The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-12-10
THE MORNING THURSDAY DECEMBER 189lTEN PAGES

during the year was 81. POPS, and the lowest
| sO.9s3d In exchange for this silver bullion
there have been issued ESQ, ST., 496 Of the
treasury notes authorized by the act. The
lowest price Of silver reached during the
\ fiscal year was tO.96S6 on April %. 1891,
/ but on Nov. 1 the market price was only
| $3.50, which would give to the silver
dollar a bullion value OF TAX cent&
| Before the influence of the prospective
silver legislation was felt 10 the market
silver was worth in New York about
S0.9557 per ounce. The ablest advocates Of
free coinage in the last congress were most
confident in their predictions that the pur-
chases by the government required by law
would at once bring the price OF silver to
Sl-O299 per ounce, which would make the
bullion value OF dollar 100 cents aud hold
il there. The prophecies Of the anti-silver
mon OF disasters 10 result from the coinage
of 100000 per month were not wide of
the mark. The friends OF free silver are
not agreed, i think. as 10 the causes that
brought their hopeful prediction 10 naught.
some facts are known. The exports of sill
yer from London 70 India during the first
nine months OF this calendar year fell off
| over 80 per cent, or el7. POP, $50 compared
with the same mouths Of the preceding
year. The exports of domestic silver bullion
from this country, which bad averaged for
the last ten years over Sl7, 900 900 fell in
the last fiscal year TO S13, T07 1871, while for
the first time In recent years the imports of
silver into this country exceeded the ex
ports by the sum Of e., 745, 365. In the pre-
vious year the net exports OF silver from
the United States amounted to
es,545. 455. The production OF the
United States increased from 100000
| ounces IN 1889 to 81, 100000 In 1890. The
government is now buying and putting
aside annually 54,000,0O0 ounces, which,
allowing for z, l40. 900 ounces OF new bullion
used In the arts. is o, GAG, 600, 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
| legislation will more favorably affect It.
| That the increased volume Of currency thus
supplied for the use of the people was needed
and that beneficial results upon trade and
prices have followed this legislation think
| must be very clear to every one,
nor should it be forgotten that
for every dollar OF these notes issued
q full dollars worth OF silver bullion is at
| the time deposited 10 the treasury as
security for Its redemption. Upon this sub
Ject, as upon the tariff, my recommendation
is that the existing laws be given full
| trial and that our business interests be
spared the distressing influence which
threats of radical change always impart
Under existing Legislation 1t is In the power
OF the treasury department to maintain that
| GnncublhA COuQAbAOu Oh nhLlOUhL IQAuCb, as
we'll as OF commercial prosperity, the parity
in the use OF the coiu dollars and their paper
representatives. The assurance that these
powers would 10 freely and unhesitatingly
used las done much to produce and sustain
the present favorable business conditions
l am still Of the opinion that the free coin
| age or silver, under existing conditions,
would disastrously affect our business In.
| terests at home and abroad. We could not
| lpDp To maintain apnaIikv I'm Nba
chasing power OF the gold and silver dollar
in our own markets, and In foreign
| trade the stamp gives no added
value 10 the bullion contained In
coins. The producers OF the country, its
farmeIs and laborers, have the highest IN
terest that every dollar, paper or coin,
| issued by the government snail be as good
as ony other dollar. II there Is one less val
liable than another its sure and constant
errand will be to pay them for their toll and
| for their crops. The money lender will pro-
tect himself by STIMULATING for payment in
gold, but the laborer has never been able to
do that To place business on a silver basis
would mean a sudden and severe contrac-
ton of the currency by the withdrawal of
gold and gold notes and OF such an unset
Ting of all values az would produce IA com
mercial panic. l sannot believe that a
people SO strong and prosperous as ours
will promote such a policy. The producers
OF silver are entitled to just consideration,
but they should not forget that the govern
ment is now buying and paying out Of the
market the equivalent OF the product Of
our entire silver mines. This is
more than they themselves thought OF
asking two years ago. believe IL Is the
earnest desire Of G great majority OF the
people, as IL Is mine, that full coin use
shall be made Of silver just as soon
az the cooperation of other nations
can be secured and ratio
fixed that will give circulation equally to
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 q
full use is made Of gold aud large use Of sill
yer for one Ia which silver alone will circu-
late. Such an event would be at once fatal to
the further progress Of the silver move
ment. Bi-metalIism IL the end desired, and
the true friends of silver will be careful
not to overrun the goal aud bring In silver
mono-metallisp with its necessary nttend-
anita, the loss OF our gold to Europe and the
| relief of the pressure there for q larger
currency. Ehave endeavored by the use of
effioial and unofficial agencies 10 keep
close observation of the state OF public
sentiment in Europe upon this question and
have not found 1t TO be such as to justify
me in proposing an International confer
ence. There is, however, a sentiment Ia
favor of larger use OF silver. and know
| of no more effectual way Of promoting this
sentiment than by accommodating gold here.
| A scarcity of gold In the European
reserves will be the most persuasive
argument for the use Of silver.
The exports Of gold TO Europe, which be-
gan in February last and continued to the
close of July. aggregated over 100000, 900.
The net loss Of gold during the fiscal year
was nearly S68, 100000. That no serious
monetary disturbance resulted was most
gratifying. and gave to Europe fresh evil
dence of the strength and stability of our
financial institutions. With the movement
Of crops the outflow of gold was stopped and
the return set In. Up to Dec. l we have
recovered OF our gold loss, at the port of
New York. S27, 854 .0OJ, and it is confidently
| believed that during the winter and spring
this aggregate will be steadily and largely
| increased.
THE TREASURY SURPLUS.
The presence Of a large cash surplus in
the treasury has for many years been the
subject Of much unfavorabe criticism and
has furnished an argument to those who
have desired to place the tariff upon a pure
ly revenue basis. 1t was agreed by all that
the withdrawal from circulation Of 30 large
an amount of money was an embarrassment
10 the business of the country and made
necessary the Intervention Of the depart
ment at frequent intervals 10 relieve threat
ened monetary panics. The surplus on
March ], 1889, was $lS3, 092, 100 20. The
policy of applying this surplus
to the redemption OF the iuterest-bear-