Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1891-12-16

actual and estimated, are s433, 900 900 and the
| expenditures S409,0OOOOO. For the fiscal year
ending June 80, 1898 the estimated receipts are
S455 1856, $50 and the expenditures Sal, 800, 0y3
Under the law of July ID, 1890, the secretary
| OF the treasury has purchased since August 49,
during the fiscal year 4S 1898, lib ounces of silver
bullion at an average cost of S1045 per ounce.
| The highest price paid during the year was
u. 2025, and the Lowest So $685. In exchange for
this silver bullion there have been Issued S5C,-
577,498 of the treasury notes authorized by the
| act The lowest price of silver reached during
the fiscal year was So 9686 on April %, 1891; but
| on November the market price was only So 60,
which would give to the silver dollar bullion,
value Of 741l cents
Before the influence of the prospective silver
legislation felt in the market silver was
worth in New York about so 955 per ounce. The
ablest advocates of free coinage in the last Con-
gress were most confident in their prediction.
mat the purchases by the government required
by the law would at once bring the price of sill
yer TO Sl.2y29 per ounce, which would make the
bullion value of a dollar 100 cents, and hold it
there. The prophecies of the anti silver men of
disasters to result from the coinage of 81 100000
per month were not wider of the mark. The
friends of free silver not agreed, think es
to the causes that brought their hopeful predic-
lions to naught. Some facts are known.
to India during the first nine months
of this calendar year fell off over So
per cent. or 81, $50, compared with the
same months of the preceding year. The ex-
ports of domestic silver bullion from this coun-
try, which had averaged for the last ten years
over 100000, fell in the last fiscal year to
years: the imports of silver into this country
exceeded the exports by the sum of 50, 745,365.
In the previous year the net exports of silver
from the United States amounted to S8,545,455.
The production of the United States increased
from 100000 ounces in 1889 to 5I,500000 in
1890. The government is now buying and put
ting aside annually 100000 ounces which, al
lowing for 100000 ounces of new bullion used
in the arts, is 6,6400O0 more than our domestic
product available for coinage
l hope the depression in the price of silver is
temporary, and that further trial of this legis-
lation will more favorably affect it. That the
increased volume of currency thus supplied for
the use of the people was needed, and that bene-
fetal results upon trade and prices have fol-
lowed this legislation think must be very clear
to everyone; nor should it be forgotten that for
every dollar of these notes issued full dollars
worth of silver bullion is at the time deposited
IN the treasury as a security for its redemption.
Upon this subject, upon the tariff, my rec
ommendation is that the existing laws be given.
a full trial. and that our business interests be
spared the distressing influence which threats
of radical changes always impart Under exist
ing legislation it is in the power of the Treasury
Department to maintain that essential condition,
of national finance well as of commercial
prosperity-the parity in use of the coin dollars
and their paper representatives,. The assurance
that these powers would be freely and unhesi-
latingly used has done much to produce
and sustain the present favorable business con-
ditions.
| am still OF the opinion that the free coinage
of silver under existing conditions would dis
astrously affect our business interests at home
and abroad. We could not hope to maintain
an equality in the purchasing power of the gold
and silver dollar in our own markets, and in
foreign trade the stamp gives no added value to
the bullion contained in coins. The producers
! of the country, its fs rmers and laborers, have
| the highest interest that every dollar. paper
| coin, issued by the government, shall be as
| good any other. If there is one less valuable
| than another its sure and constant errand Will
be to pay them for their toll and for their crops
The money lender will protect himself by stip-
ulating for payment in gold, but the laborer
has never been able to do that To place bust
ness upon silver basis would mean a sudden
oy1dC O0rfro Ofi Off tho
withdrawal of gold and gold notes, and such
unsettl1ng of all values would produce a
commercial panic. l cannot believe that peo-
pie so strong and prosperous as ours Will pro-
mote such a policy.
The producers of silver are entitled to just
consideration, but they should not forget that
the government is now buying and putting out
of the market what is the equivalent the entire
product of our silver mines. This is more than
they themselves thought of asking two years
ago. believe it is the earnest desire of great
majority of the people, as it is mine that full
coin use shall be made of silver just as soon
the cooperation of other nations can be secured
and rate fixed that will give circulation
equally to gold and silver. The business of the
world requires the use Of both metals; but do
| not see any prospect of GAIN but much of loss,
| by giving up the present system in which
full use is made of gold and q large
| alone will circulate. Such event would
| be at once fatal to the further progress OF the
| silver movement Bi-metallism is the desired
end and the true friends of silver will be care
| full not to overrun the goal and bring in silver
| mono metall1Sm, with its necessary attendants
the loss Of our gold to Eurape, and the relief of
the pressure there for larger currency. 1
| have endeavored by the use of official and IN
| official agencies to keep close observation of
| the state of public sentiment in Europe upon
| this question, and have not found it to be such
| as to justify me In proposing an 1nternatlonaA
| conference. There is, however, l am sure, q
| growing sentiment in Europe in favor of larger
| use of silver, and l know of no more effectual
| way of promoting this sentiment than by ac
| cumulating gold here. scarcity Of gold in
| the European reserves will be the most per-
| suasive argument for the of silver.
The exports of gold to Europe, which began
| in February last and continued until the close
| of July. aggregated over S70,C00,000 The net
| loss of gold during the fiscal year was nearly
| S6S000000. That serious monetary disturb
ance resulted was most gratifying, and gave to
| Europe fresh evidence of the strength and
| sta bility of our financial institutions. With
| the movement of crops the outflow of gold was
| speedily stopped. and return set in. Up to
| December we had recovered of our gold loss
at the port of New York S27. $4,000, and it is
confidently believed that during the winter and
spring this aggregate will be steadily and large
| "