Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1891-12-11

class to suggest that the existing tariff and
revenue legislation bears oppressively upon the
people or retards the commercial development
of the nation. 1t may be argued that our con-
dition would be better if our tariff legislation
were upon free trade basis; but it cannot be
denied that all the conditions of prosperity
and of general contentment are present in a
larger degree than ever before in our history,
and that, too. just when it was prophesied they
would be In the worst state. Agitation for
radical changes in tariff and financial legisla-
tion cannot help, but may seriously impede,
business, to the prosperity of which some de-
gree of stability in legislation is essential.
l think there are conclusive evidences that
the new tariff has created several great indus
tries which will within few years give en-
ployment to several hundred thousand Ameri-
can workingmen and women. In view of the
somewhat Overcrowded condition of the labor
market of the United States every patriotic
citizen should rejoice at such result.
The report of the secretary of the treasury
shows that the total receipts of the govern
ment from all sources for the fiscal year end
ing June 30 1891, We're $45S, 233 OBJ, while tn e
expenditures for the same period were $42l,-
30i, 410. HI, leaving surplus of $37 229 1921.
The receipts of the fiscal year ending June
30, 1899, actual and estimated, are $433 OOO, 600
and the expenditures $409,OO,00O. For the fis-
cal year ending June 30, 1893, the estimated re-
ceipts are $455, $3.50 and the expenditures
SAL, 30O,093
The Silver Laws.
Under the law of July IA, 1890, the secretary
of the treasury has purchased (since Aug. 13)
during the fiscal year As 1888 113 ounces of silver
bullion at an average cost of S1.045 per ounce
The highest price paid during the year was
S1.2025, and the lowest, $0.9636. In exchange
for this silver bullion there have been issued
tlat
the act. The lowest price of silver reached
during the fiscal year was $0.9636 on April %,
1891, but on Nov. the market price was only
$O.96, which would give to the silver dollar a
bullion value of 744 cents.
Before the influence of the prospective silver
legislation was felt in the market silver was
worth in New York about 0955 per ounce. The
ablest advocates of free coinage in the last con-
gress were most confident in their predictions
that the purchases by the government re-
qured by the law would at once bring the
price of silver to 1929 per ounce, which would
make the bullion value of dollar 100 cents
and hold it there. The prophecies of the anti
silver men of disasters to result from the coin
age of 81, 100000 per month were not wider of
the mark. The friends of free silver are not
agreed, think, as to the causes that brought
their hopeful predictions to naught. Some
facts are known. The exports of silver from
London to India during the first nine months
of this calendar year fell off over 80 per cent,
or SIT ,202 $50, compared with the same months
of the preceding year.
The exports of domestic silver bullion from
this country, which had averaged for the last
ten years over S17,000G Co., fell in the last fiscal
year to $13. 1871 ,39l WHILE for the first time in
recent years, the imports of silver into this
country exceeded the exports by the sum of
s.. IA, 363. In the previous year the net ex-
ports of silver from the United States amount
ed to $S,545, 4I5. The production of the United
States increased from 50,000,000 ounces in 1889
to 54,500000 in 1890. The government is now
buying and putting aside annually 54OOO,OOO
ounces, which, allowing for 7,140000 ounces of
new bullion used in the arts, is 6640,00O more
than our domestic product available for COIN
age.
1 hope the depression in the price of silver is
temporary. and that a further trial of this leg
islation will more favorably affect it. That
the increased volume of currency thus sup
piled for the use of the people was needed, and
that beneficial results upon trade and prices
have followed this legislation, | think must be
very clear to every one; nor should it be for
gotten that for every dollar of these notes
issued a full dollars worth of silver bullion is
&C the time deposited in the treasury as Sc
curity for its redemption. Upon this subject,
as upon the tariff, my recommendation is that
the existing laws be given full tsial, and that
influence which threats of radical changes al
ways impart. Under existing legislation it is
in the power OF the treasury department to
maintain that essential condition of national
finance as 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 unhesita-
tingly used has done much to produce and sus-
tain the present favorable business conditions.
| ~ Ia he
f silver under existing conditions would dis
hstrously 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 coins. The
producers of the country, its farmers and
laborers, have the highest interest that every
dollar, paper or coin, issued by the government
shall be as good as any other. If there is one
less valuable than another its sure and con.
slant errand will be to pay them for their toll
and for their crops. The money lender will
protect himself by STIMULATING for payment in
gold, but the laborer has never been able to dc
That. To place business upon silver basis
would mean a sudden and severe contraction
Of the currency, by the withdrawal of gold
and gold notes, and such an unsettling of all
values as would produce a commercial panic
l cannot believe that a people so strong and
prosperous as ours will promote such policy
The producers of silver are entitled to just
consideration, but they should not forget that
the government is now buying and putting out
Of the market what is the equivalent of the en-
tire product of our silver mines. This is more
than they themselves thought of asking two
years ago. believe it is the earnest desire of
great majority of the people, it is mine, thats
full coin use shall be made of silver just as
as the cooperation of other nations can be Sc,
cured and a ratio fixed that will give circula
ton equally to gold and silver. The business
of the world requires the use of both metals
but do not see any prospect of gain, but much
of loss, by giving up the present system, il
which a full use is made of gold and large
use of silver, for one in which silver alone will
circulate.
Such an event would be at once fatal to tht
further progress of the silver movement. Bi.
metalism is the desired end, and the true
friends of silver will be careful not to overruD
the goal and bring in silver recommendation
with its necessary attendants, the loss of ouI
gold to Europe and the relief of the pressure
there for a larger currency. have endeavored
by the use of official and unofficial agencies tt
keep close observation of the state of public
sentiment in Europe upon this question, ano
have not found it TO be such as to justify me il
an international conference. There
is, however, am sure, growing sentiment iI
EurOpt LII ldNOF Ol Il larger use Oh silver, ana
know of no more effectual way of promoting
this sentiment than by accommodating gold here
A scarcity of gold in the European reserves
will be the most persuasive argument for the
use of silver.
The exports of gold to Europe, which begaI
in February last and continued until the clost
of July. aggregated over S7O0OO,0OO The mel
loss of gold during the fiscal year was nearly
sos, 100000.
The SupnIuS
The presence of a large cash surplus in tn,
treasury has for many years been the subject
of much unfavorable criticism. The surplus
on March /, 1889, was $1s3, S27 1929. Tht
policy of applying this surplus to the redemp
ton of the interest bearing securities of thu
United States was thought to be preferable tt
that Of depositing 1t without interest in select.
ed national banks. There have been redeemed
since the date last mentioned of interest bear.
Ing securities $3.50 079, $50, resulting in a reduc
ton Of the annual interest charge of Sill 1884 675
The money which had been deposited in banks
without interest has been gradually withdraw
and used in the redemption of bonds,
The result of this policy, of the silver legis,
lation, and of the refunding of the ~ per cent
bonds has been a large increase of the money
In circulation. At the date last named the
circulation was 81, 404 20, S96. or $500 pei
capita; while on the LIST day of December, 1891
1t had increased to 1877 49,, 070 or $24.3S pei
capita. The offer of the secretary of the treas
ury to the holders of the ~ per cent. bonds to
extend the time of redemption, at the option
of the oto into of