The Dickinson press., 1891-12-12

over $ IOOO, 900, len ii The iast fscaI year %
S13.79T .39l. while for the first ,irhe III recent
years The imports OF silver into ts country
exceeGed the exports by the sum OF sa.7 7A5.Se6.
In the previous year the net exports OF silver
from tine United States amounted to 50, ,546-
455. The production of the United States in.
creased from $4,000 900 ounces in 1889 to b4.-
ing and putting aside annually 54.00O,OOO
ounces. which. allowing for 7,14O.OO0 ounces OF
new bullion used in the arts. is 6,64O. 900 more
age.
hope the oppression in the price OF silver IL
temporary and that further trial OF this leg
islulion will more tavorably affect it. That the
increased volume of currency thus supplied for
the use OF the people was needed and that bene-
fetal results upon trade and prices have FOL.
lowed this legislation l think must be clear to
every one: nor should it be forgotten that for
every dollar of these notes issued q full dollars
Worth OF silver bullion is at the time deposited
IN the treasury as a securit for its redemption.
Upon this sui ject, as upon the tariff, my recon-.
menda,lon is that the existing laws be given .
full trial and that onr business interests be
spared tile distressing influence which threatsof
radca! changes ALWAYS lmpart. Under existing
legislation it is i'll the rower OF the treasury do
partment to maintain that essential condition
oi national finance as well as OF commercial
prosperity--the parity i'll Use OF the coin dollars
and their paper representatives. The assurances
that these powers would be freely and unhesi.
tatingy used has done much to produce and
sustain the present favorable business condf
tions. am still uf the opinion that
THE FREE COINAGE OF SILVER
under existing conditions would dlsaStrously
affect our business interests at home and
abroad We could not hope to maintain an
equality III the purchasing power of the gold and
silver dollar i'll our own markets, and i'll foreign
trade the stamp gives no added value to the
bullion contained i'll coins. The producers OF
the country, Its farmers and laborers. have tho
highest interest that every dollar, paper coin,
issued by the government, shall be AS good AZ
any other. If there is one less valuable than
another. its sure and constant errald will be to
I,to .
money lender will protect himself by stipulatng
for payment i'll gold, but the laborer has never
been able to do that. To place business upon a
silver basis would mean II sudden and severe
contraction of the currency, by the withdrawal
of gold and gold notes. and such an unsettlingoi
all values as would produce II commercial panic.
prosperous ours will 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 tney themselves thought OF asking two
years ago. l believe il is the cnrnest desire OF q
great majority ni he people. as it is mine, that
IL full coin use shall be made OF silver just as
soon as the cooperation OF other nations can
lie secured and II ratio fixed that will give circu-
lation equally to gold aud silver. The business
OF the world requires The Use OF both metals,
but lu not see amy prospect OF gam, but much
OF loss, by giving up the present system, in
which u full Use is made of gold and
,,, large aa use % OF silver for one s,d, in
an event would be at once fatal to the further
progress of the silver movement. Bimetallism
is the desired end, and the true friends OF silver
will be careful not to overrun the goal and
bring in silver mtlolnctalllsln, with its neces-
stry attendants, the loss OF our gold to Europe
and the relief OF the pressure there for q larger
currency. have endeuvored by the use OF Off
cial agencies to keep close observation OF the
state OF public sentiment in Europe upon this
question and have not found it to be such as to
sf m in m - no n ~
eucc. There is however. am sure. a growing
silver, aud know of no more effectual way OF
promoting this sentiment than
BY ACCuMULATING GOLD HERE.
a scarcity ot gold i'll the European reserves
will be the most persuasive argument for the
Use OF silver The exports OF gold to Europe,
which began i'll February last and continued un-
TIL the close OF July, aggregated over S7OOOO,-
600. The net loss of gold during the fiscal year
WITS nearly SOS. .uno.OOO. That 10 serious mon
etury disturbance resulted was most gratifying
and gave to EurC pe fresh evidence OF the strength
and stability oil our financial institutions. With
the movement oil crops the outflow of gold was
speedily stopped and n return set i'll. UP to
Dec. we had recovered of our gold loss at the
port OF New York S27, SD 900, and it is conf
den,ly b lieved that durn, the winter and spring
this aggregate will be steadily and largely in-
creased
The presence OF Il large cash surplus In the
treasury has for many years been the subject OF
much unf;,vorabe criticism, and has furnished
u! argument to those who have desired to place
luc tatlu upon u purely FeNcHuc DdSlS IL Wdo
agreed by all that the withdrawal from circu-
latiom oil 30 large all amount OF money was all
embarrassment to the business OF the country
and made necessary the intervention OF the de-
p8rtment at frequent Intervals to relieve threat
eued monetary pauics. The surplus on March
I, 1889, was S1S3 1927, 1920: The policy OF
applying this surplus to the redemption, Of the
interest bearing securities OF the United States
was thought to be preferable to that of deposit.
ing it without interest III selected national
banks There have been redeemed since the
date last mentioned OF Understanding secur.
tiles S259, ,O79.35O, resulting in a reduction OF
the annual interest charge Of 81 |, ,6S4 ,675 The
money which had been deposited in banks
without interest has been gradually withdrawn
and used iii the redemption OF bonds.
The result oil this policy. OF the silver legisla-
tion, and of the refunding OF the Az per cent
bonds has been a large increase OF the money in
circulntion. AT the date last named the circu-
lation was 81 ,4OI ,2O5. .S96, or $23O3 per cap.
ita; while OH the first day OF December, 1891 It
had increased to 81 ,577, ,26Z.O7O. or $24.8S peg
capita The offer OF the secretary OF the treas.
ury to the holders OF the AZ per cent bonds to D
extend the time of redemption, at the option OF
the government at all interest OF per cent.
was accepted by the holders OF about one half
the amount, and the uneXtended bonds are
being redeemed on presentation