The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-07-14
NOT THIS SESSION.

! Tho House on Wednesday very wisely
sat down upon Senator S7EwART's silver
bill. We say wisely, not in the sense that
II is wiso 70 oppose free coinage The dill
was crude, was carelessiy drawn and as q
law would have wrought incaIcufable mis-
chief, not merely to the mining industry
but to the country at large. In the first
place il discredited, aud it ia believed by
good lawyers. demonetized the silver GER
tfcates which have been issued by govern
ment within the past two years in payment
for the silver bullion purchased BY the
treasury department 1t is true, govern
rneat would have accepted these notes in
payment OF customs and other dues, but
the paper would have been at once with
drawn from circulation, occasioning
an ugly financial disturbance result
ing in benefit to the very people
the silver advocates do not want to help
tho ''gold bugs" 1t is not charged that Mr.
STEWART did this willfuliy. His enthus-
iasm destroyed his judgment. But the
worst feature Of the bill, so far as it re-
lated &c the silver purchasing section of
the country, was that requiring the coin
age Of she silver bullion pow stored in the
treasury vaults There is enough Of that
silver TO keep the mints working ct their
full capacity for three years, during which
time although the law would provide for
free coinage" not dollars worth Of
silver would be coined on private account.
There is now a market for four and half
million ounces of silver per month in addi-
dition 20 the amount taken by the arts and
manufactures. That market would be cut
OF, and about half the silver pur-
chased by the country would have
to be stored three years by the
owners, or sold al the depressed price
which an oversupply would cause. We
believe the bill. would have put the price
OF silver below any point it has ever
touched, and closed many mines. At the
present price of the metal, only the better
mines can be probably worked.
However, it is doubted that anybody
ever intended that the bill should reach
the president II was a game of politics
that congressman played. The Senate
passed the bill with Republican and Demo
cratic votes, and thus prevented the silver
ties from denouncing or applauding either
party; whilst there were Republican and
Democratic votes against the measure, so
the goldites viii not be able to say that one
party is against and the other in favor of
free coinage. The same course was pur-
sued in the House, with this excep-
ton. that caution was taken to prevent
the passage of the bill, as that
would have been embarrassing, all parties
denouncing the measure on account Of Its
ugly and injurious features. The question
has now been taken out Of the campaign in
SO far as partisan issue is concerned. No
record has been hurt, no candidate has
anything to explain or repudiste, and there
is no change in the silver law.
We believe, the election being over, free
coinage bill can be passed at the next ses-
sion OF Congress- There is undoubtedly a
silver majority in each house. and there
will be nothing to prevent the friends of
free coinage from asserting themselves
next winter. Their political fate. and that
Of their respective parties will be known,
and Representatives and Senators can then
afford to do what they think will be for the
bsst