Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-12-10

50. 0636, on April %, 1891, out on NJ
vember / the market price was ohil
81. 90. which would give to the silver
dollar a bullion value of IA cents
Before the influence OF the pros
pectiye
SILVER LEGISLATION.
was felt In the market, silver was worti
in New Y ork about so 955 per ounce
The ablest advocates Of free coinage II
the last Congress were most confident II
their predictions that the purchases o!
the government required by the Ia"
would az once bring the price OF SiiVel
10 a. 1929 per ounce, which wouiu man
the bullion value OF a dollar 100 cents
and hold il there. The prophecies OF
the anti-silver men of disasters TO re-
splt from the coinage Of S2,OOO,OOO pei
month were not wide OF the marx
The friends of free silver are
not agreed, l think, as to the causes
that brought their hopeful predictions
to naught.
Some facts are known. The exports VI
silver from London TO India during Tue
first nine months OF this calendar year a
fell off over so per cent, or S17, 2O2' go
comDared with the same moths III 'he
preceding wear. The exports OF domes-
rio silver bullion from this country
which had averaged for the last ten
wears over ST., coo, 900 fell in the iast
fiscal wear TO Sl3,I07, 391; while, Tor the
first time in recent years, the imports
OF silver into this country exceeueu 'N'
exports by the sum Of 50, 1886.
In the previous year the net exports
NJ silver from the United States
Amounted to Ss.545.455. The pro-
Junction of the United States increased
from $4,000, 900 ounces in 1889 TO o.
500 600 in 1890. The Government Is
now buying and putting aside annually
"a. 600. 600 ounces which, allowing lot
10000 ounces of new bullion used
in the arts is 6,64O,O0O more than our
domestic product available for coinage:
I hone the depression in the price OF
silver Is temporary, and that Iurther
trial OF this legislation VIII
more favorably affect it. That
The increased volume OF cur
rercv thus supplied for the use OF
the people was needed and that bench
cial results upon trade and prices nave
followed this legislation, l think must
he very clear to everyone, nor should u
he forgotten that for every dollar OF
these notes issued, full dollars worth
of silver bullion is at the time deposited
in the treasury as d security for It's re-
dcmptiOn.
UPON THIS SUBJECT,
rs upon the tariff, my recommendation
is that the existing laws be given O Iuil
trial and that our business interest De
SHARED the distressing influence when
threats of radical changes always In
mart. Under existing legislation IL IS IN
the power of the Treasury Department
10 maintain that essential condition OF
national finance as well as OF CONNER
clal prosperity, the parity in use OF the
coin dollars and their paper representa-
tiveS. The assurance that these powers
would be fully and unheSitatinglY used
has done much TO produce and sustain
the present favorable business condl-
tions.
Am still Of the opinion that the free
coinage of silver under existing condl'
,i0nS would diSastrouSly affect our bCSi-
ness interests at home and abroad. We
could not hope 10 maintain an equality
In the purchasing power OF the gold
and silver dollar In our own market and
.he foreign trade. The stamp gives no
added value to the bullion contained in
,oins. The producers OF the country,
Is farmers aud laborers, have the high
st interest that every dollar paper or
,oiu issued by the Government shall be
IS good as any other. II there Is one
ess valuable than another its sure and
onstant errand will be TO pay them for
heir toll and for their crops. The
nOney-lender will protect himself
" Stipuiating for payment in
.old, but the labOrer has never been
bile to do that. To place business upon
silver basis would mean a sudden and
evere contraction of the currency, by
he Withdrawal of gold and gold rates,
md such an unSettling OF all values as
would produce a commercial panic.
,annot believe that people so strong
md prosperous as ours will promote
such a policy.
The producers of silver are entitled TO
lust consideration, but they should not
forget that the government is now buy
ng 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 two years ago. l believe it is the
honest desire of a great majority 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
secnred and ratio fixed that will give
equally TO gold and silver.
THE BUSINESS OF THE WORLD
REQUIRES the use OF both metals. But l
do not see any prospect of gain, but
much Of loss, by giving up the present
system, in which a 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 movement
BimetalliSm is the desired end, and
the true friends of silver will be care
full not 70 Overrun the goal and bring in
silver mOnOmetalliSm with its neceS-
sary attendants, the loss of our gold TO
Europe and the relief of the pressure
there for larger currency.
I have endeavored, by the use of
official and unofficial agencies, to keep
q close observation OF the state Of pub
lie sentiment in Europe upon this ques-
ton, and have not found it TO be such
as to justify me in proposing an inter-
national conference. There is, how
ever, am sure, a growing sentiment in
Europe in favor Of a larger use Of sill
yer, and l know of no more efectual
way Of promoting this sentiment than
by accumulating gold here. A scarcity
of gold in the European reserves will
be most persuasive argument for the
use of silver.