The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-06-08
THE SILVER BILL.


on Saturday is something of a gain for the
silver men, but 1t is not a great triumph
and viii fall far short Of satisfying the de-
mands of the bi-metalists. We are not GER
tain that the goldites will not consider that
the victory is quite as much on their side
as with the silver men. As a matter of
fact, If the secretary of the treasury were
friend of silver, the present law would be
quite as good, if not actually better, for
the white metal than the Republican
caucus bill which was sent through the
House yesterday under the party lash. Our
present statute provides that there shall
be purchas ed and coined not less than
5000, 900 nor more than 4, 0o0, 900 silver dol
lars every month. 1t has so happened that
there has been q succession of treasury
secretaries who were enemies to silver
and the result has been the keeping of
the coinage down TO the minimum amount
allowed by law, whereas if the maximum
number of dollars had been turned out of
The mint, the law would have done more
for silver than the present law can be made
TO do. The caucus bill, as passed, provides
for the purchase of silver bullion to the
extent of S4.560,00O per month, at the
market rates, payment to be made III treas
ury notes which are to be legal tender.
These notes, as we understand it, are to
possess precisely the same power as ordi-
nary treasury notes, with this additional
quality, that they may be temployed at any
time TO purchase from the government sill
yer bullion at the marketSprice. Two OBJ
iections might be urged against this fea-
ture, one on the part Of the government.
and the other by the silver producer, while
both hinge upon the fact that silver
is treated not as money metal but as amer
camille porduct, the price of which is regu-
lated by the law of supply and demand, the
same as iron, coal and potatoes If the
supply shall decrease and the price in
Tease, as naturally would be the case, the
;lolders of the notes can demand and re-
ceive from the treasury more than they
paid for the paper and more than it is
worth. thus giving speculative feature to
the money of the country. The miner, on
the other hand, Icannot be protected in the
price Of his product, GeFeraHl IL is
true, will have 10 buy 81, 500, 900 worth of
silver a month, but as there is nothing to
fix the price except the rule of supply and
demand, 1t may be possible to purchase
enough silver for the four-and-a- half mil
lions to make five million dollars in coin
The secretary of the treasury cannot
now stop the coinage of silver, but
must see that the minis turn
out 100000 dollars month. at
least, under the new bill the coinage NAV he
increased or suspended, at the pleasure of
the secretary, as only enough dollars are
required TO be issued from the minis to
provide for the rede mption of the treasury
notes. We take it that very few will be
required for this purpose. When silver
shall increase in price so as to make the
conversion of the notes profitable to the
holder, bullion and not coined dollars will
be taken from the treasury.
On the whole We cannot see that the can-
Gus bill will satisfy anybody, or that il
Will furnish much relief. 1t will compel
the government to monthly buy s.. 500. 600
worth of silver bullion more than it is now
purchasing, but as there is n nres.
ent market for all the silver that
S produced, and the price ia os
ngh as the government expects to paw
whence viii relief come either as 10 the
scarcity of money or the price of silyers II
Is possible to form a combination that
would put up the price of silver until gov
srnment would have to pay 100 cents for the
silver sufficient to make a coined dollar
but such combination is not likely.
We apprehend that in the almost certain
event OF the passage of the bill, it will mt
be long before the dissatisfaction will he
quite as pronounced as it is with the nres-
snt Law. The measure is not wanted nv
the country, nor by any considerable ele-
nens oil the American community. II we
are to have two money metals they must
be placed upon an absolute equality &C m
their money feature. There will he die
order and uncertainty so long as one of
these metals possesses a product or com-
mercial value different from its money
value.