The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-04-30
THE SILVER FIGHT.

THE SILVER FIGHT.
The silver bill agreed upon by the con-
ference committee of the two houses of
congress, while admittedly more Of q
concession to the silver interests than
it would have been possible to get two
years ago, meets with strong disappro-
baton from the ablest champions of
free coinage. Senator Teller, of Colo
RADIO, declares his purpose to combat the
bill vigorously.
II shall oppose any measure" he says,
"that pays silver certificates in bullion
that makes it possible for the govern
ment to become a wholesale or retail
dealer in the commodity. If the gov
eminent buys silver it ought to put it
in it's vaults as money metal to remain
there until it comes out in the shape of
coin. No good reason can be given why
these certificates should be payable in
bullion, and the whole scheme, in my
judgment, originated in New York city
among the monometalists, 80 that they
might prevent the coinage Of silver, and,
so far as possible, it's use, either direct
ly or indirectly, or as basis for paper
money. The present situation is really
fight between the double and the sin
gle standard classes. I, for one, am
ready to accept the challenge thrown
down by these gentlemen" Mr.. Teller
will move for free coinage when
the bill is considered in the senate.
In the house Mr.. Bland, the father of
the silver dollar, will offer free coinage
amendment, which, he believes, will re-
ceive the votes of four-fifths of the dem
ocrats and those of the republicans from
the silver producing states. Mr.. Bland
says: "Wall street struck it's hand deep
in the bill in this provision: Provided,
that upon demand of the holder of any
of the treasury notes herein prov ided
for, the secretary of the treasury may,
at his discretion and under such regu-
lations as he shall prescribe, exchange
for such notes an amount of silver bull
lion which shall be equal in value to the
market price thereof on the day of ex-
change to the amount of such notes pre-
sented."
This provision, he says, was absolutely
and Internationally demanded by Mr..
Window, who is accused by his own
party Of being the mere tool of Wall
street. The provision makes it abso-
lutely within the discretion of the Sec
Rotary of the treasury on the demand of
bullion spectators to pay out bullion
on notes issued, while it can really be
seen that 100000 ounces of silver bull
lion is all that may be purchased under
the bill from now until doomsday. A
combination with 4,5OO,O 900 ounces Of bull
lion may deposit it this month and then
withdraw it on the notes issued; next
month re-deposit the same bullion and
this will comply with the law for any
amount to be purchased. 1t may take
the notes and withdraw the bullion
again and go through the same perform
ance the next month and from month to
month and year to year eternally.
Mr.. Bland foresees infinite specula-
ton as the result of the passage of the
bill in its present form. He says:
Spectators may deposit millions
worth of bullion to-day and finding that
the market is rising tomorrow, withdraw
it and the next day or the next week re-
deposit and make $4,000 or 100000 in the
transaction. 1t is said that there is a stock
exchange now organized in Wall street for
the purpose, expressly, of specializing in
silver bullion in case this scheme or some
thing like it becomes law. It makes a
commodity of silver bullion to be sold to
the government of the United States at a
figure one day and withdrawn on the next
and sold again at higher figure, or in case
it is the interest of the London market and
London Spectator to depreciate bullion
they can withdraw 100000 from the
treasury, throw it on the market and buy
up 100000 when it is cheap and then
turn the market again and speculate out
of it in this way. In other words, it
simply makes merchandise of silver
bullion on which option dealing and
corners can be made the same as is made
now on wheat, cotton and all other pro-
ducts. Besides it repeats the law that now
authorizes and requires the purchase and
ooAuoko AAeo ACAoA eCANCA AuOASy VI 1lOG less
than 100000 worth of silver bullion
monthly, by which we have coined and put
into circulation $50 LOOK, 900 silver dollars, or
the certificates representing them. Now,
under the Window bill, the coinage of sill
yer will be stopped-it will no longer be
coined into legal tender money, but will be
put into the treasury as basis for treasury
notes. the same as bonds are now deposited
for bank notes, with the power of specula-
tors in bullion to withdraw the bullion and
contract the currency at their will or to re-
deposit the bullion and expand it so that
the volume of the money of this country,
under the national bank law and the Win
dom bullion scheme as presented, will be
completely under the control of monopolies
and spectators.
A good deal Of light will be thrown on
the whole subject in the debate on the
bill. 1t is significant that the best
friends Of silver are not hearty support
ers of the bill.