The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-12-10

the price OF silver to l.202N per ounce
which would make the bullion value OF
n dollar 100 cents, and hold 1t there,
The prophecies Of tho anti.silycr mon
OF disasters TO result from the coinage
OF S2,DOJ,O0O per month were not wider
OF the mark. Tic friends OF FREQ silver
arc not agreed, | think, rs TO the cause
that brought their hopeful predictions
to naught. Some facts nrc known. Tho
exports OF silver from London 10 India
during the fret ninc months Of this cal.
endar year fell oil over 30 per cent, or
Sl7, 2Oe, $50, compared with tho same
months OF the preceding year. The OK.
ports OF domestic silver bullion from
this country, which had averaged for
the last ten years over $4,000 fell
oil in the last fiscal pear to $l3,797 ,3gl:
while Tor the first time in recent wears
the imports OF silver into this country
exceeded tho exports by tho sum Of
S2,7i5.S65. In the previous year tho net
exports OF silver from tho United States
amounted TO SS,jij,i55.
The production OF the United States
increased from 50,000.000 ounces in
1889 to 5l,500,0G0 1890. The govern.
mcnt is now buying and putting aside
annually 54,000,000 ounces, which, nj.
lowing Tor 7,lI0,000 ounces OF new bull.
lion used in the arts, is G,Gi0,0OO mora
than our domestic product available for
coinage. l hope the depression in tho
price OF silver is Temporary, and that n
further trial OF this legislation will
more favorably affect it.
NEEDED INCREASE IL THECURRENcY.
That tho increased volume oil cur.
rcncy thus applied for the use OF tho
people was needed and that beneficial
results upon trade and prices have fol.
lowed this legislation, | think must DO
very clear To every one. Nor should it
bo forgotten that Tor every dAlur OF
these notes issued 4 full dollars worth
OF silver bullion isat the time deposited
in the treasury us L security for its 70.
demption. Upon this subject rs upon
the tariff my recommendation is that
the existing laws be given Il iull trial
and that our business interests be-
spared the distressing influence which
threats OF radical changes always i'm
part. Under existing legislation it is in
the power Of the treasury department.
to maintain that essential condition OF
national finance rs well Of commercial
prospcrity-the parity in use oil the
coin dollars and their papers u~rcscnta-
tivcs. The assurance that these powers
would be freely and unhcaitatingIv
used has done much to produce and
sustain the present favorable business
conditions.
FREE COINAGE WOULD he DISASTROUS.
| am still OF tho opinion that the FREQ
coinage OF silver under existing con.
ditions would disastrously effect our
business interests at home and abroad.
We conld not hope 10 maintain an
equality in the purchasing power CT tho
gold and silver dollar in our own mar
kcts and in foreign trade the stamp
gives no added value to the bullion
contained in coins. The producers OF
the country, its farmers and laborers,
have the highest interest that every
dollar, paper or coin, issued by tho
government shall be as good MS any
other. Ii there is one less valuable
than another its sure and constant
errand will be 10 pay them Tor their
toll and for their crops. The money
lender will protect himself by stipu-
lating for payment in gold, but tho
laborcr has never been able 10 do that.
To place business upon n silver basis
would mean n sudden and severe con-
traction OF the currency, by the with
drawal of gold and gold notes, and such
IN unsettlinG OF all values as would
produce n commercial panic. | cannot
believe that q people so strong and
prosperous as ours will promote such
q policy.
BlMETALL1sM TIE DESIRED END.
The producers OF silver are entitled to
just consideration, but they should not
forget that the government is now buy
ing 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 earnest
desire OF 4 great minority OF the people,
as it is mine, that 4 full coin use shall
be made OF silver just as soon rs tho
cooperation OF other nations can be &C.
cured and 4 ratio fixed that will give
circulation equally to gold and silver.
The business of the world requires the
use oil both metals. But l do not SEQ
any prospect OF gain, but much OF loss,
by giving up the present system, in
which Il full use is made OF gold and
large use OF silver for one in which sill
yer alone will circulate. Such IN event
would be at once fatal to the further
progress OF the silver movement. Di.
metailism is the desired end, and tho
r u friends OF silver will be careful not
to ovcrrun the goal and bring in silver
recommendation, with its necessary at
PENDANTS, the loss Of our gold to Europe
and the relief OF the pressure therefor q
larger currency.
our RECENT Loss OIL GOLD.
have %cndeavorcd by the use Of
official and unofficial agencies to keep
close observation OF the state OF public
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, however,
l am sure, 4 growing sentiment i'll
Europe in favor OF 4 larger use OF silver,
and | know OF no o ciiectual way oil
promoting this sentiment than by accri-
INITIATING gold here. y scarcity OF gold
IN the European reserves will be most
persuasive argument for the use OF sill
yer. The exports OF gold to Europe,
which began in February last and con-
tinuel until the close OF July, aggrc-
gated over $10,G00,000 That no serious
monetary disturbance resulted was
most gratifying, and gave to Europe
fresh evidence OF the strength and sta
bilitv OF ourtiuanciali institutions. With