The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1891-07-18
THE JOURNAL ON SILVER.

The Helena Journal possesses the un.
happy faculty of accommodating quite af
much ignorance upon the questions OF
the day as its republican contemporary
in this city. 1t recently took the Inter
Mountain to task for saying that: "On
the silver question President Harrison's
policy is not approved in the west" The
Inter Mountain, for once, is right
Harrison's silver policy is not approved
in the west, and for that matter it is not
approved by any save the gold bugs OF
the government bond holding states in
the east. In its lecture to it's Butte con
temporary for speaking out in meetin''
the Journal liberates the following off.
spring of its gray matter:
In approving the bill providing for the
increased coinage of silver which prac.
tically absorbs the entire American
product, the president placed himself in
line with the interests of the white metal
in the northwest. The mine owners of
Montana have nothing to gain by the
free coinage of foreign silver. the whole
sale influx of which would depreciate the
native product.
1t seems the journal has not yet
learned that the present silver law does
not provide 'for the increased coinage of
silver" Under the Bland law not less
than 100000 nor more than 100000
could be coined monthly. Under the
present law the coinage of silver is
confined to $2,OOO.OOO monthly. and ever
that small amount may be discontinued
any time after the first of this month at
the discretion of the secretary of the
treasury. So much for the sum monthly
coined. Another proposition contained
in the above, that the influx of foreign
silver would depreciate the native pro-
duct is equally baseless. The free and
unlimited coinage of silver by the gov
eminent mean that silver would be
worth 5l.29 29-1OO per ounce. There could
be no depreciation in the value of the
metal, no more than there would be a
depreciation in the value of gold if ev-
cry dollar Of gold in the world were
brought to this country for recoinage.
The free and unlimited coinage of silver
would mean its parity with gold and the
doing away with speculation in silver
values. 1t is now a m~erchantable COM
modify like wheat and oats and iron; but
gold has a fixed value because by the
dcmonetization of silver. gold became
the unit Of value in this country. With
the full reconciliation of the white
metal, gold and silver would be equal as
a measure of values: one dollar of silver
would buy M dollar OF gold and rice
rersd. The relative value of each would
not be changed if all the silver upon the
earth were brought into the country.
The effect upon silver-mine owners
cuts no figure in the discussion of this
question. If they were the only ones
who would be benefited by the free and
unlimited coinage of the metal the whole
matter should be dropped at once. But
the whole country is interested IN it.
The people want more money. They
can get it by unlimited coinage of silver.
The fear that foreign countries would
dump their silver in the United States in
the event of the passage of a free and I'M
limited silver coinage law is groundless.
Foreign countries need all the silver they
have. In some countries. as Austria. for
instance. silver is at a premium. Austria
is a silver-standard country. Why do
not Great Britain and Sweden and Tur-
key and the German empire and other
gold STANDARD countries send their silver
to Austria: Simply because they can
not spare it. They want it themselves.
France and Italy and Greece and Swift
erland and the Netherlands are BIZ
metallic or double standard countries.
but they do not send their silver to Aus
tria. They have use for all theycan get.
This talk about foreign countries flood
ing the United States with silver under
a free coinage law is a gold bug bugaboo.
There is nothing in it. And what if
they did send it here? They would
simply get standard silver dollars in ex-
change as they came from the mint.
The Journals arguments if they may
be called arguments are based upon 100
parts of ignorance of the question. Its
desire to cover the tracks of Harrison in
the direction of Wall street incapacitates
it from entering into an intelligent dis
cussion of silver. 1t is prepared to go
where Harrison leads. 1t can't tell to-
day where it will stand upon the ques-
ton next winter.
The testimony Of Bardsley, ex-city
treasurer of Philadelphia, whether true
or false, will direct the public eye upon
John Wanamaker. That gentleman's con-
nectiOn with the late keystone hank