Crawford avalanche. (Grayling, Mich.) 1879-19??, 1891-12-17
Silver as Currency,

Under the law OF July IA, 1899, the Secretary
OF the Treasury has purchased since Aug. IL,
during the fiscal year. a. 393 ll3 ounces of silver
bullion at an average cost OF Sl.045 per ounce
The highest price paid during the year was
this silver bullion there have been issued $780,
ST. ,40S OF the treasury notes authorized by the
act. The ablest advocates OF free coinage in
the last Congress We're most confident in
the Government required by the law
%ua S sR %oa the sys
of dollar 100 ents and hold IL there. The proph-
ecies OF the antisiver men OF disasters t. result
not wider ON the mark. The friends OF free
silver are not agreed, l think, as to the causes
that brought their hopeful predictions to
naught. Some facts are known The exports of
silver from London to India during the first
nine months OF this calendar year fell off
over 20 per cent, or Sl7,9 1880 compared with
The exports of domestic silver bullion
from this country, which had averaged for the
last ten years over cl7,OO. 900 fell in the last
fiscal year to s13 1891; WHILE for the first
time In recent years. the imports of silver into
this country exceeded the exports by the rum
OF S2,74 ,365 In the previous year the net OK:
ports OF silver from the United btates amounted
70 49, 455. The production of the Uniie
states increased from 5000 900 ounces in 1889
TO 54,jO0,0t0 in 1890. The Government is now
buying and putting aside annually 5400O,O 0l
ounces, which, allowing for 7.l40,t0J ounces Of
new bullion used in the arts, is 6640, 900 more
than our domestic product available for coin
yer Is temporary and that u further trial OF this
legislation will more favorably affect it.
an still of the opinion that the free coinage
OF silver under existing conditions would disas-
trously affect our business interests at home
and abroad. We could not hope TO maintain an
equality In the purchasing lover OF the gold
foreign trade the stamp gives no ADDED value TO
the bullion contained in coins. The producers
OF the country, the 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 consta ant
errand will be to pay them for their toll and for
their crops. The money lender will protect
himself by STIMULATING for payment in gold, but
the laborer has never been able to do that. 10
place business upon silver basis would mean
a sudden nd severe contraction of the currency
by the withdrawal Of gold and gold notes. and
such an unsettling of all values as would pro-
duce n financial panic. cannot believe that a
people so strong and prosperous as ours will
remote such policy.
l believe It is the ernest desire of a great
majority OF the people, as iI is mine that full
coin use shall be made of silver just as soon as
the cooperation Of other nations can be Sc
cured 4 n ratio fixed that will give circulation
equally to gold and silver Bi-metalism Is the
desired end, and the true friends OF silver will
be careful not to overrun the goal and bring In
silver recommendation with its necessary at
tendants, the loss Of our gold 10 Europe and the
relief OF the pressure there for larger cur
rency.