Audubon County Republican. [volume] (Audubon, Audubon Co., Iowa) 1885-1894, 1891-12-10

Under the law of July II, 1890 the secre-
tary of the treasury has purchased since
August - during the fiscal year 4S, 1913, =
lib ounces of silver bullion at an average
cost OF $l.04J per ounce. The highest
price paid during the year was $l.2026 and
the lowest 50. $685. In exchange for this
silver bullion there have been issued So
81. 49S of the treasury notes authorized by
the act. The lowest price of silver reached
during the fiscal year was 80. $685. on April
90, 1891; but on Nov, /, the market price
was only $780, which would give to the
silver dollar "A bullion value OF 14l4 cents.
Before the influence of the prospective
silver legislation was felt in the market,
silver was worth ia New York about
So 9j5 per ounce.
The ablest advocates of free coinage in
the last congress were most confident in
their prediction that tho purchases by tho
government required by the law would at
once bring the price of silver to 81. 1929 per
ounce, which would make the bullion value
of a dollar lC0 cents and hold it there The
prophecies of the anti-silver men of dis
asters to result from the coinage Of 81 0J0,-
coo per month were not wider Of the mark
The friends Of free silver are not agreed,
| think. as TO the causes that brought their
hopeful predictions to naught. Some facts
are known. The exports of silver from Lon
don to India during the first nine months
$l7,%02, 100, compared with the same
months of the preceding year. The eX-
ports of domestic silver bullion from this
country, which has averaged for the last
ten years over Sl7,00O000, fell in the last
fiscal year 10 Sl3,797 39l while, for the
first time in recent years, the imports of
silver into this country exceeded the ex-
ports by the sum OF S2,T45, 265. In the
previous year the net exports Of silver
from the United States amounted to
IS, 545, ASS.
The production of the United States in
creased from 80, 600, 900 ounces in 1889 to
81, 500 900 in 1890. The government is now
buying and putting aside annually "a 0JO,-
600 ounces. which, allowing Z, l40, 900 ounces
of new bullion used in the arts, is 6,O4O, COO
more than our domestic product available
for coinage.
hope the depression in the price of
silver is temporary and that a further
trial of this legislation will more favOrably
affect 1t. That the increased volume Of
currency thus supplied for the use OF the
people was needed and that beneficial re-
suits upon trade and prices have followed
this legislation | think must be very clear
to everyone; 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 its redemption Upon this
subject, as upon the tariff, my recon-
mendation is that tho existing laws be
given full trial and that our business
interests be spared the distressing inhu-
ence which threats of radical changes
always impart.
Under existing legislation it is in the
power of the treasury department TO main
tain that essential condition OF national
finance as well as commercial prosperity
the parity in use Of the coin dollars
and their paper representatives. The as
surance that these powers would be freely
and unhesitatingly used has done much TO
produce and sustain the present favorable
business conditions ! am still of the
opinion that the free coinage of silver
under exis ting conditions would disas-
trously 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 10 the bullion
contained in 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. II there is one less
valuable than another its sure and con-
slant errand will be to pay them for their
toll and for their crops. The money lender
will protect himself by STIMULATING for pay
ment in gold, but the laborer has never
been able TO do that To place business
upon a silver basis would mean sudden
and severe contraction Of the currency,
by the withdrawal Of gold aud gold notes,
and such an unsettling of all values as
would produce a commercial panic. / can
not believe that people so strong and
prosperous as ours will promote such
policy.
The producers Of silver are entitled to
just consideration, but they should not for
get that the government is now buying and
putting out of the market what Is the
equivalent of the entire production of our
silver mines. This is more than they them
selves thought Of asking two years ago.
believe IL is the earnest desire of a great
majority of the people, as it is mine, that
full coin use shall be made OF silver just
as soon as the cooperation of other ma
lions can be secured and a ratio fixed that
will give circulation equally to gold and
silver
The business of the world divides the
use Of both metals, but ! do not see any
prospect of gain, but much OF loss, by CIV
ing up the present system in which full
use is made OF gold and a large use of
silver, for one in which silver alone will
circulate Such an event would be at
once fatal TO the further progress OF silver