determined move will be made
for its requirement by remonetizing
silver. What they demand, as ex-
pressed through their various organi-
cations, and what they intend TO have,
is the full, free and unlimited coinage
of silver into money bearing the
stamp of the Government and placed
in actual circulation. They, so far as
we can ascertain 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 beyond
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, leading European
authority, Sir Morton Frewin, has
the following to say on this particular
point:
1.-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 q to 16) will
have been restored and the rupee will
be al % pence. There Will then be a
proposal, supported by both political
parties, that the United States shall
join the monetary league OF the Latin
Uuion with mints open at TO 1874.
We shall then have entered upon Tia is
currency phase. Any 15% ounces OF
silver coined at Washington will en-
able the holder to draw an ounce of
gold from the Bank of England, the
bank being powerless TO protect its
reserves. The operation will be con-
Quoted on these lines. take silver
to the United States mint, which Is
coined freely, and returned to me, if
prefer, in the shape of notes. These
notes deposit in my bank in New
York, and l proceed to invest my
bank balance in the purchase of New
York Central Railway bonds. These
bonds l sell by cable in London for
gold; so that just as long as any
European investor will buy American
securities every 1515 ounces of silver
will be valuable To draw an ounce of
gold from the Bank of England, the
bank having no discretionary power
to refuse to pay gold"