Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-11-13
Mr.. St. John Talks About Silver
Coinage With Vim.
HE OUTLINES A PLAN FOR 1T.
He Asks if John Jay Knox, Republican, is in
the Confidence of Democracy.
If Not, How Does He Know the Silver
Question is Settled and that Cleveland
Will be Nominated-Mr. Glib
son on Wall Street
The Silver Question.

Inc SILVER question
New ORLEANS, La, Nov 12-The Ameri-
| can bankers association resumed its SeS-
| sion to-day and the silver question had the
| right of way from the start. Mr.. W. p.
| St. John of New York read paper on the
| solution of the silver question. In opening
he paid his respects to Mr.. John Jay Knox,
| because in an interview the latter said that
| the silver question was dead, and that
! Cleveland would be the nominee OF the
Democratic party. MIR. st. John argued
| that the results of the recent elections We're
| encouraging to free silver. and be doubted
| If Mr.. Knox, as Republican, was in the
confidence of the Democratic party as to its
| nominee. In Mr.. St Joints paper he made
the following proposition:
Cease buying silver bullion and restore
| the United States coinage system founded
| with the mint Ill 1892, and only abrogated in
| 1872. That is, reopen the minis to equally
| unrestricted coinage for gold and silver. AS
| the best method, allow owners of gold and
| silver to receive legal tender notes at coin
| value, instead of coin at their option, the
| notes to be redeemed in either coin at the
| treasury's option, but'the secretary to re-
| deem in bullion, at not less than the coin
| value thereof, on request of the notehold-
| ers, moderate coinage to be prescribed, all
| the remainder 70 be coined or not, at the
! secretary's discretion. All gold and silver
| bullion and coin resulting to be held dollar
| for dollar as a metallic reserve for the notes
| outstanding; all treasury notes OF the act of
| 1890, and gold and silver certificates when
| received, to be replaced by the proposed new
notes, secured as provided and redeemable
as prescribed. The president of the
| United States to be required to
| proclaim our adoption of the Euro
| pean coinage ratio for gold and silver.
When continental Europe sent silver TO
our minis thereupon buying up our silver
dollars then outstanding at premium of
three cents each and replacing them with
silver dollars containing $50 grains of pure
silver BY such a provision of our own
statutes and without international en-
tanglement we assure Europeans against
the fight of our silver dollars for recoinage
at their mint, and assure ourselves against
such contraction Of our current money
whenever Europe reopens her mills TO
silver.
AS to the likely achievement of the meas
ure if enacted entire which MIR. st. John dis
cusses at length. he says: 1t would tend to
unity the currency by providing u single
automatic issue in coin of any capriciOus
scheme of specializing in notes. These notes
would be redeer able in coin out of our coin
reserves provided for them, being at the
face amount. A bi-metallic single standard
dollar of the United States would for the
present be coined of either 31l.2 grains of
pure silver or % % grains of pure gold each
properly allowed The silver dollar would
be reduced and replaced by dollar coin
containing 800 grains of pure silver When
ever the important nations of continental
Europe reopen their minis to silver,
the supplies of gold and silver available
will always determine our volume of money.
Mr.. St. John dismissed the alleged i'm
pending avalanche of Europe'S silver with
statistics of the financial condition of all
European nations in detail, showing their
need of their present silver money in every
Tic ION ton MI
fusal of gold for legal tender notes and their
redemption in silver only if ever the secre-
tary of the treasury suspects a flood OF for
eign silver for our gold.
In opposition to Senator Sherman's pro-
nounced antagOnism to silver money Mr.. St.
John quoted England's present first lord of
the treasury, supported by eminent profess
sors of political economy of Oxford, Cam
bridge, Edinburg and Liege universities.
Lavelye favOrs our adoption OF free coinage
at all hazards, because in the event of q
possible failure Europe Will be a greater
sufferer than America. The British fnan-
cial secretary of India recently commends
free coinage for the United States indie
pendently, assuring success and urging that
no nation of the world is more independent
of foreigners. Statistics furnished by the
late Secretary Window tend to confirm In
dia's financial secretary.
Mr.. St. John furnishes statements of the
yer, showinga present annual absorption
exceeding the present annual production,
and the treasury unable to continue obtain
ing the amount now required by law at the
maximum price prescribed. Hence, that
act of 1890 will be to gradually irregularly
advance the price to 81 for 31lI grains,
therefore free coinage, by fixing that as
the minimum price, at once and thereby es-
tabliShing an even exchange between the far
East and Europe, will greatly enlarge China
and India'S absorption of silver.
In consequence free coinage will diminish
the silver addition to our currency COM
pared with that addition under our present
law, and necessitate material increase in
the worlds production of silver to meet the
demands of trade for il oney. He urges
that Europe's only stock of silver is in her
money, which as such is an equivalent at
home of her gold. 1t could be received at a
premium in exchange, but could only be re-
ceived in the United States at discount,
resulting in a large contraction of Europe's
currency. He states that the Bank of
France could trade off 20 per cent of her
stock of silver at a premium IN settlement
with India this year. He declares the stock
of silver, exactly like her stock of gold, has
all been accumulated as a reserve against
liabilities. Among the liabilities are S109,-
00O.000 of circulation notes, and her silver
amounts to S25l 200, 600. all of it available to
redeem notes at par; hence the Bank of
France is not more concerned about the bull
lion value of her stock of silver than the
banks of the United States are concerned
about the par value of legal tender notes.
At the conclusion of Mr.. St. Johns paper
he was loudly applauded.