The rustler., 1891-12-18

Bsfose ths iunusnes e ~ prasresiivs
silver Legislation Nas sea tn tna uafkef
silver uas Wnrth ID Nrw Ncrk nhout . lo3
pr euncs. The abicsi adsouatss % frce
eolnaEs iu ths lasi eunErsss uere ulost cun.
naeut in thsir prrdirtiuu that purchases ~
tns governments Required oY tha las Nuud
af once hFlma ths price ~ silver 90 "A ~ per
ouace. Hhich uould maks thr huliiun Falue
g q cellar one hundrud rents and hoid it
there The rropheeios ~ the ant SILVER
mru ui q sasicrs o. result irom the coinage
uf 81 90 laua pr muuth were not uider ui the
mara The friends ~ free SILVER are not
agreed. think. a. o. thc causes that brought
their hopeful prodictions o. nauEht soms
facts arr known Tue exports uf silver
from London % India during ths ART nine
months of fhs cal andar year. fsii on utef any
per cent or tf.g1l.7s1 compared with the
same months Of the pr rlccdInE year. The
supplied Tor the use OF the people uas ne~d.
I'd and that beneficial results upon trade
and prices have followed this legislation
think must b. very clear q everyone. nor
should Il be forgotten that for every dollar
Of these notes issued a ful dollars worth %
silver bullion = az the time deposited in the
treasury as security Tor hs redemption
Upon this subieCt 81 upon the tarln my
recommendation BE- that the existing laws
be given fuii trial and that our business
Interests be spared the distressing Influence
which threats OF radical changes always
imparL Und~r existing legislation 10 t. IN
the power OF the treasury department 90
maintain that essential condition OF nation
al finance a. well as OF commercial prosper.
ity-the parity In use uf the coin dollars
and their paper representatives The a..
surance Tint these powers would be freely
and uuhcsltatiugly used has done much 60
produce and sustain the present favorable
business conditions.
iam stlll OF the opinion that the free coin.
age ot silver under existing conditions
would di.astruusly affect our business inter.
csts az home aud abroad We could not
/ hope 60 maintain an equality In the pur.
/ chasing power Of the gold aud silver dollar
/ In our own markets. AMI In foreign trade the
/ stamp gives no added value to the bullion
| contained n coins. The producers Of the
country. it, farmers aud iaborcrs. have the
highest Interest that every paper dollar or
coin issued by the government shall be a,
/ good ns any other II there Is one less val
| uabie th an another It, sure and constant or.
rand will be TO pay them for their toll aud
Tor their crops The money lender will pro-
! tect himself by stipulatinx Tor payment In
| gold, but the laborcr has never been able q
! do that To place business upon silyei
| basis would mean sudden and severe con,
traction II the currency, by the withdraw
! of gold and gold notes and such an unset
| thing OF all values as would produce com
msrclal panic. cannot believe that peo
pie so strong and prosperous as ours viii
promote such policy
THE SURPLUS. ETC
The presence OF a large cash surplu, In th'
treasury has for many years been the sub
icct of much uufayorable criticism and ha
| furnished an argument to those who havt
desired TO place tho tariff upon purel'
revenue basis. II was agreed by all that tn
! withdrawal from circulation of so large al
amount OF money WIS an embarrassment G
the country and made necessary the inter
ventiou OF the department at frequent Inter
walls To- relieve threatened monetary panlcs
The surplus on March I. 1879. was Sls',s2l,
lgO "a The policy OF apply this eurplu
TO the redemption OF the interest -bearn
securities OF the I'm ted States was though
to be preferable to that Of dcpositng
without interest In selected national banks
There have been redeemed since the dat
last mentioned OF Interest bearing securl
ties i2ig07a, $50, resulting In a reduction q
the annual interest charge Of fil ,Gsi 615 Tn
money which had beed deposited In bank
without interest has been gradually with
drawn and used In the redemption OF bond
The result OF this policy, OF the sllyc
legislation, and OF the rtfunding of the q
per cent bonds has been u large Increase {
the money In circulation, At the date la'
named the circulation was ii.il, ,20l, ,sg6. q
81 IO3 per capita. while on the first day 4
December. 1891. II had increased to 81 81 ,1jl
40 or s2tSs per capita The offer ot th
secretary of the treasury 20 the holders
the ita per cent. bonds to extend the time {
redemption at the option Of the govcrnmon
at an interest OF per cent, was accepte
by the holders OF about one half the amoun
aud the unextended bonds are being rg
| deemed on presentation.