Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1891-03-05
New Series, Vol. 81, No 10
SILVER PRICES AND DEMAGoGUFs

IL
New York Tribune
The one altogether unlovely eharac-
teristic of silver men is their obstinate
S blindness to the teaching of events. The
o world likes resolute and persistent
: man. But the world has no more hearty
r contempt for any other creature than for
t the long cared animal whose very name
is term of opprobrium, or for the
Bourbon who learns nothing and forgets
nothing. May not the good people of
the silver States proftably consider
whether the leaders they have been
following are not of the long-eared kindf
Would it not profit them to study events,
, and to draw from them the lesson that
Eastern advice about monetary ques-
tions is sometimes worth hearing?
The price of silver during the latter
part of 1889 and the early part of 1890
had been comparatively steady, about
Al pence per ounce at London, or 954
cents at New. York 1t has recovered
considerably from the lowest price, 41s
pence in 1888, especially after the elect
ion of President Harrison and Repub-
lican Congress, for it was felt that
whatever could reasonably and safely
done to give silver real and permanent
improvement in value would assuredly
be done. Secretary Window had pro-
posed in December, 1889, a remarkably
wise and shrewd plan, which might have
been carried, and would have given the
white metal sure and lasting advance,
how great it is impossible to say. But
silver spectators, silver demagogues and
silver fanatics were not satisfied to have
the problem solved simply and honestly.
They lifted up howl for free coinage,
denounced Mr.. WINDOWS plan as
degradation of silver, appealed to the
prejudices of silver producing States,
and at the same time to that large body
of people who want cheaper money and
worse money because they imagine
honesty is bad policy. The gambling
element enlisted some members of Con-
gress by methods which committee is
trying to discover. The demagogues
had their eyes fixed on sundry offices,
which they hoped to get by being more
extreme and violent than anybody else.
The fanatics spurned all advice, as usual,
and considered Mr.. Window a goldbug.
These were the people who substituted
in the Senate free coinage for the bill
passed by the House, having first
organized the silver speculation and
"bOOm" which have since cost business
interests so heavily. From 95J in April
they lifted silver to $1.05, and then in
sisted upon changes in conference which
competent men assured them would pro-
mote speculation but would not help the
price of silver. The bill as passed lifted
the price to S1.21 in August, when it
went into effect. But silver came in
from abroad, low grade mines added to
the production, and the boom was so
self defeating that in October the price
had dropped to $1.03 again, and the
demagogues, the spectators and the
fanatics were once more appealing to
popular prejudices against the compro-
mise act, and for free coinage. The
elections gave them great hope, and the
Senate passed their bill, but never since
the election have they been able to get
the price above 499 pence in London,
and now it is down again to Az pence,
and bullion certificates here have sold at
96da cents, little lower than the price
before the boom began. In doing all
this the demagogues, spectators and
fanatics have outraged the feelings of
millions of good citizens by breaking
faith and defeating measure for honest
elections. They have put themselves
where they can claim no consideration
from any body except Democrats who
have used them and will cast them aside
whenever they can get vote by so
doing. The cause of silver they have
not helped in the least, but have meal
culably damaged. The utter failure of
the measure upon which they insisted
was plainly predicted by competent
business men, and they were told that,
as the continued coinage which they
forced upon Congress wonld only impede
the effect of increased purchases Of
silver, so unlimited coinage would put
silver lower than it had ever gone.
If silver producers wonld take warning
from events they surely might begin to
perceive the truth. Silver when coined
can not circulate beyond about sixty
long ago used, and can not be
used in any way for redemption of notes.
Perpetual fear that the notes may sink
in value always affects the markets so
long as such notes are made redeemable
in silver coin. Yet the same notes
made redeemable in silver bullion, worth
in the market the face value of the notes,
would circulate anywhere, command ab-
solute confidence, and afford a real use
for many millions of silver. Put into
the form of coins the silver can not be so
used, is constant menace, and tends
to increase the disposition to
get and keep gold and to get rid of
silver, and thus widens the breach be-
ween the two metals. When silver
PRODUCERS comprehend this simple fact
hey will cast the demagogues, the spec
ilators and the fanatics into outer dark
hess, and join with competent business
nen to settle the question on business
principles.
GRAINS OF GOLD.