Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1891-12-24


For Sale by I
50. 1866, on April %, 1891, but on Nov.
!. the market price was only $3.50,
which would give to the silver dollar q
bullion value of $O.74t cents.
Before the influence of the prospec-
tive silver legislation was felt In the
market, silver was worth in New York
about $O.O875 per ounce. The ablest
advocates of free coinage in the last con-
gress were most confident in their pre-
diction that the purchases by the gov
ernment required by the law would at
once bring the price Of silver to 1920
per ounce, which would make the bull
lion value of dollar to 100 cents and
hold it there. The prophesies of the an
ti-silver men of disasters to result from
the coinage of $2,Ooo,oOO per month
were not wider of the mark. The
friends of free silver are not agreed,
think, as to the causes that brought
their hopeful prediction to naught.
The exports Of silver. too, from Lon.
don to India during the first nine
months Of the calendar year fell off
over so per cent of $171, 2O2, 100 COM
pared with the same months of the
preceding year. The exports OF dones-
tic silver bullion from this country
which has averaged for the last ten
years over $17, OOO, 600, in the last fiscal
year to $13, 797 ,70l, while for the first
time in recent years the imports Of sill
yer into this country exceeded the ex-
ports by the sum of 81, 745, l85. In the
the previous year the net exports Of
silver from the United States amounted
to SS,545 ,555. The production of the
United States increased from 1000, 600
ounces in 1880 to SIS 10000
The government is now buying and
putting aside annually 81, OOO, 600 ounces
while allowing :, lao, 600 ounces of her
bullion used in the arts is 66, 1000
more than our domestic product avail
able for coin.
| Upon this subject as upon the tariff,
my recommendation Is that the exist
ing laws be given full trial and that
our business be spared the distressing
influences which results Of RADICAL
changes always impart. Under exist
ing laws mentioned 1t is in the power
of the treasury departmental to maintain
that essential condition of national
finance as well as Of the commercial
prosperity, the purity in use of the coin
dollars and their paper representatives.
The assurances that these powers would
be freely aud unhesitatingly used has
done much to produce and sustain the
present favorable business conditions.
1 am still of the opinion that the free
coinage of silver under existing condi.
tons would disastrously effect our bus
mess interest at home and abroad. We
could hot hope to maintain an equality
in the purchasing power Of the gold
and silver dollars in our own markets
and in foreign trade the stamp gives no
additional value to the bullion con.
tainelled In the coins. The producers
Of the country and its farmers and la
borers have the highest interests tina,
every dollar Of paper or coin issued BY
the government shall be Al good as an,
, other. II there is one less valuable
/ than another, its sure and constan
. errand will be to pay them for thei
tolls and the hopes. The money lende
will protect himself by STIMULATING fo
, payment in gold, but the laborer ha'
| never been able to do that.
!, EVILS OF A SILVER BASIS.
ii To place business upon a silver basil
, would mean sudden and severe con
, traction Of the currency and by tn
withdrawal Of gold and gold notes and
such an unsettling Of all values q
would produce = central panic. can
not believe that people, 80 strong an.
prosperous AZ ours will promote such |
; policy. The producers Of silver are e.,
titled to just consideration, out the.
should not forget that the government
is not buying and putting out Of tn
market what Is equivalent Of the entir
product of our silver mines. This 4
} more than they themselves thought o
asking few years ago. 1 believe 1t i
the earnest desire of great majority o
the people, as it is mine, that full colt
, use shall be made Of silver just as sool
as the corporation Of other nations car
be secured and ratio fixed that will
give circulation equally to gold AMI
. silver. The business Of the world di
vides the use Of both metals, but 1 d,
not see any prospect of gain, but mucl