The advocate., 1891-07-29

reason to suppose that the custom of ages
and the constitution and laws of the United
States providing for the coinage Of silver,
would be set aside or abrogated. Their
lives and fortunes have been spent in the
discovery, acquisition and development OF
silver mines. These mines were appreciated
equally with gold mines. Silver had been
used as money longer than gold, and the
silver dollar was worth premium of about
3 per cent. above the gold in the gold dol
lar. When the mint act of 1873 passed
without their knowledge or consent, deny
ing to silver the right of coinage, they felt
that they we're grieyously wronged by the
action Of Congress which deprecated their
property. You ought to be surprised if
they now feel aggrieved because you
charge them with making unreasonable
and unjust demands, which they never
made and against which they have 80 often
protested.
Why should the miners be represented as
favored ClassS The demonstration of
silver has not only destroyed the fortunes
Of thousands of honest and industrial citi-
zens by running their mining property, but
the actual loss in discounts on the silver
they have produced is about $3.50, 10000.
Seventy millions of this amount have gone
into the treasury Of the United States.
l am informed by the director of the mint
that while the Bland act was in force, under
which $1,000, 600 worth of silver bullion per
month was purchased at the market price
and converted into money at the coin value,
the United States made about $70,0O0,00
profit in the difference between such price
and such coinage value.
The act of 1880, superseding the Bland
act and providing for the issue of treasury
notes at the market value for 100000
ounces of silver bullion per month, does
not provide for the purchase of silver bull
lion with money raised by taxation.
On the contrary, it provides for
the issuance of paper money on the receipt
of silver bullion at it's market price, dollar
for dollar. In view of these facts, how is it
possible for a learned and distinguished
statesman and fnancier to contend that the
silver miners are benefCiaries Of special
legislation discriminating in their favOr3
On what authority do you say that ''tO-
day the production Of silver is probably the
most profitable in the United States3"
Such declaration is reflection upon the
business instinct of the people of the United
States. If your statement be true, why do
not more people engage in the business? It
is free to all.
fear, Mr.. Sherman, that you know very
little about the cost of producing silver. l
venture to assure you that the average cost
of the production of an ounce of silver for
the last thirty years has been at least 81 and
probably "a. You do not take into account
that vast expenditures are necessarily made
in explorations which produce nothing.
You ConRne your observations to the cost
of producing silver from paying mines af-
ter they have been discovered and devel-
oped. II you knew anything about the
business, you would understand that the
working of such mines is like gathering the
harvest after the crop has been matured,
without taking into consideration the value
of the land or the expense of producing the
crop.
l have already shown that the govern
ment buys no silver with the money of the
people under existing laws, but simply re-
ceiyes bullion and issues silver certificates
and makes them legal tender. You say
that "the government now buys in the open
market more than the entire domestic pro-