The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-12-10

I ID.
ness. so the prosperity of which some de-
gree of stability in legislation is essential.
/ think there are conluslve evidences that
the new tariff has created several great
industries, which will. within few years
give employment to several hundred thou
sand working men and women. In view
of the somewhat over crowded condition
of the labor market of the United States.
every patriotic citizen should rejoice at
such result.
RECEIPTS AND DISBURSEMENTS.
The report OF the secretary of the treas
ury shows that the total receipts of the
government, from all sources, for the
fiscal year ending June 30, 1891, were S45S,-
544, .u3 while the expenditures for the
same period were s421, ,304, 470 IS, leaving a
surplus of S37, ,239 762. 81. The receipts of
the fiscal year ending June 60 1872. actual
and estimated are S433, 900, COO For the
fiscal year ending June 80, 1898, the esti-
mated receipts are 1856, 336, $50 and the ex
penditures S44l 800, ,093.
SILVER COINAGE.
Under the law of July IA, 1890, during
the fiscal year As, ,393 113 ounces of silver
bullion was purchased, At al average cost
of S1.045 per ounce. The highest price
paid during the year was 81 ,2025 and the
| lowest 50 1886. In exchange for this silver
bullion there have been issued $50, ,057 ,498
of the treasury notes authorized by the
| act The lowest price of silver reached
during the fiscal year was 50. 1886, on April
o. 1889. But on Nov. | the market price
was only S096. which would give to the
silver dollar bullion value of 741> cents.
Before the influence of the prospective sill
yer legislation was felt in the market sill
yer was worth in New York about 50 955
per ounce. Thelablest advocates of free
silver in the last congress were most conf
dent in their prediction that the purchases
by the government required by the law
would at once bring the price of silver to
81 20 per ounce, which would make the
bullion value of dollar 100 cents and
hold it there. The prophecies of the anti
silver men of disaster to result from the
| coinage of S2000,000 per month were not
wider of 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 six
months of the calendar year fell off over
so per cent, or S17, ,202, 730, compared with
the same months of the preceding year.
| The exports of domestic silver bullion
| from this country, which has averaged for
the last ten years over S17, 900 600, fell in
the last fiscal year to S13, 797. 80, while, for
| the first time in recent years. the imports
| OF silver into this country exceeded the
exports by the sum of g, 745, ,765. In the
previous year the net exports of silver
| from the United States amounted to
| IS, 545, ,455. The production of the United
States increased from $4,000, 900 ounces in
1889 to 81, 500000 ounces in 1891.
The government is now buying and
putting aside annually 54,000,C00 ounces,
which, allowing for T. l40, 900 ounces OF new
| bullion used in the arts. is 6,640000 more
! than our domestic product available for
| coinage. | hope the depression in the
| rNr f ell iS, fa1N nd bo6
| further trial of this legislation will more
| favorably affect it. That the increased
| volume of currency thus supplied for the
use of the people was needed and that
beneficial results upon trade and prices
have followed this legislation think must
be very clear to every one, nor should it be
forgotten that for every dollar of these
notes issued full dollars worth of silver
bullion IS at the time deposited in the
| treasury as security for it's redemption.
Upon this subject, as upon the tariff,
my recommendation is that the existing
laws be given a full trial, and that our
business interests be spared the distress
ing influence which threats of radical
| chances always impart Under existing
legislation it is in the power of the treas
ury department to maintain that essential
condition of national finance as we'll as of
| commercial prosperity-the parity in use
of the coin dollars and their paper repre-
powers would be freely and unhesitatingly
| used has done much to produce and sus-
tain the present favorable business con-
dition.
I am still of the opinion that the free
coinage OF silver under existing 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 no added value to
the bullion contained in the coins. The
producers of the country-its farmers and
laborers-have the highest 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 another
its sure and constant errand will be to pay
them for their toll and for their crops,
The money lender will protect
himself by stipulating for the pay
ment in gold, but the laborer
has never been able to do that. To place
business upon silver basis would mean a
sudden and severe contraction of the cur
rency, by the withdrawal of gold and
gold notes. and such an unsettling of all
values as would produce a commercial
panic. | cannot believe that people so
strong and prosperous as ours will pro-
mote such policy. The producers of sill
Yer are entitled to just consideration, but
they should not forget that the govern
ment is now buying and putting out of
the market what is equivalent of the en-
tire product of our silver mines. This is
more than they themselves thought of
asking two years ago.
BIMETALLISM
| believe it is the earnest desire of a
great majority of the people, as it is mine,
that a full coin use shall be made of silver
just as soon as the cooperation of other
nations can be secured and a ratio fixed
that will give circulation equally to gold
and silver. The business of the world de-
mands the use of both metals, but do not
see any prospect of gain, but much of loss,
by giving up the present system, in which
fail use Is made of gold and Il large use
IT silver, for one in which silver alone will
circulate. Such an advent would be at
once fatal to the further progress OF the
silver movement. Bimetallism is the de-
sired end, and the true friends of silver
Will be careful not TO overrun the goal and
bring in silver monometallism, with its
necessary attendantS-the loss of our gold |
to Europe and the relief of the pressure
there for a larger volume of currency.
have endeavore1 by the use OF official and
unofficial agencies to keep a close observa-
tlon on the state of public sentiment in
Europe upon this question, and have not
found it To be such as TO Justify ME in pro-
posing an International conference. There
Is, however, L am sure, growing senti- |
ment IN Europe IN favor of d larger use of |
silver. and | know of no more effectual
way of promoting this sentiment than by !
accumulaUing gold here. A scarcity of |
gold in the European reserves will be the |
most persuasive argument for the use of !
silver.
THE GOLD MOVEMENT.
The exports of gold to Europe. which be- |