Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1891-02-12

tendency of events has recently been in
that direction, and the apprehension OF
danger created thereby has caused the
loss since Dec. of over $4,000. 900 of
gold from the treasury, and of probably
much larger amount from the circula-
ton. l am happy to say, however. that
| this peril seems now to have passed. and
it is to be hoped its evil effects will soon
disappear. Tine ''sober second thought
of the people is asserting itself as usual,
and signal lights of safety are here and
there becoming visible.
Not Enough Gold or Silver.
Let me speak very plainly on this
most important subject. Believing that
there is not enough of either gold or sil.
yer in the world to meet the necessities
of business, l am an earnest bi-metallist,
and concede to no one stronger desire
| than | feel for the free and unlimited
coinage of silver, as soon as conditions
can be reached through international
agreement or otherwise by which such
coinage shall be safe But it is my firm
conviction that for this country to enter
upon that experiment now and under
existing conditions would be extremely
disastrous, and that it would result, not
in bi-metallism, but in silver mono.
metallism.
Such an experiment would, in my
Judgment, prove a greater disappoint.
ment to its advocates than to any one
else. They insist that it would expand
the circulation and permanently enhance
the value of silver. | believe it would
| produce q swift and severe contraction
and eventually reduce the market value
of silver. Let me briefly suggest some
OF my reasons for this belief.
Free and unlimited coinage of silver
by the United States, while the other
great nations pursue an opposite policy
would invite all the owners of that metal
throughout the world to exchange 3711
grains of pure silver, worth about 81
cents for % grains OF. pure gold, worth
everywhere 100 cents. Nearly all the
nations of Europe are anxious to ex-
change their silver for gold, and they
would at once accept 80 tempting an
offer.
The mint statistics of the treasury de-
partment show that the stock of full
legal tender silver in Europe amounts to
s., ,191 400, 600, and that of this amount
the banks OF France. Germany, Austro-
Hungary, the Netherlands and Belgium
hold $428. 1885, 655. A large part of these
vast stocks of silver would be ready to
transfer to us at once, and the swiftest
steamers would be employed to deliver
it to the treasury, in order that with the
proceeds the owners might buy gold ex-
change on Europe before our stock of
gold should be exhausted.
Would our own people await the ar
rival of these silver argosies from Europe
before acting? Not unless the Yankee
has lost his quick scent of danger and
forgotten his cunning Bank depositors,
trust companies, the holders of United
States notes and gold certificates would
instantly lock up all the gold at com
mand, and then join the panic inspired
procession to the treasury, each and all
anxious to be in time to grasp the gold
en- prize before it is too late. Probably
before the swiftest ocean greyhound
could land its silver cargo at New York
the last gold dollar within reach would
be safely hidden away in private boxes
and in the vaults of safe deposit COM
panies, to be brought out only by high
premium for expectation.
This sudden retirement of $500, ,000, 900
of gold, with the accompanying panic,
would cause contraction and CONNER
cial disaster unparalleled in human ex-
perience, and our country would at once
step down to the silver basis, when there
would be no longer any inducement for
coinage, and silver dollars would sink to
their bullion value.
When the silver dollar ceases to have
more value than the bullion it contains
there will be little inducement to coin
our own silver, and the cost of trans
portation will prevent its coming from
abroad. How then will unlimited coin
age either expand the circulation or en-
| nance the value OF silver? As if deter
mined to omit nothing which might
accelerate these results, the advocates of
present free coinage insist that it shall
not await the slow process of mint
operations, but that the printing
press shall be set to work providing
certificates to be issued for silver bullion
at 81 for 311i grains. When this consum-
nation shall be reached, as assuredly it
will be if unlimited coinage be adopted
under existing conditions, the too ardent
and impetuous lovers of silver will sadly
realize the truth uttered by the wise
king of Israel, He that loveth silver
shall not be satisfied with silver"
Mr.. President and gentlemen, my sub
ject has tempted me to impose upon
your patience. | will close by merely
calling your attention to one other thing
which | deem very important, both to
our commercial and financial interest,
viz, the passage of the bill now pending
in congress for the establishment of an
international bank to facilitate our ex-
changes with Mexico and Central and
South America. New York is destined
at no distant day TO become the financial
as well as the commercial center of the
world, and such an institution would,
in my Judgment, be Il long step toward
strumentality for the promotion of COM
merce with those countries.
Give us direct and ample transporta-
ton facilities under the American flag.
and controlled by American citizens, a
currency sound in quality and adequate
in quantity. an international bank to fa-
cilitate exchanges, and system of rec
iprocity carefully adjusted within the
lines of protection, and not only will
our foreign commerce again invade ev-
cry sea, but every American industry
will be quickened, and our whole people
feel the impulse of new and enduring
industry.
GENERAL NEWS NOTES
ITEMS OF REAL INTEREST SERVED
IN CONnENSEn EnRN