Smyrna times., 1891-01-21

THEpassage ofthe Silver bill through
the Senate by peculiar vote and its
introduction in the House where it
now rests. very naturally engages a
large share of public discussion, coup
led with surprise. Senator Gray of
our State was one of the only three
democrats who voted against it. His
relation to the silver bill is very similar
20 that occupied by Senator T. F. Bay
ard when the Greenback craze threat
ened to swallow up the country nearly
a decade ago. Singly and alone when
all of his party associates, Thurman
and all, had been captured by the in
hationists he stood like a stone wall
immOvable to all appeals to bring in a
majority report by the finance commit
tee. His very bOldness and decision
against what he believed would be a
a national evil backed by Mr.. McDon-
aid, of Indiana. mot in COngress) won
the admiration of the nation, gave his
party time to collect their senses and
was the means of saving it and the
nation from what might have been a
great calamity. Senator Gray while
not having just the same opportunity
has the same spirit and must challenge
the admiration of his friends for stand
ing out against what he sees will be a
disturbing element in our finances.
The output of silver in this country
is about 58,OOO,OOO ounces per year.
The Government is now buying it at
the market price, $1.O5 an ounce.
When the Free Coinage act shall have
been passed, the owners of silver bull
lion will get for it $1.29 per ounce.
There is therefore a speculation of
about SIS, 100000 for the silver miners
in the legislation proposed in the Sen
ate, at the present price Of silver.
The bill in effect is bill to purchase
the product of all the silver mines OF
the world, not used in the arts, at an
advance of "a cents per ounce above
the present market rates, and to give
the mine owners of California, Nevada
Idaho and Colorado, some Of whom. by
virtue of their wealth, have seats in the
Senate, that much money out of the
public treasury as a reward for their
successful speculatiOns and an encour-
agement to keep on mining and buying
silver. The pretext is, of coarse, that
by making silver an unlimited legal
tender, and providing for the CONVEX
sion into money of all the silver th at
can be produced and offered at the
mints, money will be made more album
dant and cheaper. But will that be
the effect? We will content ourselves
on this point with producing the view
of ex-President Cleveland, as embodied
in his famous Warmer lettor # F.,
Oath, 1885. i0-' .ew day Delote his
Inauguration.
Mr.. Cleveland wrote in reply IN -
request received from the adyoc,tes rf
free silver coinage in Congress. uo, IN
prejudice the question of the advi.ab,I.
ity of passing just such a mea,ure as
was passed by the Senate on Wednes-
day. Mr.. Clevelend wrote that he had
not prejudiced the case, that he appre-
ciated the importance of the question
and after briefly reviewing the facts
and the actual financial condition of
the country at that time, not essential
~ different from what it is TODAY
ne declared himself frankly ia favor IF
the suspenstOn-nOt the increase of the
coinage of silver. He said: at is n
the greatest Importance to prevent the
two metals from parting companv. IN
prevent the disuse Of gold in the chs.
tom houses of the United States in the
daily business of the people, to prevent
the ultimate expulsion Of gold bv all
yer. Such financial crisis as these
events would certainly precipitate n
It were now to follow so long a neriod
of commercial depression. would in
Yolve the people of every city and ey-
cry state IN the Union In prolonged
ana disastrous trouble. The revival of
business, 30 ardently desired and an.
parently 50 near, would be hopelessiv
postponed. Gold would be withdrawn
70 its boarding places, and an unprec-
edented contraction in the volume Of
our currency would take place. Sad
dest OF all in every workshop mill
factory store, and on every Railroad
sno iarm the wages Of labor. already
depressed, would suffer still further
depression BY a scaling down of the
purchasing power of every so.callsd
dollar placed into the hands of toll