The World. [volume] (Martinsburg, W. Va.) 1891-1896, 1891-12-10

cal year ending June -. fSi3. tho estimated re-
eeipts are stSs.SNaa and the expenditures
The sllver Laws.
4 Under the law Of July IA, $50. the secretary
1 Of the treasury has purchased lsince Aug. III
during the fiscal year iS.NH ~ ounces of silver
lbnllion AZ an average cost Of Sl.0ts per ounce
/ The highest price paid during the year WAS
| Slefss. and The Invest sOnrH. III EXCHANGE
4 for this silver bullion there, have been issuesi
/ e50bG Sut the treasury nOtoshntisnfized III
/ the act The lowest price of silver reached
| during the hscal year was Sa.993s on April -
! 1881. but On Nov. the market price Was only
1 fn.n6. which would give 70 thu silver dollar d
| bullion value uf III cenfs
/ Before the Influence Of The prospective silver
/ legislation WAS felt in the market silver WAS
| worth In New York about 0.lg pr ounce. The
/ ablest advocates III free coinage III the last con
/ gress we're most confident Ia their predictions
i that the purchase III the government ~
auired Nv tbs Law would AZ once bring the
price Of silver to l.ssssl per ounce which would
1 make the bullion value ~ a dollar 100 cents
aud hold il there. The prophecies IL the anti
/ silver men IT. disasters to result from the coin
! nge Of $2.U0pl0 Ter month we're not wider OF
| the mark. The friends Df free silver are not
1 agreed. think. as 10 the causes that brought
1 their hopeful predictions 10 nanght. Some
1 facts are known. The exports az silver from
London to India during the lrst ming mouths
Of this calendar year fell on ever % per cent.
or en- .e9. 30, compared with the same months
NJ the preceding year.
The exports * domestic silver bullion from,
| this country. which had averaged for the last
ten years over $i70Ou.On fell in the last fiscal
year Is Sl3.1gs sNi: whiIe for the first time ii,
recent years. the imports Of silver into this
! country exceeded tile exports by the sum NJ
1 Eg.7453H5. In the previous year tho net ex-
/ ports Of silver from the United States amount
"a TO S8.5i5a5s, The production N the United
States increased from A0.ututN0 ounces In isS!l
l to 53Hd0nn In 1880. The government Il now
4 buying and putting asisle annually ht,nAusl
i ounces, which, allowing for 5It0.NM ounces of
! new hnlliDn used In the arts, II 6,hfun0 in6re
than onr domrAtie product MssaiiabEe tnr eeln-f
i 1hope the depression tn the price Of silver Ii
temporary, ansi that further trial Of this lesg.
isation viii more favorably ntiect Il. Thnt
I the increased volume of currency thus sup
4 piled for the rse 81 thc people was needed, mud
that beneiicial results upon trade and prices
| have followed this legislation, think must 10
very clear t. every cne, ror should It be for
gotten that for every dollar OF these notes
issued full aollMr's worth of silver bullion il
i the time deposited ID the Treasury ~ . 60.
4 Mrity for It's fcta 'saafiun. Upon this subject,
Il " upon tue tariff, my recommendation h that
HE existing laws III given full trial, and that
our business Interests be spared misunderstanding
Influence which threats of radical elsnges al
ways impart. Under existing legislation IL IL
4 IN the power Of the treasury department 70
\ maintain that essential condition of national
4 finance as well as Of commercial ri A5pA Aty
The parity IN use Of the ron Iollars .Aeif
paper Representatives, 'ghs MsprAgN. that
these powers would be freely and unnesfta-
tingly used has done much 70 produce and sus-
sain the present favorable business conditions.
am still OF the opinion that the free coinage
Of silver under existing conditions would dis
astrously affect our business Interests 1T home
and abroad We could ngt hone % maintain
| an equality In the purchasing power pf che
gold and silver dollar In our own markets. and
In foreign trade the stamp gives no 4 lded
value to the bullion contained In coins The
producers Of the country. Its farmers and
Iab0rers have the highest interest that every
dollar, paper coin, issued BY the government
shall be good as any other. II there Is one
less valuable than another its sure and con-
slant errand win be 70 pay them for their toll
and for their crops. The money lender will
protect himself by stipulating for payment IN
gold, but the laburer has never been able 70 do
that. TO place business upon silver basis
would mean a sudden and severe contraction
Of the currency. by the withdrawal Of gold
and gold notes, and such an nnsettling OF all
values as would produce u commercial panic.
cannot believe that people 50 strong and
prosperous as ours viii promote such policy.
The producers Of silver are entitled 10 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 moro
than they themselves thought Of asking two
years ago. believe IL Is the earnest desire Of q
great majority Of the people. as IL Is mine, that
full coin use shall DO made Of silver just soon
ms the cooperation Of other nations can be Sc
cured and a ratio fixed that will give circnla-
ton equally to goldN and silver. The business
Of the world requires the use Of both metals;
but do not see any prospect Of gain. but much
of loss, by giving mp the present. system, IN
(which full use Is made of gold. and lRrge
use Of silver. for one In which silver alone viii
circulate.
Such an event would be at once fatal to the
further progress Of the silver movement. III
metstiisni is the desired end, and the true
friends or silver will DC careful not to uverrun
the goal and bring in silver recommendation.
with its necessary attendants, the loss Of our
gold TO Europe and the relief of the pressure
there for a larger currency. | have endeavorcd
by the use Of official and unofficial agencies e
keep close observation OF the state Of public
sentiment in Europe upon this question. and
have not found it 70 be such as 70 Justify me ir
proposing an international conference There
Is, however. am sure, a growing sentiment in
Europe in favor Of a larger use Of silver. and /
know of no more effectual way Of promoting
this sentiment than by accommodating gold here.
scarcity Of gold iii the European reserves
will be the most persuasive argument for the
use Of silver.
~ ~ = e~tA
In February last and continued until the close
of July, aggregated over s70.0U0n0. The net
loss Of gold during the fiscal year was nearly
SGs0O0,000.
The surplus.
The presence Of a large cash surplus IN the
Vtreasury has for many years been the subject
OF much unfAvorablc criticism. The surplus
on March l, 1889. was Siss,ss7, 1902, The
policy Of hppiyiny; this surplus 70 the redcmp-
ton Of the interest hearing securities Of the
United States was thought to be preferable TO
that Of depositing il without interest in select
ed national banks. There have been redeemed
since the date laet mentioned OF interest bear
ing securities $50 0s9 $50, resulting in reduc-
tion OF the annual interest charge or Sl1 1854 65.
The money which had been deposited In banks
without interest has been gradually Withdrawn
and used in the redemption of bonds.
The result Of this policy, Of the silver legis-
lation. and Of the refunding Of the ~ per cent.
bonds has been large increase Of the money
in circulation At the date last named the
circulation was 81 ,lOi .ct5 500, or s2a08 pet
capita; while on the LIT day Of December, 1891,