Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1891-12-31
Tho silver Question.

The Silver QuCsNou'
u.fore the influence of the prospective
.,,rsr legislation was felt In the market,
s;iver was worth in New York about $o.s7o
nor ounce. The abest advocates OF Tree
Coinage in the last congress were muss con-
fident in their prediction .u"s III Tp'h.
chases by the government reQuIeu oy .ao
i.w would at once bring the price OF silver
- z, D,o.l per ounce, which would MAKE tne
,.,,;,;nn vaiue of a dollar 100 cents and mold
II there. The prophecies OF the antl-shscI
men OF disasters to result from Tug cU.naEe
M mari The friends Of free silver are
nnp agreed. / thnk, as to the causes that
hsonxht their hopeful predictions 70
naukht. Some facts are known. no e
norris OF silver from London TO
India during tho hrst 81. m'"e osr "o "vns "a -
ner cent or 81, 2O2, 730. compared with the
Same mouths OF the preceding year. Inc
exports of domestic silver Ouiiioh from t''Is
country. which has averaged TOT the last
tan years over S'7,OOO,OOO. fell IN inc last
t;scsI wear to $l3, 7y7. ;S9l; while for the hrss
tine in recent years. the import OF silver
into This country exceeded the exports W
The sum of s., al. 365. In the previous year:
the net exports OF silver FROM tho United
states amounted to $S,545,555. The pro.
ducton of the United states increaseu
from 80. OOO, 900 ounces in 1889. to -, Do,Un
ounces in 1880. The government Is now
buvng and putting aside annually 5l,ooo.-
On1 ounces, which. allowing l4O, 0O0 ounces
of new bullion used in the arts, Is 6.dio.ooo
more than our domestic product avai'aoie
! for coinage.
| none the depression in the price OF sill
vcr is Temporary and that further trial or
| this legisl ation will more fav0raDly AFFECT
1 H. That the increased volume of currency
| thus supplied for the use OF the people. was
needed, and that beneficial results upon
| hov fnlinWa6 this lpylS-
| lation, l think must be very clear to every
! one. nor, should it be forgotten, FOR
every dollar of these notes issued
| a full dollars worth of silver bullion is Mt
the time deposited in the treasury as Sc
curity for its redemption. Upon this sub
iect. rs upon the tariff, my recommends
ton is that the existing laws be given full
trial, and that our business Interests be
spared the distressing influences which
threats OF radical changes always impart.
Under existing legislation tits IN the power
| OF the treasury department to MAINTAIN
that essential condition of national finance
| as we'll as of commercial prosperity
| narity in use of the coin dollars and their
paper representatives. I he assurances that
these powers would be freely anu unhesl-
tatinriy used has done much to produce
and sustain the present favorable business
7 conditions. ain still OF the opinion that
the free coinage of silver, under existing
conditions, would disastrously 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 to, the
bullion contained in coin. The producers
Of the country s and .h its farmers farmer,
interest that every dollar Of paper
or coin issued by the government should 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
tolls Of the crops. The money lender Will
In gold, but the labOrer has never been able
to do that. TO place business upon silver
basis would mean a sudden and severe
contraction of the currency by the with
drawal Of gold and gold notes, and such an
unsettling OF all values as would produce 4
commercial panic. cannot believe that q
peOple 80 strong and prosperous as ours viii
promote such policy.
The silver Producers.
The producers of silver are entitled Il
Just consideration, bnt they should not for
get that the government is now buying anC
putting out Of the market what is tn,
equivalent of the entire product Of ou
, silver mines. This is more than they them
selves thought OF asking two years ago.
believe it Is the earnest desire of grea
majority OF the people, as it is mine, that ;
full coin use shall be made OF silver just al
soon as the cooperation of other nations
, can be secured, and ratio fixed tina
; will give circulation equally TO golt
and silver: The business Of tn,
metals %t but He do not e see "s any prospect
/. gain, but much OF loss by giving up tn
; present system in which full use is mad
: Of gold and a large use OF silver for on
|. in which silver alone will circulate. Sucl
.. an event would be at once fatal to the fur
| khow of oil Rtnrot
= ailism is the desired end and the tru
= friends of silver will be careful not to over
2 run the goal and bring in silver monO-met
. ailism with its necessary attendants, tn
= loss of our gold to Europe and the relief o
. the press are therefore q large currency.
{ have sndeavored by the use OF otticia
and unofficial agencies to keep
close observation OF the stat
! Of public sentiment in Enrop
y ;. upon this question. and have not found
!. international conference. There 10. how
y ever. am sure, growing sentiment ]
!. Europe in favor Of the larger use Of silve
a and know OF no more effsctual way {
a promoting this sentiment than By q
d eumulating gold here. A scarcity OF goi
- In the European reserves will be the mo.
- persuasive argument for tine use of silve
:, The exports OF gold TO- Europ
= which began in February last, an
!. continued until the close
~ July. aggregated over $7O,OOO,0OO. In
- net loss ct gold during the fiscal year VIZ
= nearly t8S,OOO.O00. That no serious mon
tary disturbance resulted was gratifying
!. aud gave to Europe fresh evidence OF Il
=, strength aud stability Of our financial il
~ situations. With the movement of croI
=. III tho outflow OF gold was speedily stoppe
- and . return set In. Up to December i, v
\. had recovered Of our gold lost. at the DO
4 of New York, 81 1854, OO0> and it Is con
~ IDENTIFY believed that during tho winter al
y, spring this aggregate will he steadily OF
Il largely increased. The presence of y lar,
=. cash surplus in the treasury has for mai
n. years been the subject OF much unfavc
able criticism. and has furnished an arg
10 ment to those who have desired TO pla,
"a the tariff upon purely revenue basis.
nv was agreed by all, that the Withdraw
M from circulation of SO large an amount
~ money was an embarrassment to the bu
=. ness OF the country, and made necessa
n the Intervention OF the department at fl
as quent intervals to relieve threatened mo
.ts etary panics.
in The surplus on March l. 1889, was els
n. 1927, 1922. The policy of applying Il
II. surplus to the redemption Of the intert
b0o 81 pit - sh~ =