The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1891-07-25
STEWART ON SILVER.

An Open Letter TO John sherman.
We have received from Senator
Stewart, who is now in New York, a
clipping of his open letter to John
Sherman on the silver question. Our
Senator opens his letter with a ref
erence to Senator Sherman's allega-
tions that the producerssof silver de-
mand that the Government shall pay
81 30 an ounce for silver bullion worth
only 81 an ounce in the market.
Senator Stewart replies To the Ohio
statesman:
s.If you had not been too much
occupied with other matters, in stat
ing that the producers of silver bull
ion demand that the United States
shall buy silver at 81 20 per ounce,
are you ignorant of the fact that no
such demand was ever made, but, on
the contrary, that silver miners pro-
test against the purchase of silver as
a commodity ut any price: II you are
l will inform you that the demand is
that silver shall be coined at the
United States minis upon the same
basis and conditions which apply to
the coinage Of gold.
1.-THE Government does not buy
gold. It coins IL for the owners
of bullion to furnish money for the
people. The demand is that the
coinage of silver shall be resumed,
aud that silver no longer shall be
treated as a commodity or purchased
by the Government.
"Should the miners be represented
as the favored class, l am informed
by the Director of the Mint that
while the Bland Act was in force,
under which 100000 worth OF sill
yer per month was purchased at the
market price and converted into
money at coin value, the United States
made about $70,000,000 profit in the
difference between such market price
and such coinage value. The act of
1890, superseding the Bland act, and
providing for the issuance of Treas.
ury notes at the market value for
1850, 900 ounces of silver bullion
per month, does not provide for the
purchase OF silver with money raised
by taxation. On the contrary, 1t
provides for the issuance OF paper
money on the receipt of silver bull
ion at the market price, dollar for
dollar.
"You say that 1t seems almost a
wild lunacy for us TO disturb this
happy condition by changing the
standard of all contracts, including
special contracts payable in gold. 1t
is unfortunate. my dear Senator, that
you lid not entertain similar views
to these when you had charge OF the
bill which demonetized silver and
converted every contract which was
payable in either gold, silver or pa
per into contract payable in gold.
"You expressed a willingness to
increase the supply OF money when
ever it Is necessary. What is your
plan for increasing 1t? Are you still
In favor of issuing per cent bonds
to enable the national banks to in
crease their circulating mediums?
After your attack upon the miners
you would be surprised il they
should suggest that national banks
had been the recipients of special ia
vors from the Government.
"How many millions has IL cost the
taxpayers Of the United States to
maintain the national banks? If the
increase In the national banks cir
culation Is your method of furnish
ing more money you may as well
abandon the idea. The people
will not submit 10 IL. You letter is
well calculated to give aid and COM
fort 10 the rich whose wealth has
been enormously augmented by the
enhanced value OF money.
ssYou influence In shaping the
legislation Of Congress on the money
question surpasses that of all others.
II You should say the word the bonds
Of financial contraction would be
broken, the people set free and en-
terprise and prosperity restored. But
whatever you do the limit of contrac-
ton Is reached. The voice OF the
people will now be heard"
An Ohm w0man niekod m m o.o4