The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1891-12-18
Opposed 10 Free Coinage.

Onoer tue law OF july IA, 1871, the SeCre-
tary Of the treasury has purchased since
August Is during the fiscal year IS, 1913,
l1S ounces OF silver bullion at an average
cost OF Sl.O4J per ounce. The highest
price paid during the year was $1-&O26 and
the lowest SU.9S3 J. In exchange for this
silver bullion there have Ueen issued So
y7.4CS of the treasury notes authorized by
the act. The lowest price OF silver reached
during the fiscal year was S0.9G36 on April
p, 1891; but on Nov. i, the market price
was only SI06, which would give TO the
silver dollar IA bullion value Of T414 cents.
Before the influence of the pros pectlve
silver legislation was felt in the market,
silver WAS worth ia New York about
500 3 per ounce
The ablest advocates of free coinage in
the last congress were most cOnhdcn in
their prediction that the purchases by the
government required by the law would at
once bring the price OF silver to 81 1929 pei
ounce, which would make the bullion vaIu,
Of a dollar LOO cents and hold il there. The
prophecies of the anti-siiver men of dis
dsters to result from the coinage of 81 q, =
700 per month were not wider of the mark
The friends Of free silver are not agreed
/ think. as 10 the causes that brought tneil
hopeful predictions 10 naught. Some facts
are known. The exports OF silver from Lon
don TO India during the first nine months
OF the calendar year fR0 on 81 per cent or
Sl7, %, 80, 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 S17. OOJ,OOO, fell in the last
fiscal year 10 &l3, 707 891; while, for the
first time in recent years, the imports Of
silver into this country exceeded the eX-
ports by the aum OF So 745. c65. In tn,
previous year the net exports OF silver
from the United States amounted 70
IS, 545. ass
The production of the United States in
creased from so OOO, 900 ounces in 1889 L,
81. 500 coo in 1890 The government is now
buying and putting aside annually 81 OBJ e
n n NJ.
of new bullion used in the arts. is 6,6+l,, o.
more than our domestic product available
for coinage.
hope the depression in tho price of
silver is temporary and that further
trl III of this legislation will more favora oily
affect it. That the increased volume o.
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 il 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 a
security for its redemption. Upon this
subject, as upon the tariff, my recon-
mendation is that the existing laws be
given fun trial and that our business
interests be spared the distressing infiu-
ence which threats of radical changes
always impart.
Under existing legislation it is in the
power OF the treasury department TO main
finance as well as commercial pros perity-
the parity in use OF the coin dollars
and their paper representa- yes The as
surauce that these powers would be freely
and unhesitatinglY used has done much TO
produce and sustain the present favorable
business conditions 1 am still OF the
opinion that the free coinage OF silver
under eHIs 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
s amp gives no added value 70 the bullion
contained in coins. Tho producers OF the
country, its farmers and labOrers, have the
highest interest that every dollar, paper
or coin. issued oy the government shall be
as good as any other. II there is one less
valuable than another its sure and con-
slant GRAND III be to pay them for their
toll and for their crops. The money lender
will protect himself by stipulating for pay
ment in gold, but the laborer has never
been able to do that To place business
upon silver basis would mean sudden
and severe contraction Of the currency,
by the Withdrawal OF gold and gold notes,
and such an unsettlinR OF ali values as
would produ commercial panic can
not believe that people so strong and
prosperous as ours viii promote such q
policy
lust consideration but they should not for
get that the goverbmen Is now buying AND
putting out OF the Market Wnat y the
equivalent of the entire production OF our
silver mines. This Is more than they them
selves thought of asking two years ago l
believe It is the earnest desire OF great
majority OF the people, as IL Is mine. that 9
full coin use shall be made OF silver Just
as soon as the cooperation OF other ma
lions can be secured and q ratio fixed that
viii give circulation equally 70 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 . fun
use IS made OF gold and q large use OF
silver. for one in which silver alone VIII
circulate Such an event would De Al
onca fatal - he furAh-- r TreSs OF slTeF