The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1891-12-12


the act. The lowest price Of silver reached
during the fiscal year was e0o838 on April 22
1891, but on Nov. 1 the market price was only
$3.50, which would give 10 the silver dollar
bullion value Of lild cents.
Before the Influence Of the prospective silver
legislation was felt IN tho market silver waa
worth In New York about 0.o55 per ounce The
nblest advocates OF FREQ coinage in the last con-
gress were most confident IN their predictions
that the purchases by the government re-
quired by tho law would nt once bring the
price Of silver 10 1.e12o per ounce, which would
make the bullion value Of a dollar 100 oonts
and hold IL there The prophecies OF tho anti
silver men OF disasters to result from the coin
age Of S2,0O0OO per month were not wider Of
the mark. The friends Of free silver are not
agreed, I think, rs 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 so per cont,
or Sl7,2 900, compared with the same months
Of the preceding year.
The exports Of domestic silver bullion from
this country, which had averaged for the last
ten years over Sl7,OO,OOO fell in the last fiscal
year TO Sl3,7g ,59l; while, for the first time in
recent years, the imports Of silver into this
country exceeded the exports by the sum Of
S2745,3G5. In tho previous year the not OK
ports Of silver from the United States amount
cd TO s8545, 49, The production Of the United
to 5i5O0,OOO in 1890. The government is now
buying and putting aside annually 100000
ounces, which, allowing for 7,li0OOO ounces Of
Rew bullion used In the arts, is 6,6i0,00O more
than our domestic product available for coin
age,
/ hope the depression in the price Of silver IL
temporary. and that q further trial Of this leg
islation will more favorably affect II. That
the increased volume OF currency thus sup
piled 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 II be for
gotten that for every dollar Of these notes
issued a full dollars worth OF silver bullion Is
at the time deposited in the treasury as a Sc
curity for its redemption. Upon this subject,
as upon the tariff, my recommendation is that
the existing laws be given q full trial, and that
our business interests be spared the distressing
influence which threats of radical changes al
ways impart. Under existing legislation 1t is
In the power Of the treasury department to
maintain that essential condition Of national
| finance as 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 aud unhesita-
/ ungly used has done much to produce and sus-
| tain the present favorable business conditions.
| am still OF the opinion that the free coinage
| Of silver under existing conditions would dis
!
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 10 the bullion contained in coins. The
| producers OF tho country, its 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 there ia one
less valuable than another its sure and con-
stant errand will be to pay them for their toll
and for their crops. The money lender will
protect himself by stipulatlng for payment in
| gold, but the labOror has never been able TO dc
that. To place business upon a silver basis
would mean a sudden and severe contraction
! Of the currency, by tho withdrawal Of gold
and gold notes, and such an unsetting Of oil
values as would produce a commercial panic
l cannot believe that people so strong and
prosperous rs ours viii promote such 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 of the en-.
tire product Of our silver mines. This is more
than they themselves thought OF asking tive
years ago. believe it is the earnest desire Of q
great majority Of the people, as it is mine, that
full coin use shall be made OF silver just soor
as the cooperation Of other nations can be Sc
cured and a ratio fixed that will give circula
tlOn equally to gold and silver. The busines.
of the world requires the use of both metals
| bul uo nol sec any prospect Ol gam Dub IuuCA
| of loss, by giving up the present system, II
which a full use is made of gold and largl
use Of silver, for one In which silver alone will
circulate.
Such an event would be at once fatal to tn,
further progress Of the silver movement. Bi
metalism is the desired end, and the trul
friends of silver will be careful not to overruI
the goal and bring in silver monometalism
with its necessary attendants, the loss of oul
gold to Europe and the relief Of the pressurt
there for a larger currency. have endeavoreC
by the use of official and unofficial agencies Il
keep close observation Of the state of publ,
sentiment in Europe upon this question, anS
have not found it to be such as to justify me II
proposing an international conference. Their
is, however, am sure, a growing sentiment fl
Europe in favor Of n larger use Of silver and
know OF no more etfectual way Of promoting
this sentiment than by accumulating gold here
scarcity Of gold in the European reserve
will be the most persuasive argument for tn
use of silver.
The exports Of gold TO Europe which begal
In February last and continued until the clos
of July, aggregated over S70,OOOOOO. The ne
loss Of gold during the fiscal year was nearl
S6S,0OO,OO0.
Tho Surplus.
The presence of large cash surplus in tn
treasury has for many years been the subjec
of much unfavorable criticism. The surplu
on March l. 1899, was 5ls3S S27, ,lOO29. IN
policy Of applying this surplus to the redemI
ton OF the interest bearing securities of tn
United States was thought TO be preferable I
that Of depOsiting it without interest in select
ed national banks. There have been redeeme
since the date last mentioned OF interest beaI
ing securities sos, ,O70 $50, resulting in reduC
tion Of the annual interest charge Of Sll, ,6si,67
The money which had been deposited in bank
without interest has been gradually withdraw
and used in the redemption of bonds.
The result Of this policy, Of the silver legis
lation, and Of the refunding of the ~ per cen
bonds has been a large increase " the none
in circulation. At the date last named tn
circulation was Sli0i, SOC, or $500 pc
capita; while on the LIST day Of December, lSg
1t had increased to Sl,577, pa, ,O7O, or s243S pc
capita. The offer Of the secretary OF the treai
ury TO the holders Of the ~ per cent. bonds [
extend the time OF redemption, at the optic
of the government, at an interest of 2 per cent
was accepted by the holders Of about one-ha
the amount, and the unextended bonds are b,
ing redeemed on presentation.
The War Department.
The report of the secretary Of war exhibit
the results OF an intelligent, progressive an
businesslike administration of a departmeI
which has been too much regarded as one
, mere routine, The separation Of Secretar
Proctor from the department by reason Of Ii
appointment as a senator from the state
| Vermont Is source Of great regret TO me an
to his colleagues in the cabinet. as am sure
; will be to all those who have had business wit
the department while under his charge.
1.-THE president here at some length concul
In the attorney generals recommendation tn,
the right in felony cases 10 a review by the 81
7 preme court be limited and other minor ma
, tersl
Extension Of Free Mall Delivery.
In the report of the postmaster general son
| very gratifying results are exhibited and mar
: betterments OF the service suggested. A p
rusal Of the report gives abundant evident
: that the supervision and direction Of the post
system have been characterized by an INTEL
, gent and conscientious desire TO improve Il
! service. The revenues Of the departmel
/ show an increase Of over nve millions Of dc
lars, with deficiency for the year lSl2 OF le
than four millions o. dollars, while the estima
for the year le93 shows a surplus Of receip
over expenditures.
: Ocean mail postofllces have been establish,
! upon the steamers Of the North German Lloy
! and Hamburg lines saving, by the distribute
: on shipboard, from two to fourteen hours tin
Z In the delivery Of mails at the port OF eutr
4 and often much more than this In the deliver
at interior places. So thoroughly has this sy
TEN, initiated by Germany and the Unit,
States, evidenced its usefulness that Il cam
be long before IL is installed upon all the gre.
! ocean mail carrying steamships.
[ Eight thousand miles OF new postal seryi
a have been established upon railroads, the q
4 distribution TO substatlons In the great citl
I has been increased about Il per cent, VIII
: the percentage Of errors In distribution ha
Z during the past year, boon reduced over on
half. An appropriation WAS given by the Ia
a congress for the purpose OF making some G
! periments IN free delivery In the smaller oiti
I, and towns. The results of these eXperimen
\ have been SO satisfactory that the p0stmast
4 general recommends, and concur IN the re
ommendation, that the free delivery syste
:, be at once extended TO towns Of 500 popul
= tion. His discussion Of the inadequate faci
/, ties extended under our present system
= rural communities and his suggestions with
view 20 give these communities fuller ps
= ticipation In the benefits Of the postal seryi
a are worthy Of your careful consideration.
y It Is not just that the farmer, who receiv
his mail at a neighbOring town. should IA
] only ha notnwaT1aH To aanH 10 tho v,,af ,H4.s, .