The Superior times. [volume] (Superior, Wis.) 1870-1912, 1891-12-12
DANGERS OF FREE COINAGE.
President Harrison Takes n Bold Stand
on the Silver Question.

The report of the secretary of the treasury
shows that the total receipts of the govern
ment from all sources, for the fiscal year ending
June 90. 1891 were Sass 5i4, 2SS 03. while the
denditures for the same period were si2l ,S04.-
40. 46, leaving surplus of SS7, ,2Sy 1925. The
receipts of the fiscal year ending June 80, 1892,
actual and estimated, are Si3S, 100000 and the
expenditures S409, 100000 For the fiscal year
ending June so. 1898. the estimated receipts are
Si55, $50, $50 and the expenditures SAL, ,30oU UyS
Under the law of July H. 1890. the secretary
of the treasury has purchased since August Il.
during the fiscal year 4s, ,S9 1lS ounces OF silver
bullion at an average cost of S1.0I5 per ounce
The highest price paid uring the year was
81. .025 and the Lowest 50. e636. In exchange for
this silver bullion there have been issued $50
577.49S of the treasury notes authori zed by the
act. The lowest price of silver reached during
| the fiscal year WAS so .6$6 on April -, is9l but
on November the market price 'Tas only :. 81,
which would give 10 the silver dollar Il bullion
value of 74l cents.
Before the influence of the prospective silver
| legislation felt in the market silver was
worth in New York about SO. 955 per ounce. The
abest advocates of free coinage in the last Con-
| gress were most confident in their prediction
| that the purchases by the government required
by the law would at once bring the price of sill
| Yer TO 81. 2929 per ounce. which would make the
bullion value of a dollar 100 cents, and hold it
| there. The prophecies of the anti silver men of
disasters 10 result from the coinage of S2000,O ,O0C
| per month were not wider of the mark The
friends of free silver are not agreed. think. s
| to the causes that brought their hopeful predic-
| tions 10 naught. Some facts are known.
| The exports of silver from Loudon
| to India during the first nine months
| per cent. Nr sl7, .02, 80, compared with the
/ same month of the preceding year. he eS-
ports of domestic silver bullion from this couI
| try. which had averaged for the last ten years
! over Sl.o0o,0 0G0 fell in the last fiscal year TO
| SIS, 1881 while, for the first time i'll recent
| years. the imports OF silver into this country
exceeded the exports by the sum of 80, AS, sos
| In the previous year the net exports of silver
| from the United states amounted 10 Ss,5is, ,i55
| The production of the United States increased
| from 5O.OO0,0o0 ounces In 1889 TO 5i,5ta,po0 in
| 1890 The government is now buying and put
ting aside annually 81 900 900 ounces hich. al
| lowi ng for 10000 ounces of new bullion used
in the arts is 6,6i0e0) more than our domestic
product available for coinage.
! hope the depression in the price of silver is
temporary. and that further trial of this legis-
lation will more fsvorablv affect il. That the
increased volume OF currency thus supplied for
the use of the people was needed. and hat bene-
icial results upon trade and prices have fol-
lowed this legislation think must be very clear
to everyone: nor should ii be forgotten that for
every dollar of these notes issued full dollar ;
worth OF silver bullion is at the time deposited
in the treasury as security for its REDEEM ption
Upon this subject, as upon the tariff. my rec
ommendation is that the existing laws be given
u full trial and that our business interests be
spared the distressing influence which threats
Of radical changes always imDart tnder exist
ing legislation ii is in the power of the Treasury
Department 10 maintain that essential condition
of national finance well as of commercial
proSperity-the parity in use OF the coin dollars
and their paper representatives. The assurance
that these powers would be freely and unhesi-
iatingly used has done much to produce
and sustain the present favorable business CON
ditiopS
am still OF the opinion that the free coinage
| of silver under existing conditions would dis
astrously affect our business interests at home
| and abroad. We could not hope to maintain Il
/ sn equality in he purchasing power of the gold
| and silver dollar in our own markets. and in
| foreign trade the stamp gives no added value 10
| the bullion contsined In coins The producers
| of the country. its farmers and Ia abor5rs, have
the highest interest that every dollar. PAPER or
good as auy other If there is one less Va iua BILE
| than another its sure aud constant erIand Will
&c 10 pay them fer iheiE Ioi! ald fer iheI efeps