Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1891-12-18
Tho SilNerNueAtiOn

Before the influence OF the prospective
silver Legislation was felt in the market,
silver was worth in New York about sO.g75
per ounce. The ablest advocates of fee
coinage in the lastcongresS were most con
iident in their prediction that the pur.
clases by the government required by the
law would at once bring the price of silver
to fl.292J per ounce, which would make the
bullion value of dollar 100 cents and hold
II there. The prophecies of the anti-silver
men Of disasters to result from the coinage
OF $3.OOO,OO per month were not wide OF
the mark. The friends of free silver are
hot agreed, think, as to the causes that
brought their hopeful predictions to
naugnt Some facts are known. The ex-
ports OF silver from London to
India during the first nine months of
the calendar year fell of over 50
per cent, or Sl1, POP, 40, compared with the
same months OF the preceding year The
exports OF domestic silver bullion from this
country. which has averaged for the last
ten years over S'1,0OO,OoD. fell in the last
fiscal year to Sl3, 195.39l while for the first
time IN recent years. the import of silver
into this country exceeded the exports by
the sum of S2,145,365. In the previous year,
the net exports OF silver from the United
States amounted to SS,5i5, 515. The pro
ductIon of the United States increased
from 50,0OO.000 ounces in 1881, 10 - 300. 900
ounces IN 1870. The government is nov
buying and putting aside annually $1,000
800 ounces. which, allowing :. liu, 600 ounces
of new bullion used in the arts. is $50, 900
more than our domestic product available
for coinage.
i nope the depression in the price OF sill
yer is temporary and that further trial of
this legislation will more fayOrably affect
1t. That the increased volume of currency
thns supplied for the use OF the people. was
needed. and that beneficial results upon
trade and prices have followed this legis-
lation. | think must be very clear to every
one; nor. should 1t be forgotten for
every dollar of these notes issued
full dollars worth of silver bullion is at
the time deposited in the treasury as a Sc
curlty for its redemption. Upon this sub
lect. rs upon the tariff. my recommends
tion is that the existing laws be given fun
trial. and that our business interests be
spared the distressing influences which
threats of radical changes always mpart
Under existing legislation 1t is in the power
or the treasury department to maintain
that essential condition of national finance
as we'll as of commercial prosperity-the
parity in use of the coin dollars and their
paper representatives. i he assurances that
these powers would be freely anu unhesi-
tatingly used has done much to produce
and sustain the present favorable business
conditions. | am still OF the opinion that
the free coinage OF silver, under existing
conditions, would disastrousy 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 coin. The producers
of the country and its farmers
and laborers have the highest
interest that every dollar OF paper
or coin issued by the government should be
as good as any other. If there is ono less
valuable than another, ltn sure and con-
slant errand will be to pay them for their