The National tribune. [volume] (Washington, D.C.) 1877-1917, 1891-12-17
DEPRESSION OF SILVER.


Under the law Of July A. 1900, the Secretary of
the Treasury has purchased Since Aug. 49, during
the fiscal year As 3D3 rs ounces Of silver bullion at
an average cost Of sIOfj per ounce. The highest
price paid during the year was POPS and the low
est sOsJJ6. In exchange for this silver bullion
there have been issued SJ0577 49S of the Treasury
notes authorized by the act. The lowest price Of
silver reached during the fiscal year was so 1896 on
April % 1901; but on Nov. 1 the market price was
only sO96, which would give to the silver dollar
bullion value Of ~ cents.
Before the influence of the prospective silver
legislation was felt in The market silver was worth
In New York about 0955 per ounce. The abIest
advocates Of Tree coinage n the last Congress
most confident in their predictions that the pur-
chase5 BY the Government required BIZ the law
would at once bring the price Of silver to sl2929
per ounce, which would make the bullion value Of
dollar 100 cents and hold IL there. The prophe-
cies Of the anti-sIlver Of disasters 10 result
from the coinage of S2,OOOO60 per month were not
wider of the mark. The friends Of fres silver are
not agreed, think, as to the causes that brought
their hopeful predictions 10 naught. Some facts
are known. The exports Of silver from London to
India during the first nine months Of this calendar
year fell off over 80 per cent, or S7202 49, COM
pared with the same months OF the preceding year.
The exports Of domestic silver bullion from this
country, which had averaged for tho last I'D years
over SlTCOOOO0. fell in the last fiscal year TO
s3,I9739i while, for the first time IN recent years,
the Of silver into this country exceeded the
exports by the sum Of S5.7ij,36J. In the previous
year the net exports OF silver from the United States
amounted to sS,5b,455 The production Of the
United states increased from 5O,O0OOOO ounces in
1889 to 81 00.OOO in 1880. The Government is now
buying and putting aside uuily 81 900 600 ounces
which allowing for 40 900 ounces Of new bullion
used in the arts, is 6Gi000O than domestic
product available for coinage.
/ hope the depression in the price Of silver IS
temporary and that further trial Of this legsla-
ton will more ftyorably affect 10. That the in
creased volume Of currency thus supplied for the
use OF the people was needed aud that beneficial
results upon trade and prices have followed this
legislation think must be very clear TO everyone:
should II be forgotten that for every dollar Of
these notes issued full dollars worth Of silver
I hull s.v Ia i'm "a -
a security for its redemption. Upon this subject,
"a upon the tariff, my recommendation is that the
existing laws be given a full trial, and that
business interests be spared the distressing infiu-
enCe which threats OF radical changes always im-
part Under existing legislation il Is ia the power
Of the Treasury Department 70 maintain that
essential condition Of national finance well
Of commercial prosperity-the parity in of
the coin dollars and their paper representatives..
The assurances that these powers would be freely
and unheslintingly used has done much to pro-
duce and sustain the present favorable business
conditions.
FREE COINAGE WOULD RESULT DIsAsTROUsLY.
am still Of the opinion that the free coinage Of
silver under existing conditions would disastrously
affect our business Interests AZ home and abroad.
We could not hope 10 maintain an equality in the
purchasing power of the gold and silver dollar
Ia our own markets, aud in foreign trade the
stamp gives no added value to the bullion con
tanned la coins. The producers OF the country, its
farmers and laborers, have the highest interest
that every dollar paper or coin, issued By the Cow
eminent shall be AS good as any other. II there Is
one less valuable than another It's sure and con
slant errand will be To pay them for their toll and
for their crops. The mOney-leuder will protect
himself by STIMULATING for payment in gold, but
the laborer has never been able to do that. 10
place business upon a silver basis would mean
sudden and severe contraction OF the currency by
the withdrawal OF gold and gold notes and such an
unsetting Of all values would produce COM
mereal panic. cannot believe that people
strong anu prosperous as ours VIII promote such
policy.
The producers Of silver are entitled to just con-
hHUN rafErs
Governments IL now buying and putting out of the
market what Is the equivalent OF the entire product
Of silver mines. This Is more than they
themselves thought of asking two years ago. /
believe u is the earnest desire of great majority
Of the people, as 10 Is mine that full coin shall
be made Of silver just soon as the corporation
Of other nations can be secured and a ratio fixed
that will give circulation equally to gold and silver
The business OF the world requires the 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 large use Of
silver for one In which silver alone will circulate.
Such event would DO at once fatal TO the further
progress of tho silver movement. BimstaIIism ia
the desired end and the friends of sil yer will
be careful not 10 overrun the goal and bring in
silver recommendation with its necessary attend
ants the loss OF our gold 10 Europe and the relief
OF the pressure there for a larger currency. have
eudeavored by the use of official and unofficial
agencies To keep close observation of the state Of
public sentiment lea Europe upon this question,
aud have not found il be such as to Justify me ia
proposing an international conference. There is,
however, am sure, a growing sentiment in Europe
In favor Of large use of silver, aud know of no
more enectual way of promoting this sentiment
than by accommodating gold here. scarcity of
gold In the European reserves viii be the most per-
suasye argument for the use OF silver.
The export of gold TO Europe, which began Ia
February last aud continued until the close Of july
aggregated over s1UOOO,OdO. The net loss of gold
daring the fiscal year was nearly sdS 100000 That
no serious ary disturbance resulted WAS most
gratifying, and gave TO Europe fresh evidence Of
tie strength and stability of our financial institu
tons. With the movement of crops the outflow
Of gold speedily stopped, and retarn SET in