The Brookhaven leader. [volume] (Brookhaven, Miss.) 1883-1891, 1891-12-17


bullion at an average cost OF sl.Oij per ounce.
The highest price paid during the year was 81
2E35, and the lowest S09636. In exchange
for this silver bullion there have been issued
SjO,510,49S of the treasury notes authorized by
the act. The lowest price of silver reached dur
ing the fiscal year was SO96}6 on April 2 ls9l;
but on November l. the market price was only
S0a6, which would give to the silver dollar
bullion value of 74A cents.
THE SILVER QUESTION.
Before the influence of the prospective silver
legislation was felt in the market silver was
worth in Now York about $685. per ounce. The
ablest advocates of free coinage in the last con-
Eress were most confident in their prediction
that the purchases by the government required
by the law would at once bring the price Of sill
yer to 81 1920 per ounce. which would make the
bullion value Of dollar leo cents. and hold il
there with prophecies Of the anti silver men
of disasters to result from the coinage
of S2.0O0OOO per month were not wider Of the
mark. The exports of silver from London to
India during tn" first nine months OF the calen-
dar year fell off over 20 per cent or Sl7lar2 10
compared with the same months of the proceed
ing year The exports of domestic silver bull
lion from this county. which has averaged for
the last ten years over Sl7 0nO,OO fell in the last
fiscal year TO Sl3 49, 39l while. for the first tina
in recent years. the imports of silver into this
country exceeded the exports by the sum of So
7l5..G5 The government is now buying and
putting aside "A. $1,000 ounces, which, allowing
for 7.l40bw ounces of new bullion used in the
arts Is G.6l0 OO more than our domestic product
available for coinage
hope the depression IN the price Of silver is
temporary, saws the president. and that fur
ther trial of this legislation will more favOrablv
affect il. That the increased volume of cur
rcncy thus supplied for the people was needed.
and that beneficial results Tnon trade and
prices have followed this legislation | think
must be very clear to everyone: nor should 1t
be forgotten that for every dollar of those notes
issued full dollar rs worth Of silver bullion is
deDosited in the treasury as a security for its
redemption. Upon this subject upon the
tariff my recommendation is that the exist
ing laws be given a fun trial, and that
our business interests be spared tine dis
tressing influence which threats Of radi-
cal changes always impart. | am still of the
opinion that free coinage Of silver under exist
ing conditions would disastrously affect our
business interests at home and abroad. We
could not hope TO maintain an equality in the
purchasing power of the gold and silver dollar
in our own markets and in foreign trade the
stamp gives nc added value than the bullion
contained in coins The producers of the coun
try. its farmers and lahorers have the highcat
interest that every dollar, paper or coin, issued
by the government shall be as good as any
other. If there is one less valuable than an
other its sure and constant eTrand will be to
pav them for their toll and for their crops The
money lender will protect himself by stipula-
ting for payment in gold, but the Ia
borer has never been able to do
that To place business upon a sill
yer basis would mean a sudden and severe
contraction of the currency 10y the withdral of
gold and gold notes, and such an nusettling OF
all values as would produce CONNER lal panic.
l cannot believe that people so strong and
prosperous as ours will promote such policy.
The producers Of silver are entitled to that
consideration, hut they should not forget that
the government is now buying and putting on
the market what is the equivalent of the entire
product of our silver mires.
Bi-metalism is the desired end. and the true
friends of silver will be careful not TO overrun
the goal and bring in silver mono met allisIn,
with its necessary attendants the loss of our gold
to Europe and the reEct OF the pressure there Tor
a larger currency. There is however. a growing
sentiment in Europe in favor of larger use OF
silver, and know Of no moro Ctfectual way OF
tl,4a,,l tiFNrP
gold here. A scarcity of gold in the European
reserves viii be the most persuasive argument
for the use of silver
Referring to the treasury surplus, the presi-
dent says it was agreed bv all that the with
drawal of so large an amount OF money from
circulation was an embarrassment to the bust
ness of the country and made necessary the
intervention OF the treasury department at fire.
ouent intervals to relieve threatened monetary
faminos. The surplus on March 1883. was
duced by the redemption of interest bearing Sc
curities of the United States The result of the
policy of the administration has been large in
crease in the circulation; which on December
l. 1891. was S2t. .3S per capita.
In commencing the conduct of the war de-
partment the president incidentally nays high
compliment TO Secretary Proctor, whose retire
ment to enter tine senate is profoundly re-
grnttcd. The success of the experiment of IN
dian enlistmentS in the regular army and the
improvement in the morale of the service is
In spite Of our restriction laws the Chinese
are coming in, and more effective laws are
urged. Also greater jurisdiction for United
States courts over felony committed while i'll
the act of violating United States laws.
Postmaster General Wanamaker's report
shows S5.nN0IO increased revenues and i'm
proved service. Ocean mails are p1ompter and
reach more ports through the subsidy plan; ;S,-
nN miles of new service have been established
on railroads. and postal deSveTy is urged Tor
towns of 500. and free boxes for small towns.
The administration Of the interior department
is commended and tue work accomplsed Tor
H. -. rod
The apnror riqtion of s., ,99l $50 for the Choc-
taws and CEickasawS, contained by the gen
eral Indian appropriation bill or March ., lH9i,
has not been expended, for the reason that the
president has not yet approved release to the
government of the Indian claim to the lands
mentioned This matter will be made the sue
iect of special message
The relations of the five civilized tribes now
occupying Indian territory to the United states
(says the president), is not; | believe that best
calculated to promote the highest advancement
of these Indians. That there should be within
our borders five independent states, having no
relations except those growing out Of treaties
representation in the Nation legislature, It's
people not citizens. is startlin anomaly.
Citizenship for the Indian is urged so that the
Indian NAV secure his rights on the floor instead
of through the lobby 1t is the hope OF the
president that the present congress will make
a sufficient appropriation 10 enable him TO open
for settlement the lands of the Cheyennes and
Arapahoes, about 3OO.CG0 acres.
During the past summer the Cherokee com
mission have competed arrangements Wltn lile
Wichita Kicbapoo and Tonkawa tribes, where
by, if the agreements are ratified by congress,
over SCQ.0N0 additional acres VIII he opened TO
settlement in Oklahoma. Since March 4, lsoS.
about q .SOC0,CaO acres have been separated from
Indian reservations and added to the public do
main.
The administration of the pension bureau has
been characterized during the year by great
diligence. The total number of pensioners upon
the roll on the 3xh day of June, 1891, was 67S,-
lSQ There were allowed during the fiscal year
ending at that time 250, ,565 cases. OF this num-
her l(r2 3s7 were allowed under the law of June
27 1890 The issuing of certificates has been
proceeding at the rate of about $1,000 per month,
about 75 per cent. of these being cash under the
new law. The commissioner expresses the
opinion that he will be able to carefully adjudi
cate and allow $4,000 claims during the present
fiscal year. The appropriation for the payment
of pensions for the fiscal year 1890 was Sl2,-
6SS 793 so, and the amount expended Sll9,50,-
1920, leaving an unexpended surplus OF @,l5o,-
144,64.
The estimate for pension expenditures for the
fiscal year ending June so, 1893, is Sl44 956 600.
The report of the commissioner of railroads
shows that the total debt of the subsidized rail
roads to the United States was, on December
81 1890, $ll2 5l2 6l3O6. A large part of this debt
is now fast approaching maturity, with no
adequate provision for its payment. Some pol
icy for dealing with this debt, with view to its
ultimate collection, must be at once adopted.
The secretary OF agriculture says we lost S20,-
600 600 year by European restrictions on pork,
which thanks to our present inspection laws
and the efforts of the administration will again
flow in this direction.
is 80 per cent above last year and worth $780,
O000OO; meats, Sl50OO0,O00 Foreign demand
good The interstate commerce law, the presi-
dent believes will be benefit to the farmer in
getting this product TO market
Congress Is urged to pass a law protecting
he liNoo rfr fixEa m fIhraa hrndrcd