The San Saba weekly news. (San Saba, Tex.) 18??-1???, 1891-12-18


ounccs:of silver bullion at an average cost of
Sl.O45 per ounce The highest price pad during
the wear was 81 us and the lowest sO-Hs6- In
exchange for this silver bullion there have
been issued s5l.5i4.sS of treasury notes author
ICED by the act. The lowest price OF silver
reached during the fiscal year was sOeS5, on
April -, 1871; eut on November lst the market
price was only s0.9j, which would give 10 the
silver dollar butliOn valIIe OF AZ cents
BEFORE the influence of the prospective sill
yer LEGISLATION was felt IN the market, silver
was worth in New Ork about eJil0 per ounce
The uhlest advocates Of FREE coinage IN the
last congress were most confident in their pre-
dictitn that the purchase By the government
required by the law would al once bring the
price of silver 10 Slices per ounce, which
would make the bullion value OF "A dollar luJ
cents and hold 70 there while prophesics Of-the
anti-siivcr men OF disasters TO result from the
coinage of s3.0iN,Ol1 pet month were not wider
Of the mark. The friends Of free silver are
not agreed. | think. as 10 the causes that
brought their hopeful predictions 10 naught
some facts are known The exports OF silver
from London 10 India during the first nine
months Of the cllCndar year fell on over 30
per cent on l7-2u53 Compared with same
months Of the preceding year the exports OF
domestic silver bullion from this country,
which has averaged for the last ten years over
Sl7OOO,OC0 fell in the last fiscal year TO Sl3ssl,
3el. while for the first time in recent years the
imports of silver into this country exceeded
the experts by the sum OF s1,it539o. IN the
previous year the net exports OF silver from
the United States amounted 10 rS,5i3,456. he
production of the United States increased
IRON 500O coo ounces in 1879 10 ot,lOOOS IN
1880 The government IS now buying and
putting aside A.0000O ounces which. allowing
for 1.li0.CO ounces OF bullion used IA the art,
66t0,Q0 more than oar domestic product
available for coinage. | hope the depression
In the price of silver Is temporary and that
further trial of the legislation will more fl-
voraely affect il; that the increased volume OF
currency thus supplied for the use OF the
people WIS needed and that beneficial results
upon and prices have followed this lccis.a-
ton think must be very clear To every one.
Nor should II be forgotten. for eV-
ful dollars worth Of silver bullion Is at the
same time deposited IN the treasury as St.
curity for rs redemption. Upon this subject
as upon the taTin, my recommendation IS thai
the existing laws be given fun trial and that
our business interest DE spared she distressing
influence which threats OF radical chuuEcs
always iraPaEt and under existing legislation
20 maintain that esrential condition OF
national finance as well Of commercial pros
pcrity. The party in use OF the coin dollars
and their paper representatives. The assur-
unce that these powers would De freely and
unhcsiiatingiy used, has done much to pro-
duCe and sus!aiu the pre- ent favorable bust
ness conditions. lam still Ot,the opinion thrt
free coinage OF silver under existing condi-
lions would disastruusly affect our business
Interests at home and abroad G could not
hope to maintain an equality in the purchas-
Ing power OF the gold and silver dollar IN our
markets and in foreign irnde. The stamp gives
no added value than the bullion cOntaind in
coins The producers of the country. It's
farmers ana lHhOrcrs have the highest
interest that every dollar, paper
or coin, issued by the government shall be as
good as any other Ifthero sonele valuable
than another lis sure aud constant eiraud Will
be 10 pay them for theirtoil and for their crops.
The money lender will protect himself by
STIMULATING for paymcRt in gold. but tnf laborer
has never been able 10 do that, To place
business upon a silver tas:s would mean q
sudden and severe contraction o. tHe currency
by the withdrawal OF gold and gold notes aud
such an unsettliug OF all va.ues rs would
promise commercial panic | cannot believe
thGta people so strong and prosperous a. ours
Will promote such policy.
The producers Of silver are entitled 10 Just
consideration. but they should not for 81 thtt
the government Is now buying and putting out
OF the market what Is equivalent to the entire
product of our silver mines. This Is more than
they themselves thought OF asking two years
ago ] believe il Is the earnest desire of - eat
majority Of the people as 1t is mine. that full
coin used shall be made OF silver inst as soon
as the co operation OF other nations can Dee
secured anu 4 ratio liked that VIII give circu
lati II equally 10 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 los by giving up the pr ST mt SlS-
TEN in which u full Use is made OF gold ana a
large use OF silver, for one in which in silver
alone will circulate. such an event would be
az once fatal 10 the further progress Of the
silver movement. Bi-metalism is the desired
end, and the true friends Of silver Will be
careful rot 10 Ovcrruu the goal and hrii in
silver mOnOmetalism, with IFS necessary At
PENDANTS. the loss of our gold tu Europe ana
tue relief OF the pressure therefor a lsrgcr
currency ! have cudcavorCd 10y the Use Of
official agencies 10 keep a CLOSE observation OF
the state of publ e. sentiment ia Europe upon
this question. and have not found il 60 be-
such as to justify me in proposing an iutct ma
ti0nal e inference. There Is, however. / am
sure, a growing sentiment IN Europ. ia favor
of a. larger use OF silver. and know oil no
moro On ctual WHY Of promoting this seniI-
mcut than by accommodating god here. \
scarcity of gold in The European reserves MI
be The most persuasive argument for the Use
of silver.
The exports of gold to Europe. which began
in February last and continued until The
clo-e OF July. aggregated over s.O0OO-O
nearly sGs.tu.tOO. That 40 serious monetary
disturbance resulted Mas most gratifying and
gave TO Europe fresh evidence Of the strength
aud STABILITY OF our i.lianc-al institutions
gold was speedily stopped and return set in.
Up 10 December ], We mad recovered OF oEf
gold loss at the port Of New DIRK s2s.s5i,Au
and it is confidently belived that during The
winter and spring this aggregate VIII be stead
lily and largely increaz ed
The presence Of L large cash surplus in the
treasury has FOR many years been the subject
OF much UntavOTab e criticism ard has furnish
ed an argument TO those who have desired to
place the taIiu upon "a purely revenue bass
II was agreed by all that the wlthd avail from
circulation Of 80 large an amount OF money
WAS an elilDmflis't ultlI 10 the BUSINESS o. Lflt
country and made nee ssary the Intervention
OF the department at frequent intervals TO re-
iieve the threatened monetary pau.cs. the
surplus on March !. lS9 was sio3 81, $50 -.
The policy Of applying this surplus TO
The redemption Of the interest beIritg
securities Of the United States was
thought TO be preferable 10 that Of depositing
IL without interest in selected national banks
There have been redeemed since the date hast
mentioned OF Understanding SECURITIES 80,
0lg b75. resulting IN reduction of the annual
interest charge Of Sil.tS4675. The money
which had been deposited IN banks without
interest has been gradually Withdrawn ANA
used III the redemption OF bonds. The result
Of this policy Of tue silver legislation and uf
the Tcfundirg OF 4 - per cent bonds has been
q large increase OF The money in circulation
At the date last named, the circulation was
Si,iu4 Slb,sHi or S-3,'S per capita. while on tue
first day Of December, 1881, Il had increased to
81 III GO or S!i.;S per CpitL. The Oncr a. {
the secretary of the treasury 10 the holders OF
the - per cent bonds to extend the time Of
redemption AT the option OF the government,
AT an interest OF > per cent. was accepted by
the holders OF about onc-ha f the amount. and
the uuextended bonds are being redeemed un
presentation. The report OF the secretary OF
war exhibits the results o. intelligent, pro-
grcSsivc and busiucsS-likc administration OF "a
department which has been too mitch regard
cd as one OF mere routine.
Claims Court.