Telegram-herald., 1890-06-14

sst zfe--eT axe worry 1f per~s-s-- nc
@~ys
fns Bland silver Act ztss lag az
Ger a11En 10 >screLary isnes gos-
eTneo- Since are passage u the pTeselt
SILVER Act, "a ISIS. 10 Secretary u TIE
Treasury l&s sFeg -zs1a1 oger lw0 D1l--
Lous e4-n i.zcnI4 q silver money. sclle
t1s l4~ gsrn.- - t01r I'D llons ~ bs -
s15d. TIE lac requires tnaG tie
amount s44l uot - less tnan tao oF
nlsFe ra2n Io.II Inli cas-. Dat tie amount
reclded 3 gol- ullsr.os coined lu sg2ll1SE1
s.lFeE 90. als HIS makes trs silver
dollar nos equal - about 5 cent. ct
u-zr4eL value ald the remain ~ ~
ceI4ts : Government cres1It. b1t tae Gov
eraH-ent credit only passes I'D tals coDn-
Ly IA lis connection WIKI t1s silver
money e does not passs current abroad.
he silver do-lzT : only worth I'D
Europe SHAT lI MI yield iD pure sllTeE
when melted. now - pence per ounce.
Not long slnce Al pence per ounce vas
t1s market value " silver n London.
and e would BOT probably be much more
tlan taat nov had tAe present AZ tatlOn
OF the silver question not been brought
40 n Congress The interest OF the
great merchants ~ London whose
business - with the East Al alwGys fayOrs
a low price Tor silver bullion. and Their
e1Orts have been ~ depress TIE price.
London Las now lost the power OF
dlct4uon 20 the silver market, and thIs
country, which Is entitled % L. has as-
sunled it. II tue present silver b.u
passes, the power OF dlctaLon Viii Te-
main here. and London vii adopt and
follow our figures. silver g. one OF
our crops and we are benefited by the
advance ia lts value, and ln time itmay
90 10 u point 70 be on u parity with
gOid-lo 70 I, this means - pence per
ounce III London and 10 cents per
ounce IN THIS country. Ihis vas Is
status in ls13.'
The coming Of the standard silver
dollar under tie Bland Act OK twO mil
lions per month, Was Al first regarded
as pOTtentOus OF evil Many Well-kuONn
nnsnciers considered the situation as
very grave, and unhesitaungly pre-
dlCted that 4 crisis was inevitable and
near AZ hand. The opinion was in fact
quite general that silver, the baser
metal, would As natural sequence
drive gold out of circulation entirely.
20 great and widespread was this delu-
SION, that the silver CONS were absolute
y debarred from circulation, and as
soon rs the United States Treasury paid
them out they would flow back again.
The banks almost everywhere refused
20 take silver on deposit. Finally, NJ a
moment when the situation was getting
quite serious, the solution 10 the
dilemma.wa discovered, which was, to
store up IN the vaults Of the Treasury
the silver dollar, and issue IN their
stead Treasury notes IN various de-
nominations. These were soon found
10 90 INTO circulation aud to stay there
as they passed freely from one hand 10
another IN the payment of debts
| the butcher, the baker, the candlestlCk
maker aDd all other trades
people were only too glad
10 be the recipients Of them IN place of
| personal Il. O. Us Confidence IN
this silver paper money, although
backed then by only seventy-twO cents
of real value, grew day by day. and al
no time since has there been a halt
/ the result IS that there IS now III circu-
I latiOn OF these money tokens about
/ 500, 600 600 and the universal cry is
1 still for more, hence the present action
| of Congress favOring legislation TO salts
4 ~ the demand. As soon as the scntl-
ment became so strong for the Govern
/ ment 10 create more money for the
/ needs OF the country, especially a full
/ confidence was established IN the silver
/ paper, during last winter at least 1t
would have been wise and sagacious on
/ the part of the Secretary 10 have ayalled
/ of his discretion TO increase the issue of
/ silver Treasury notes to three millions
| per month. and if that had not been
/ ample, occasionally IN some months 10
| have increased the amount even to four
| millions. Had this been done. the
| present outcrY for new silver legislation
| by Congress would not nave arisen N
my opinion. After all, the silver bill
/ which has Just passed the House, pro-
vlJes for 81 800, 600 Of silver money to
/ be issued each month, TO be imperative
/ upon the Secretary, whereas he has al
ways had the option by the act of 1875
| 20 issue $4,000. 900 per month, thus
lacking only $1,000 to equal the
amount provided for IN the bin now
before Congress"