The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-11-19
HE AMERICAN BANKERS,
rHEIR Asso CIATION NOW IN SESSION
III NEW ORLEANS.
'ar. W. P. St. John, Of Kew York, At
Ntsmpts in an Able Paper to Present a
d 7rue Solution Of the Much Mooted
Silver Question.

4
I'd Its session today and the silver
Question had the right of way from
-he start. Mr.. w. Z. st. John of New
York, read paper on the solution of
he silver question. On opening he
,,aid his respects to Mr.. John Jaw
Knox, because in an interview the
natter said that the silver ques-
ion was dead and Cleveland
|svould be the nominee of the Demo-
ratio party. Mr.. st. John argued
hat the results of the recent elections
we're encouraging to free silver and he
QUILTED if Mr.. Knox as a Republican
yas in the confidence of the Demo
ratio party as to it's nominee. In Mr..
y, Johns paper he made the follow
IS proposition Cease buying
liver bullion and restore the United
'tates coinage system founded with
he mint in 1892 and only abrogated
4 1872; that is, reopen the minis to
Equally unrestricted coinage for gold
md silver as the best method Of al
| wing owners Of gold and silver to
9oeive legal tender notes at coin
alue instead of coin at their option,
otes to be redeemed in either coin at
hle treasurer'soption, but the secretary
)redeem in bullion at not less than
Din value thereof on request Of note
rolders; moderate coinage to be pre-
S;ribed, all the remainder to
| &c coined or not, at the
discretion; all gold and
|,,slver bullion and coin resulting to be
geld as dollar for dollar metallic re-
Verve for notes outstanding; all treas
Wy notes Of act $780, and gold and
liver certificates when received, to
lie replaced by the proposed new notes
|IAcured as provided, and redeemable
bis prescribed; the president of the
Emitted States to be required to pro-
aim our adoption Of European coin
|Nge when continental Europe reopens
| er mints to silver in our mints,
lereupon buying up our silver
-0llars then outstanding at Il
remium of cents each and replace
q lg them with silver dollars contain
|.tg 800 grains of pure silver. BY such
lrovisiOn of our own statutes and
1ithout international ENHANCEMENT
re assure Europeans against the
light of our silver dollars for recoin-
sge at their minis and assure our
|.3lves against such contraction of our
,rrent money. Mr.. st. John, dis
>issing at length, says it would tend
F., unity currency by providing
single automatic issue
4 lieu of capricious scheme Of spec
lating notes. These notes would be
mSdeemable in coins at our coin re-
,rve provided for them, being at fair
mount of hi metallic single standard
ollar of the United States, they
aSould for the present be coined of
lther 36l 200 grains of pure silver or
= BOO grains Of pure gold each. Prop
|arly alleged silver dollars would be re-
auced and replaced by a dollar coin
Containing $50 grains of pure silver.
Whenever important nations Of
| ontinental Europe reopen their
.hints to silver the supplies Of
old and silver available will always
determine our volume Of money. Mr..
h. .John dismissed the alleged i'm
Bending avalanche of EurOpe's silver
| with statistics of the financial condi-
ion of all European nations in detail,
moving their need of their present
liver money in every case. His prop
sition contemplates the refusal of
old for legal tender notes and their
edemption in silver only II ever the
secretary of the treasury suspects
Hood of foreign silver for our gold.
In opposition to Senator Sherman's
denounced attitude as to silver
|enoney, Mr.. st. John quoted Eng
Hands, present first lord of the treas
Ery. supported by eminent professors
fpolitical economy of Oxford, Cam
ridge, Edinburgh, and Liege univer-
tiles. LaVelpe favorS our adoption
Z free coinage at all hazards, because
Il event of possible failure Europe
4 viii be a greater sufferer than Amerlo
The British finance secretary OF
r,dia recently commends free coinage
soplfhe United States, independently
assuring success and arguing that no
Nation of the world is more lndepeno-,
int of foreigners. Statistics turnished
NV the late Secretary Window teno
o confirm India's finance secretary:
Mr.. st. John furnishes statistics OF
,roduct, consumption and coinage OF
| oliver, showing the present annual alb
orption exceeding the present annual
,roduct, and the treasury unable TO
continue obtaining the amount now
equired by law at the maximum
,rfce prescribed. The effect OF the
let Of 1890 will be to gradually, but
regularly advance prices to 81 dor
III Ia grains; therefore free coinage,
,y fixing that as the minimum price
It once and thereby establishing even
xchange between the far east ana
Europe will greatly enlarge Chlnas
Ind midas absorption of silver an
iually. In consequence free com,
|Ige will greatly diminish the
lnnual silver addition to our currency
.ompared with that addition under
bur present law, and necessltate ma
ierial increase in the world prouuc e.
ion of silver to meet the demands +, OF
rade for money. He urges that gu
tope's only stock Of silver is ne, net
st home of her gold. 1t could be re- e,
coined in India at small premium l., III
shange, but could only iyot be re- e.