Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1891-07-16
The Silver Cloud, and it's Dark Lining.

1878. 1t required our government TO Duy
at least two million ounces of silver every
month, while all the other governments
had stopped coming it, because it had be-
come dangerously erratic i'll value. The
silver men insisted that these purchases
would raise its value; but were they
right? No. 1t did not advance in price.
What was to be done? "Ahr' Said
these silver tongued spectators, "the
trouble is, the government has not gone
far enough; only increase the amount /;
let the government buy four and a half
million ounces per month of our silver in
stead Of two million per month, and this
will take all that the country's mines
yield, and more too, and so silver must
advance in value" They were right in
stating that four and half millions per
month are more than the total yield OF
the United States silver mines and then
eight to ten millions of silver are taken
and used every year for other purposes
than coming into money" leaving not
more than, say, four millions per month
for coinage. Many people were persua-
ded that if the government bought so
much silver per month the value of sill
yer must advance. The price did adj
vance, because many of these mistaken
people bought it upon speculation before
the bill passed. Silver rose from 96 to
121-almost to its old rate in gold. But
what has been the result since the pas
sage of the new bill? The answer is
found in the quotation for silver to-day.
1t is back from III to 81, and here we are
again.
The silver-men were disappointed at
the failure of acts of congress to advance
the value of their silver Twice the
government has been induced to do as
they asked, under assurances that COM
plance would surely get the country out
of its dangerous position as owner of sill
yer; twice it has been deceived. You
would think the silver-owners would now
admit their error and help the govern
little loss as possible. Far from it; in
stead of this they have taken the boldest
step of all, and urged upon congress
what you have heard great deal about
the Gree coinage of silver" Now, what
does that mean? 1t means that our
government is to be compelled by law to
open its minis and take all the silver
with which European governments are
loaded down, and part of all the silver
mined in the world, and give for every
seventy-eight cents worth of it one of
these coins, which you are compelled to
take as a full dollar for your labor or
products. 1t means that the European
merchant will send silver over here, get
it coined at our minis or get silver-dol-
lar note for it, and then bay full dollars
worth OF your wheat or corn, or anything
he wants, for the silver he could get only
seventy-eight cents for in Europe or any
where else in the world. Europe is do
ing this every day just now with India,
the Argentine Republic, and other coun-
tries upon a silver basis. The British
merchant buys wheat in India upon the
deprecated silver basis, takes it to
Europe, and sells it upon the gold basis.
He has thus to pay SO little for Indian
wheat that it has become dangerous
competitor to our own in Europe, which
it could not be except that by the fall in
silver the Indian farmer gets Sc little
value for his products.
Perhaps you are asking yourself why,
when l spoke of all the European coun-
tries in relation to silver, did not state
the amount Of silver held in reserve by
our principal rival, Great Britain. Listen
moment, and then ponder over the re-
ply. Not one dollar France has no less
than elk hundred and fifty millions of
collars in silver in her banks but every
dollar OF Britain's reserves are in the one
steady, Interchangeable s-article-gold.
The New York Evening Post is a free
trade organ, but it has recently said that
it would rather be the party to pass ten
Mckinley bills than one silver bill such
as was urged; and l, republican and q
believer in the wisdom of protection, tell
you that | would rather give up the Nc
Kinley bill and pass the Mills bill, if for
the exchange | could have the present
silver bill repealed and silver treated like
other metals. In the next presidential
campign, if have to vote for man in
favor OF silver and protection, or for a
man in favor of gold standard and free
trade, l shall vote and work for the lat
ter, because my judgment tells methat
even the tariff is not half SO important
for the good of the country as the main
tenance of the highest standard for the
money of the people.-Andrew Carnegie,
in North American Review
The Essential Thing.