The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1891-12-19
sIIvcr ns Cnrrencr.


Under the law Of July IA, 1897, the Secretary
OF the Treasury has purchased since Aug rs,
during the fiscal year, 49, 3yJ. li3 ounces OF silver
bullion at an average cost OF sl.Os5 per ounce.
The highest price paid during the year was
81 yU25, and tho lowest 1855. In exchange for
this silver bullion thoro have been issued 10
6I4Js OF the treasury no .ee authorized by the
act. Tho ablest advocates OF FREQ coinage In
the last ougrees were most confident in
their prediction that the purchase by
the Government required by the law
would a. oncs bring the price OF silver 20 elz9l9
per ounce which would make the bullion va no
of dollar 100 nts and hold Il there. The proph
eciea OF the anti-silycr men Of disasters result
from the coinage Of S2.UOO,OOJ per month
not wider ON the mark. Tho friends OF free
silver are not agreed, think, as 20 the causes
that brought their hopeful predictions 20
naught kome facts are known. The exports OF
silver from London 20 India during he FIRST
nine months OF this calendar year fell OF
the same months OF the preceding year.
The exports OF domestic silver bullion
from this country, which had averaged for tho
last ten years over s1l,U0 900 fell In the last
fiscal year 10 a t.70.39l; while. for the first
tune ia recent years, the imports of silyor into
this country oNcce led the exports by the rum
OF ~ 1893 In the previous year the net OK
ports Of silver from he United states amounted
70 Ss,5io,455 The production Of the Uni ed
ktascs increased from Co. y 600 ounces In 1850
10 5i.5JO,00 IN 1890 Tho Government IL now
buying aud putting aside annually 5,mlO0i
ounces. which, allowing for 1890 ounces Of
new bullion usci Ina the arts, Is $4,000 more
than our domestic product available Tor coin
ago hope the depression In the price OF sill
Yer Is temporary and hat turther trial OF this
10 isation viii more faSorably affect IL.
au still OF the opinion that the free coinage
~ silver under existing conditions would disaH-
trously affect our business interests at home
AID abronu. We could not hope 10 maintain an
equality In the purchasing IoWcr OF the gold
and silver dollar in our own markets, and In
foreign trade the stamp gives no added value to
th- built, n con tnined Ia coins. The roducers
uf the country, the farlners and iabOrers have
the Highest interest That every dollar,
paper or coin. Issued by the gOvcrnn. cot
shall be good Gs any other. II there rs
less valuable than another It's sure aud consi ant
crrnnd wlll be To pay them for their toll and for
their crops. The money lender Will lrotect
himself by stipullting Tor payment Ia gold. but
the labOrcr has n yer been able TO do that To
place business upon a SILVER basis would mean
"a sudden nnd severe contraction OF the currency
by the wi hdrawal Of gol aud gold notes. and
such an unsettling 81 all values as would pro-
duce ~ financial panic. 1 cannot believe that
people 30 strong and prosperous as ours VIII
remote such policy.
believe n Is ths otrnest desire OF n great
majority OF the people, as t f. mine. that n full
coin use shall DO made OF silver lust Rs soon
the cooperation ~ otuer nations be
cured n ratio nxed that will give circulation
equally 90 gold and silver Hi-metalism ~ the
desired ccd. and the true friends OF silver will
be careful not TO oyorrun th9 goal and bring I'm
silver monomctalisn. With its necessary at
tendants, the ~ of our gold TO Europe and the
relief OF tho pressure there for larger cur
rcncy.