Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-06-14
HON. 10 ABBOTT.
Unlimited Coinage of Silver-Revision of
the Tariff ana Internal Revenue LAWS.
HuI.SBoRo. TEX, May %, 1891.

/ E-ultOl hsaZelte.
am in receipt of yours OF 2lst request
| ing my views on certain questions, which
! are substantially as follows:
| Do we need more money in circulation
| If we do what is the Wisest and most eff
| fective plan for providing this additional
| circulation!
| In reply would unhesitItinglv say we
need a larger volume of the circulating
medium. The best interests of the people
demand, and it is the duty of the govern
| ment TO supply, sufficiency Of currency to
| meet the ordinary wants Of trade and COM
! merce
How this may best be done is a question
about which our abest financiers and
political economists, who concur in the
opinion that the volume of our currency
should be increased. differ.
The most of them. however, agree in the
opinion, in which heartily concur, that the
free and unlimited coinage of silver, placed
on a parity with gold. at whatever standard
the government may Fix, will go long way
towards
EFFECTING THIS RESULT.
From the date Of the first coinage act in
1872, the relation of silver TO gold, with
slight variations as to weight and tneness,
remained substantially the same until the
passage of the act of February, 1873, which
act demonetizcd silver. The fraudulent
manner in which this act was passed is well
known to the country. According to the re-
port of the director of the mint, the product
of silver in the United States for the calendar
year 1890 was in round numbers 55.00O,0UO
fine ounces. of the commercial value of $50
222j.0OO and of the coinage value of $40, HOO.
900. To the amount of silver produced in
the United States should be added some
thing over 1900, 600 fine ounces of silver
produced from foreign ores reduced at pri-
Nate reduction works in the United States,
4. -
coinage value of about $4,000, 900. Allow
ing 81 600, 600 to manufacturers of jewelry,
etc. we have remaining SO, G00,000 under
free coinage that would, under an admin
istratiOn friendly TO silver, go into general
circulation. This sum would also be in
creased TO the extent of the silver money of
other governments, which the treasury
regulations require to be recoined; also by
such foreign silver as might be imported.
If this amount of money should be annually
put Into circulation land it is not probable,
Judging from the reports of the director of
the mint as TO the production of silver in
the United States for several years past,
that the amount VIII be materially de-
creased) II would tend in great degree TO
relieve the country from present financial
embarrassment.
BY what has been said, do not wish to
be understood as meaning that every ounce
of silver shall be actually coined into dol
lars. but mean that every sixteen ounces
of silver (the present relative value under
the coinage acD shall be equal in value to
one ounce of gold, or that 3allt grains of
fine silver shall be equal in value to 81 of
gold. if the holder OF silver, whether it be
in coined dollars or in bars, should he de-
sire TO do So be allowed 10 deposit the same
and receive therefor their value in legal
tender treasury notes.
| will not attempt 10 refute arguments of
the opponents of silver, who contend that
free coinage of silver will drive gold TO Eu-
rope and cause an influx of silver to this
country. as ii would hardly be in response
TO your inquiry, but ] will be permitted 10
say that me director Of the mint, in a table
estimating the value of the coins OF thirty
six foreign natiOus and states, shows that
twelve have the single gold standard,
twelve the single silver standard and
twelve
DOUBLE STANDARD OF GOLD AND SILVER
In France and other European double
standard states fifteen and one-half ounces
of silver are equal in value to one ounce OF
gold IN India fifteen ounces of silver are
equal III value to one ounce Of gold. In the
United States, under the coinage act, il
takes sixteen ounces of silver TO be equal
to one OF gold. II is hardly probable that
foreign silver would leave higher market
at home TO seek a market in this country
where its value is less.
France, with population of IS, 900, 900,
though occupying territory less in extent
than the state of Texas, has IN circulation
among her people $500, 600 900 of gold, $780,
000. 900 of silver and about 800, 900 900 of pa
per, making ercapita circulation of about
S44. 90, while Great Britain, a gold standard
country, has only $3.50, 3. SO OF which is of
silver.
The director of the mint states that on
January |. 1891, there was of gold and sill
yer bullion and coin in the United States
treasury S65+, 204, i4G, and s4S. 500. $40 of pa
per. Outside of the treasury there We're
$3.50. 9S7 ass gold and silver. and S991, $50. 1859
of paper, making total outside of the
treasury of SLIPS, 80, 267. a per capita
circulation of S25.1T, estimating our popula-
ton at u. 000.0OQ. This is not quite fair
statement, for the reason that the bank re-
serves and certain deposits in savings banks
which are not in the treasury nor in actual
circulation will greatly lessen the amount
OF circulation per capita, it having been es-
tlmated by careful Investigations not to ex-
cee:i $50 per capita. IL has been contended
by some persons whose opinions on money
subjects are entitled to great weight that
the act of congress of July, 1890, requiring
the treasury department to purchase 81
500, zoo ounces of silver monthly, practically
of the silver being required for use
in the arts. Their position, how
ever, is not sustained by the facts.
as have already shown that the production
of silver in the United States, supplemented
By refined silver from imported foreign ores
exceeds the amount required under said act
by over S200O0,00O not including the
amount gsed in the arts. That proposition
is not Sustained as further shown by the
offerings TO the treasury department-therc
iURing been offered for sale at tine treasury
during the year 1890 more than
IS, 100, 600 fine ounces of silver OF the coming
value OF over SS1, 500. 900, of which about 81
100000 ounces only were purchased. After