The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1891-12-16

larger degree than ever before in our
history, and that, too, Just when It vas
prophesied that they would be in the
worst state
Agitation for radical changes in sarifi
and financial legislation cannot help. bat
may seriously impede business. TO the
prosperity Of which some degree Of sta
bility IN legislation is essential think
there are conclusive evidences that the
new tariff has created several great indus
tries which viii, within few years. give
employment 70 several hundred thousand
American vorkingmen and women In
view Of the somewhat overcrowded con
Gition Of the labor market Of the United
States, every patriotic citizen should re-
5Oice at such result
l am still ofthe opinion that the
FKEE COINAGE OF SILVER
under existing circumstances would dis
sstrously affect our business interests at
home and abroad. We could not hope
70 maintain an equality in the purchas-
ing power Of the gold and silver dollars
in our own markets, and n the foreign
trAde the stamp gives no added value 70
the bullion contained in coins The pro-
ducers Of the country, the farmers and
laborers, have the highest interest that
every dollar, paper or coin, issued BY the
Government shall be as good as any
other II their is one less valuable than
another, IFS cure and constant errand viii
be to pay them for their toll and for their
crops. The money lender viii protect
himself by stipulsfing for payment in
gold, but the laborer has never been able
to do that. To place business upon a
silver basis would mean q sudden and
severe contraction Of the currency by the
withdrawal Of gold and gold notes and
such an unsettling of all values as would
produce q commercial panic. cannot
believe that people 50 strong and pros
porous as ours viii promote such pol
icy. 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 Of the entire
product Of our silver mines. This Is more
than they themselves thought Of asking
tao years ago. believe il IS the earnest
desire Of the great majority Of the pso-
ries s1raa e-~f1
shall be made Of silver Just as soon as
the cooperation Of other nations can be
secured and a q ratio fixed that viii give
circulation annually TO gold and silver.
The business Of the world requires the
use Of both metals. hut do not see any
prospect Of gain, but much Of loss by
giving up the present system. in which
fuii use Is made Of gold and q large use
Of silver, for one in which silver alone
viii circulate. Such an event would be
at once fatal to the further progress Of
the silver movement
BI-METALIsN Is TIE DESIRED ESD,
and the true friends Of silver will be care
fol not 70 oyerrun the goal and bring IN
silver monometzlism with its necessary
attendants. the loss Of our gold to Europe
and the relief Of the pressure there for a
larger currency. ! have endeayored, By
the use Of official and unofficial agencies,
to keep close observation Of the state
of public sentiment in Europe upon this
question, and have not found it 70 he
such as to Justify me in proposing an in
ternal conference.
There Is, however, am sure, a grow
ing stntiment in Europe in favor Of a
larger use Of silver, and know Of 10
more efectual way Of promoting that
sentiment than be accumula;ing gold
here. Scarcity Of gold in the European
reserves will be the most persuasive az
gnment for the use Of silver.
TIE SEI Loss OF GOLD
during the fiscal year was nearly Sos, ,O00,-
600. That no serious monetary disturb
ance resulted was most gratifying, and
gave to Europe fresh evidence OF the
strength and stability Of our financial in
stitutions- With the movement of crops
the outflow Of gold was speedily stopped,
and return set in Up TO December lst
We had recovered Of our gold loss at the
port of New York s27, $1,000, and it is
confidently believed that during the win
ter and spring this aggregate will be
steadily and largely increased
HIGH Class ARNORED VESSELS.
The recommendations Of the Secretary
of the Navy that the work of adding
high class armored vessels TO our navy
should be continued, and that liberal
appropriations for that purpose should
be made, is commended by the Presi-
dent and called TO the attention Of Con-
gress.
TIE PENSIONS.
In discussing the report Of the Secreia-
" Of the Interior, the president shows
that the total number Of pensioners upon
the rolls on the the 3Oth day Of June,
1891, was 6,IG0. There were allowed
during the fiscal year ending at that time
250,565 cases. OF this number l02,3S7
were allowed under the law Of June p,
1890 The Commissioner expresses the
opinion that he viii be able to carefully
adjudicate and allow $4,000 claims dur
ing the present fiscal year The sppro-
priAtion for the payment Of the pensions
for the fiscal year ls90-9l, was Sl27, 7,6S5.-
793 50, and the amount expended Vas
Sis, SO, ,649.25, leaving an unexpendt D.
ed surplus OF s., ,l55, ,l4464. The CoDmis-
sioner is quite confident that there viii
be no call this year for 8 deficiency ap-
preparation, notwithstanding the rapid
ty with which the work Is being pushed.
The mistake which has been made by
many in their
EXAGGERATED ESTIMATE OF THE COST or
PENsIoSs
Is in not taking account Of the diminished
value Of the frst payments under the re
cent legislation These payments under
the general law have been for many years
very large, As the pensions when allowed
dated from the time Of fling the claims