Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-11-12
Causes of The Retro rres.ior.

That 1t has again retrogaded in price is owing
In part to the fact that, bee ause of the liberal
policy exercised by the trea sury. as required
by Law. in the purchase of silver both as to the
quaint ty purchased and the price paid. large
amounts of foreign silver were attracted to
this arket. Other causes which / cannot en-
large upon have operated to produce this re-
suit, prominent among which is the large fall
ing of in the shipments of silver to India and
China The shipments of silver from London
to India during the first nine months of the
presenJ calendar year. show reduction of over
Sl7 zoo 30 as compared with the same period of
the prior year. while the shipments of silver to
China show even greater decrease.
Possible Future Effects.
It is claimed by those conversant with the
product and movement Of silver that when the
visible stock upon our market is disposed of
the monthly absorption of 100000 ounces of
silver by the government viii have the tend
ency to effectually and permanently steady
the price of that metal
Remarks as to Free Coinage.
If the reconciliation of silver as full legal
tender money is ever accomplis he'd il can only
be done by the action of nations of sufficient
commercial Importance TO maintain some fixed
ratio in coinas, between the two metals The
new silver act is an important step in that ti
rection: First, because the compulsory ccin.
age and Issue of silver dollars of less intrinsic
value tn an .heir nominal value is repealed
Second, because 1t provides for much larger
absorption of silver by this country than here
tofore for currency purposes, and. third, be-
cause this new law declares that it is the es-
tablisheo policy OF the United States to main
tain the two metals at a parity with each
other.
Improvement on the Bland Bill.
1t seems TO me hat the act under considera-
ton Is a decided improvement upon the pro-
visions OF the act of lS1S, which il repeats. in
that 1t furnishes sound currency to meet
the grow ing wants of our country and has a
tendency to reduce the difference in value be-
tween the two metals and thus help to restore
the equilibrium SO much desired. Very re-
spectfully, CHARLES FOSTER Secret airy.
An Allusion To Bad BANKERS
The presiding officer of the association,
Morton McMichael, in the course of his
annual address said:
We are too deeply interested to ignore the
fact that there have been of late rude shocks
given the fabric Of credit, but none can know
better than ourselves how deep and wide are
the founda tions upon which the banking insti-
buttons Of the United States are built, and how
watchful and honest the vast majority of
guardians lntrusted with their care. Fortu-
nately, the business world appreciates the sta
bllity OF the banks, and is no longer liable TO
be hurried into panic As there is nothing
more gratif wing to banker than the undis-
turbed confidence of his depositors, very GER
tainly he has no higher duty than TO so order
his lie and his affairs as 10 deserve that con-
hdence.
THE Mighty silver Dollar"
Ever since 1877 we have heard much each
year about the mighty silver dollar from able
opponents IF widely di crying views; the
strlctest moaometallst and stanchest advo-
cate Of free coinage" have alike been privi-
legged to exppund their doctrine, and each has
doubtless convinced himself that he alone
holds the financial truth. We will be further
enlightened during our present sessions, and
Will certainly not be allowed to forget il in the
coming year believe it TO be a question of
even more vital moment TO the wage-earner
than the banker, and have an abiding faith
that the mass of our countrymen will see to it
that the pure hasing power of the dollars they
labor for is not imperiled.
Last even ng the visitors were taken to
see the cotton presses. sugar refineries ard
other business enterprises of the city.