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

The producers OF silver are entitled TO
lust consideration. ont they should not for
get 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 them
selves thought OF asking two years ago. 1
believe 1t is the earnest desire or a great
majority OF the people, as il Is mtne, that
full coin use shall be made of silver just as
soon as the cooperation of other nations
can be secured, and a ratio fixed that
will give circulation equally TO gold
and silver. The business Of the
world divides the use of both
metals, but | do not see any prospect OF
gain, but much OF loss oy 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 fur
ther progress of silver movement. Bimet-
allism is the desired end and the true
friends of silver will be careful not to over
run the goal and bring fn silver mono-met-
ailism with its necessary attendants, the
loss of our gold to Europe and the relief of
the press are therefore large currency. |
have endeavored by the use of official
and unofficial agencies to keep
close observation of the state
of public sentiment in Europe
upon this question. and have not found it
to be such as to justify me in proposing an
ever. am sure, growing sentiment ia
Europe in favor of the larger use of silver,
and know of no more etfectual way of
promoting this sentiment than by ac-
cumulating gold here. A scarcity of gold
in the European reserves will be the most
persuasive argument for tine use of silver.
The exports of gold to Europe,
which began in February last, and
continued until the close of
July, aggregated over s70,OO0,0OO. The
net loss of gold during the fiscal year was
nearly SOS, 100000. That no serious none
tary disturbance resulted was gratifying,
and gave to Europe fresh evidence OF the
strength and stability of our financial in
stitutioDs. With the movement OF crops
the outflow of gold was speedily stopped,
and return set III. Up to December l, we
had recovered of our gold lost, at the port
of New York, 1921, $50, 900, and it is conf.
IDENTITY believed that during the winter and
spring this aggregate will be steadily and
largely increased. The presence of large
cash surplus in the treasury has for many
years been the subject of much unfavor-
able criticism, and has furnished an argu-
ment to those who have desired to place
the tariff upon purely revenue basis. 1t
was agreed by all, that the withdrawal
from circulation of so large an amount of
money was an embarrassment to the bust
ness OF the country, and made necessary
the intervention of the department at fire.
quent intervals to relieve threatened mon
etary panics.
The surplus on March /. 1899, was $751;
S27, 1929. The policy of applying this
surplus to the redemption of the interest
bearing securities of the United States was
thought to be preferable to that of deposit
ing 1t without interest in selected national
banks. There have been redeemed since
the date last mentioned of interest bearing
securities s259, O19, $50. res ulting in reduc-
ton of the annual interest charge of SILL
6o3,675. The money which has been depos-
tied in banks without interest is being
gradually Withdrawn and used in the re-
demption of bonds.
The result of this policy OF the silver
legislation and of the refunding of the AZ
per cent bonds has been large increase OF
the money in circulation. At the date
last named the circulation was sl,404 205.-
500, or $23.03 per capita; while on the first
day of December, 1891, it had increased to
1871, 262, 070, or S2I.36 per capita. The offer
OF the secretary OF the treasury to the
holders of the ~ per cent bonds to ex-
tend the time of redemption at the option
OF the government at an interest OF per
cent, was accepted by the holders of
about one-half the amount, ana the unex-
tended bonds are being redeemed on pre-
sentatiou.