Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-01-20

ing dttEHspt % tsS part Oh non. sPeHcef
Borden Of Fail River, Mass, TO show
that free siver coinage viii rot destroy
the silver standard:
/ Countries doinz business uraer sys
ten Of bi-nesl6sBs value their silver Al
. 4 lFcporti1H Z b Is, or l to Is ?, Al
compared with the yaiue Of gold.
In this country the valuation is one
sixteenth that Of gold
Is is likely tina. any viii come to u
from such countries, where il Is at :
higher rate than here Or viii
lt will come from the mouo-fnetallit
countries Germany or Sean
ldinav;as None Of these countrfe;
produce silver. Easland has been on a
gold basis only since 1916: Germany
Norway and Sweden since 1873 Does
any one believe those countries have
been hoarding silver to dump on the
Uuited States since those dates? IL not
where IL il to come FROM
! Is Ia estimated that in the past twelve
mort the worlds reduction Of silver
I. si25 800 coo. OF this the United States
produced about 0,090, 900. That we
can take care Of Mexico produced si0.-
go. 600 and she can spare none of that
sbe needs Il 10 her business. The rest
OF the world produced s35 .000, 00o.
Does any serious minded person be-
lieve that the business Of the rest Of the
world can spare that amount TO send here
add ''driye on. our goId'?
Here are number Of faliaeies and
uiisstatements all OF which are very
clearly shown up In the recent great
speech Of Senator Sherman speech
that later on In the article above quoted
ia attacked with great vehemenee. At
assuming that value Of silver is its coin
age ratio, whereas 1t is the market price,
placed upon the metal. There is
vast difference between coinage value
and market value as appears in the fact
that we have been able to steadily main
tain silver coin upon a par with gold,
| while the market price Of silver bullion
has steadily declined. The price Of sill
YER bullion In the markets OF the world
at the present time IL less than 81 o. an
| ounce The Financial bill which recently
| passed the United States Senate makes
it obligatory upon the United States
| Government to purchase all the silver
bullion that may be offered it at 81 20
| per ounce, about % cents more than its
market value. lt would be strange
indeed II such an opportunity for enor-
nous profits should not attract to this
country the silver bullion Of the world
There is not today a single country in
| all Europe that has the free coinage Of
| silver. Ia all of them the volume of
silver coin Is limited and made redeem
able in gold. The bill that has passed
| the Senate is bold attempt to have the
| aited States bull silver against the
| world. Il is a movement to enable the
silver kings to sell the Government for
| 81 90 an ounce the silver bullion which
| 1t cost them 30 cents au ounce to pro-
| duee, thus ensuriDg them for all time a
| profit OF $50 per cent on their product,
and even more as the cost OF silver pro
duction grows less through the adop
tion Of improved methods of mining
There are today So 600, 900 OF silver
ia sight. How much OF it will flow to
this country in the event of the enact.
ment of the Senate free coinage bill is a
| question upon which men will differ, but
| ments were sufficient to call out
| a good share Of it. Whatever
| would be the effect OF this measure
| upon the silver of the world already
coined, there can be no question that it
would make the United States the great
market for the worlds bullion. Ger
tainly there would be no inducement to
foreign owners of the metal to dispose
of it mt home at market price less than
81 o. per ounce when by sending it to
the L nited States they could secure l.29
per ounce for it. Already New York
spectators are holding II, 900, 900 ounces
of silver, upon which, If the bill passed
BY the Senate becomes law, they will
make a profit of $3.50, 900 This will be a
mere bagatelle, however, in comparison
to the enormous profits that will be
made by the silver kings. Well may
| they afford in anticipation of such enor-
nous returns, to maintain at Washington
the most powerful and audacious lobby
winch the capital city has over seen. But
Mr.. Spencer Borden declares that neither
England Scandinavia or Germany pro-
silver is produced in all of those coun-
tries. In Germany the amount produced
annually by the Mansfield mines
alone amount to 1,2o0,000 ounces.
Again Mr. Borden declares that Mexico
that "can spare none" of her silver
product. Here also this would-be
iinancicr is at fault. Already between
$40, coo 900 and Si2 100000 of Mexican
silver cone into this country and the
law approved the fourteenth of last July
included this in the amount which should
be purchased annually. Who can doubt
that the importation of Mexican silver
bullion will he largely increased when
the nited States Government offers an
unlimited market for it at 81 90 per
| ounce?
Under the present law, with all its
limitations, our exports of silver have
ceased and we are now importing a large
amount What then NAV we cx.
peet when the doors are thrown open
to all the bullion of the world at price
% per cent. in advance of its present
market value?
We have now in this country $780,
O00, 900 in gold which have come to us
through the resumption policy. As sena-
tor Sherman says, the great body of this
is covered by existing obligations,
gold certificates and other obligations.
| a large portion of which are not the pro
perty of the United States. How long
will the available gold of the country
last with the bullion of the world com
| ing here for conversion into treasury
notes redeemable in gold or silver coin
| To be sure the Secretary of the Treas
ury may pay silver for these notes, but
refusal on his part to pay gold would
only facilitate the departure Of that
metal from the country.
There is little room to doubt but what
the enactment of this measure will