The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-12-10

the arts is 6, 900 more than our domestic pro-
duct available for coinage.
hope the depression in the price OF silver is
temporary, and that further trial OF this legis-
lation will more favorably affect it. but the in
creased volume OF currency thus supplied for
the use of the people was needed. That bene-
fetal results upon trade and prices have fol-
lowed this legislation think must be very clear
to every one, nor should it be forgotten that for
every dollar OF these notes .;1s. is ,1 nsed
il at the time deposited in the
treasury as security for its redemption. Upon
this subject, as upon the tariff, my recon-
full trial and that our business be spared the
distressing influence which threats of radical
changes always impart.
Under the laws last mentioned it is in the
power Of the treasury department to maintain
that essential condition of national finance as
well as OF commercial pr0sperity-the parity In
use of the coin dollars and their paper represen-
tatives. The assurances that those powers would
be freely and unhesitatingly used has done
much to produce and sustain the present favor
able business conditions.
l am still of the opinion that the free coinage
OF silver under the existing conditions would
disastrously affect our business interests at
home and abroad. We could not hope to main
tain 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 coins The pro-
ducers of the country and its farmers and
laoorers have the highest interest that every
dollar of paper coin issued by the govern
ment shall be as good MS any other. III there is
one less valuable than another, its sure and
constant GRAND will be TO pay them for their
tolls and crops. The money lender will pro-
tect himself by stipulating for payment in gold,
but the laborer has never been able to do that.
To place business upon silver basis would
mean sudden and a severe contraction of the
currency, and by the withdrawal of
gold and gold notes and such an
settling of all values as would pro-
duce a commercial panic. / cannot believe
that a people so strong and prosperous as ours
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 few years ago
believe 1t is the earnest desire of q great ma
jority of the people, as it is mine, that full
coin use shall be made of silver just as soon as
the cooperation of other nations can be secured
and ratio fixed that will give circulation
equally to gold and silver; The business OF the
world divides tue 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 an event would be at once fatal TO the
further progress of the silver agreement BIZ
metalism is the desired end, and the true friends
OF silver Will be careful not to overrun the gold
aud bring in silver mono-metaism with its
necessary attendants-the loss of our gold to
Europe and the relief of the pressure there for
a large currency. have endeavored by the use
of official and unofficial agencies to keep
O close observation of the state of
public sentiment in Europe upon this question,
ana have not found it 10 be such to justify
me in proposing an international conference.
There is, however, am sure, q growing senti-
ment in Europe in favor of the larger use OF
silver and know of no more efeetual 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 began
in February last and continue until the close
of July, aggregate over S70,000,000. The net loss
of gold during the fiscal year was nearly $685.
000,UG0 That serious monetary
disturbance resulted was most crafty
ing, and gave to Europe fresh
evidence OF the strength and stability of our
financial institutions With the movement of
crops the outflow OF gold was speedily stopped,
and return set in. Up to December We had
recovered OF our gold loss at the port OF New
York s27,S54000, and it is confidently believed
that during the winter and spring the aggre-
gate will be steadily and largely increased.