The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1891-12-16
Silver as Currency.


Under the law Of July IA, 1899, the Secretary
OF the Treasury has purchased since Aug. 10,
during the fiscal year, AZ, 1893 lib ounces of silver
bullion at ali average cost Of Sl.045 per ounce.
The highest price paid during the year was
81 2025 and the lowest 3 1886. In exchange for
this silver bullion there have boen issued S50,-
act. The fullest advocates of free coinage in
the last Congress were most confident In
their prediction that the purchase by
the Government required by the law
would at once bring the price of silver TO $1,000
per ounce, which would make the bullion va ne
of dollar 100 cents and hold IL there The proph-
ecies Of the anti-slyer men of disasters to result
from the coinage Of S2,0o0,000 per month were
not wider ON the mark The friends of free
silver are not agreed, think, ns 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 20 per cent, or s7,2 1880 compared with
the same months of che preceding. year.
The exports OF domestic silver bullion
from this country, which had averaged for the
last ten'years over s170o 900, fell In the last
fiscal year TO Sl3, 797,391; while, for the first
time in recent years, the imports Of silver into
this country exceeded the exports by the sum
OF - ,SS5 In the previous, year thernet ex;
to %, 545, 455. The production OF the Uni ed
States increased from $4,000 900 ounces in 1889
to 54,5Oo,ot0 in 1890. The Government is now
buying and putting aside annually "a 0OO, 00O
ounces. which, allowing for 7,l40,t0J ounces Of
new bullion used in the arts, is 6.640 900 more
imam our domestic product available for coin
age hope the depression in the price OF sill
yer Is temporary and that further trial OF thi 3
legislation will more favorably affect IL.
] an still OF the opinion that the free coinage
OF silver under existing conditions would dis as
trously 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. the farmers and laborers, have
the highest interest that every dollar,
paper or coin Issued by the government
shall DO as good as any other II there is one
less valuable than another it's sure and cons tant
errand will be TO pay them for their toll and for
their crops. The money lender will protect
himself by stipulating for payment in gold, but
the laborer has never been able to do 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 pro-
duoe financial panic. cannot believe that a
people so strong and prosperous as ours will
promote such q policy.
believe It is the earnest desire Of q great
majority Of the people.sas IL Is mine that Q full
coip use shall be made Of silver Just a. soon as
the cooperation Of other nations can be Sc