The World. [volume] (Martinsburg, W. Va.) 1891-1896, 1891-12-11

cal year ending .hpe 30 lStss. the estimated re-
ceiptS are St55,sSd.s5o and the expenditures
44I,Ao,0sS.
The silver Laws.
Under the law of July Il. 1890. the secretary
OF the treasury has purchased tsince Aug lS
during the fiscal year s.s. lib ounces of silver
bullion at an average cost - $l.045 per ounce
The highest price paid during the year was
ST. ~, and the lowest. Sn.aSS6. In exchanges
FOR thHsilvcr bullion there have been issued
S5o.5s7,49s of the treasury notes authorized by
the act. The lowest price OF silver reached
during the fiscal year was S0.s6Sd on April ~,
1891, but on Nov. l the market price was only
5000, which would give TO the silver dollar a
bullion value OF IA cents.
Before the influence OF the prospective silver
legislation was felt in the market silver was
worth in New York about 0.9s5 per ounce. The
Ablest advocates of free coinage in the last con-
gress were most confident in their predictions
that the purchases by the government re-
CURED by the law would at once bring the
price of silver to l.;.,9s per ounce which would
make the bullion value of a dollar 100 cents
and hold Il there. The prophecies of the anti
silver men Of disasters TO result from the coin
age Of S2.n0,0 600 per month were not wider of
the mark. The friends of free silver are not
agreed. | think, rs to the causes that brought
their hopeful predictions to naught Some
facts are known. The exports of silver from,
London 70 India during the girst nine months
Of this calendar year fell off over so per cont
or Sl7 ,2t2, $50, compared with the same months
of the preceding year.
The exports of domestic silver bullion from
this country. which had averaged for the last
ten years over Sl7,000000, fell in the last fiscal
year TO Sl3,795 .Sa1, while, for the first time in
recent years, the imports of silver into this
country exceeded the exports by the sum of
S2.s45,3s5. In the previous year the net cx-
ports of silver from the United States amount
ed to $500 55. The production of the United
States Increased from 50,0U.00O ounces in 1881
to 5l500,0U in 1890 The government is now
buying and putting aside annually 54,Gl0,uUu
ounces, which, allowing for 1,li0.000 OUNCES Of
new bullion used In the arts, Is b,64QUw more
than our domestic product available for ctin-
hope the depression in the price of silver il
temporary, aud that a further trial of this ler-
isfation will more favorably affect 1t. That
the increased volume Of currency thus sup
piled for the use of the people was needed, and
that beneficial results upon trade and prices
have followed this legislation. think must be
very clear to every one. ror should II be for
gotten that for every dollar Of these notes
issued a full dollars worth of silver bullion il
t the time deposited In the treasury as Sc
mrfty for Its redemption. Upon this subject
IS upon the tariff, my recommendation is that
Che existing laws be given q full trial, and that
eur business interests be spared the distressing
influence which threats of radical changes al
ways impart Under existing legislation 1t is
In the power of the treasury department to
maintain that essential condition of national
finance as well as of commercial pr ssrs'kty-
the parity in use of the roin lollars Asd iAeir
paper representatives. Ths sssuralhs@ that
these powers would be freely and unnesita-
tingly used has done much to produce and sus-
lain the present favorable business conditions.
1l.sfk
of silver under existing conditions would dis
astrously affect our business interests at home
and abroad. We could not hope to maintain
an equality ia the purchasing power of the
gold and silver dollar in our own markets, 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 the government
shall be as good as any other. II there is one
less valuable than another its sure and con-
slant errand will be to pay them for their toll
and for their crops The money lender will
protect himself by stipulating for payment in
gold, but the laborer has never been able to do
that. 70 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 unsettling of all
values as would produce a commercial panic.
| cannot 'belieye that people strong and
prosperous as ours win promote such Policy.
The producers of silver are entitled to 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 more
than they themselves thought of asking two
years ago. believe it is the earnest desire of a
great majority OF the people, as it y NINE that a
full coin use shall be made Of silver Just as scoh
as the cooperation of other nations can be Sc
cured ald n ratio fixed chat will give circua-
ton equally to gold and silver The business
OF the world rccdires the use of both metals;
but do res soe any prospect of gain, but much
of loss. by giving up the present system, in
which a full use is made of gold and a large
use of silver, for one in which silver alone will
circulate.
Such an event would be at once fatal TO the
further progress Of the silver movement. BIZ
mefalisge IL NC lcsired end, and the true
friends OF silver will be careful not to overrun
the go@i end bring in silver monometalism,
with It's ssscessary attendants the loss of our
goiG TO Europe and the relief of the pressure
there for a larger currency. have endeavored
by the use of official and unofficial agencies &c
keep close observation Of the state Of public
sentiment in Europe upon this question, and
have not found it TO be such to justify me il
proposing an international conference. There
is, however, am sure, growing sentiment in
Europe in favor of larger use of silver, and
know of no more effectual way of promoting
this sentiment than by accommodating gold here.
A scarcity of gold in the European reserves
will 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 close
of July, aggregated over s70,00O.000. The net
loss of gold during the fiscal year was nearly
SOS 100000.
The Surplus.
The presence of a large cash surplus in the
treasury has for many years been the subject
of much unfavorabie criticism. The surplus
ON March ], 1889. was S1sS, 827 1909. The
policy of applying this surplus to the redemp-
ton Of the interest bearing securities of the
United States was Thought to be preferable to
that Of depositing it without interest in select
ed national banks. There have been redeemed
since the date last mentioned of interest bear
ing securities $3.50, 079350, resulting in reduc-
ton of the annual interest charge of Sll, 4,6s5
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 a large increase of the money
in circulation. At the date last named the
circulation was Sl,40 500, or S28.03 per
capita; while on the LIST day Of December. 1891,