Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1890-04-26
WINDOW, ON. SILVER.

The Secretary OF the Treasury Gives Hls
T., Views ON this s;ver Question.
WASHINGTON. April 22-Secretary
Window last night gave out the follow
ing, which Is taken from q letter ad-
dressed by him TO Western correspond
emit in answer to comments and inquiries
upon the present status OF the silver
question:
The bill recommended by the Treasury
was framed mainly fr two purposes: First,
TO meet the demand for an increase Of cir
culatlon; and sec md, TO enhance the value Z
of silver by providing for it an additionai
and safe use us money. II approved by Con-
gress 1t win, In my Judgment, accomplish
both OF these objects and at the same time
afford u fair and just basis for harmony OF
action on the silver question. To the silver
interest 1t offers every substantial benent
that can be granted without peril TO our
financial system. and far greater advantages
than can be found In free coinage. To those
who demand 'more money" II offers an an
nuai increase OF from 1000, 90 to S0,0Oo.0O0
To those who insist upon q sonnd currency,
II gives the amplest guarantee against the
degradation OF the American dollar. But 90
those who would initiate the currency by In
jecting large volume OF money without ad-
equAte safeguards against depreciation, 10
Offers no comfort whatever. And right here
Is found the secret of much OF opposition 70
some Of. It's redemption features.
In reply TO your friendly critlcisms, let mo
invite y0ur attention TO the extraordinary
concessions which are offered 10 the silver
sentiment Of the country.
First-lt is proposed to absorb all the
silver produced by the mines and reduction
works of the United States, thereby with
drawing from the market nearly one half OF
the en- ire silver product Of the world and
thus greatly enhancing the value OF the
whole.
kecond-Not content with this concession,
which Is surely without a parallel rs TO any
other product, the Senate committee ms SIS
that the Government shall be compel ed to
purchase $l,sOO,0OD worth Of silver In each
month. making $500 ZOO year, which with
the amount needed for the arts and for our
trade with China, will exceed our own pro-
ductlon by about s10,UO, 90 per annum. How
Is this excess TO be obtained? Only by pur-
chase from abroad. In the event OF an un-
favorable balance OF trade when our gold
will be most needed at home we shall DO
| compelled tn export ten millions OF goid'
which we will then sorely need to pay for ten
| millions OF silver which we viii not need nc
| all. This compulsory purchase Of 50 great
! nm amount will make the treasury the largest
operator In the most gigantic "corner" ever
organized.
Third-The bill reported by the House
committee provides that the notes Issued
for silver bullion shall be redeemed N
standard silver dollars II demanded by the
holder. This will give to the owners OF sill
yer bullion the power to convert every
ounce produced in this country into stand.
ard silver dollars at their own VIII anu
pleasure. True, there ls not the slightest
danger that this power Will be exercised,
because no sane man will prefer to convert
| treasury notes, which the Government ID
| bound to redeem in gold or Its equivalent
| into standard silver dollars unless he may
want o limited number OF them for some
specific purpose. Under this bill the Gov
eminent will not force silver dollars into
| circulation, but It will permit any one 10
| have coined as many of them as he can pay
| for with treasury notes. What more can the
| advocates Of the silver coinage demand?
| Surely nothing. unless they desire TO compel
the treasury to force standard dollars into
| our circulation for the sole purpose Of de-
| pressing and degrading it. Is u not enough
| that we take nearly one-half OF the worlds
| silver product and lock it mp In order to In
| crease the value Of the other half; that we
| ioin the silver producers In the most gigantic
corner ever organized, and that we give
to the owners Of silver bullion the right and
the power to onvert every ounce OF our pro-
duction into standard silver dollars II they
| choose to do so?
For aIl these unparalleled concessions to
| the silver interests, what 10 demanded In
return? Only the privilege of protecting the
| honor and credit Of the Nation by grant OF
mower to redeem it's notes In either gold or
| in its equivalent of silver bullion. All Of the
| bills on this subject contemplate policy to
| extend over an indefinite period, and which
| will result In the issue Of a very large volume
| of treasury notes. II they be made redeem
| able in lawful money they must DO paid In
| the best lawful money IL demanded, In 90.
cordance with the high rule OF honor which
this Government has thus far maintained,
and by which it has established O credit the
pride and boast OF our people. II the balance
of trade shall turn against us or u distruss
shall arise as 10 our ability to pay In gold
as II surely will-under such q provision OF
law, or II for any other reason, we shall DO
unable to redeem in gold when demanded,
the Government will be compelled to dis
criminate against silver dollars, when gold
will mt once command q premium and this
Nation will step down from itspresent proud
position and take its place on the financial
basis of China, India and South America
II Is TO save us from this danger that have
insisted so strenuously for the provision to
redeem in gold or Its equivalent OF silver
bullion.
know of but two ways by which the pro-
posed issue OF treasury notes can be an
chored to the recognized values Of the COM
mercial world. One Is the bullion redemp-
tion feature provided in the Treasury bin and
the other Is authority to sell bonds In order
to provide a reserve fund to meet the con-
slant increasing volume OF proposed treasu-
~ notes. The latter believe TO be both un-
necessary and unjustifabse. The former 1
believe TO be entirely practicable and safa
Even with this safeguard against doStrnctIon
10 the fair fabric Of our National crodIt the
extraordinary concessions above mentioned
approach as near TO the dangerous edge OF
peril as prudence win dare TO tread. Rather
than go one step further in that direction,
nrmly believe that Il would be far better %
have no legislation on the subject
z SHOT FROM AMBUSH.
A Gang of Three Outlaw brothers wiped