New-York tribune., 1892-01-07

fetch than "a cents IT would be hardl,
less safe and certainly equally honest 10 base suol
certificates and notes, and circulate them as gooc
money, upon iron copper upon wheat or tobacco
purchased and accumulated in like manner, at 80 J.;
per cent above the market value. to base sucl
circulation upon the so-caled standard silver dollar
under free coinage.
Whatever advantage from unlimited free coinage OF
silver might to corporate owners Of silver mines
when gold advanced TO premium will be brief and
not permanent, then Secretary Of the Treasury
would be willing to sell United States bonds in order
to obtain gold 10 keep paper currency paid on,
for silver on a parity with gold. These corporations
therefore at remote period would have their own
drug return TO plague the inventors and find silver
certificates or easrry nots received for silver bullion
when unsupported by gold. Of no greater value than
that Of the silver contained in the feecoined silver
dollar. They would not be able then by any Shift 10
fare much better than other classes of the people
IT would not mitigate the suferings Of innocent people
however, that the corporate owners of silver mines
would have to grief from their own
prescription than would have been possible from any
other source. The experiment which was now being
made have the Government purchase On compusion,
fixed monthly of silver. had he feared com
picated and more or retarded any international
compact relative to silver, and perhaps contributed 70
the degradation OF it's value by largely restricting the
demand to one country alone, and by the practical
exclusion OF any popular demand from any other
THE MENACE OF UNLIMITED COINAGE.
The menace of unlimited coinage, with the swelling
accunuations of coined and uncoined silver In the
Treasury. which might in some financial contingency
he thrust upon any all other markets, not only
tended pcrpcuate It's present uncertainty of value
but might further tend to sink 1t to lower depth
Certainly unlimited coinage would Indefinitely post
pone all hope of international compact
in 1854 according to the Director Of the Mint. the
annual silver product OF the world amounted to
lCn had O1la 10 a -
600, or over four times the product Of 1854 The
depreciation Of silver has been accelerated not only
by its greatly increased abundance but also by its
diminished money by leading commercial ma
lions on a gold standard, Great Britain was the
centre and mistress OF the money exchanges OF all
the world Germany, changing from silver 10 gold.
had large unredeemed stock OF antquated coins yet
TO be disposed Of; and France longer a buyer
of silver, and had not been since 1873. No European
nation opened its mints to the free coinage OF
silver, but all were Sighting shy OF IT, and only toll
Grated II subsidiary coinage. Even In Mexico IL
subject to heavy tax Of seignorage OF about
IL per cent. The drain Of silver to India. where
formerly nearly onethid OF the worlds total product
annually absorbed, had not yet ceased though ap
parently this year diminishing and would not wholly
cease so long as wheat cotton and other products
could there be bought with silver but India like the
United states, beginning TO learn that II was
buying elephant.
crease in Mexico and Bolivia. Australia and the United
States had more than doubled even since 1873. while
the legitimate demand for it, though intIepidly and
Osteaacusly promoted by the United states, appeared
TO have fallen of elsewhere more than Cnealf. The
law of demand and supply auOcrs:ic as that
Of gravitatiOn, and silver not exempt from It's
allpervading power.
SILVER A REMUSERATrvE PRODUCT
Silver was a large product Of the thrifty silver
states happily not dominant in ALL but was doubtless
more Iemunerative and likely to continue than any
other mining product, any product of agriculture
or of manufactures. The Granite Mountain Company
IN Montana one of the largest, obtained silver has
been authogitatively reported. al cost OF ~ cents
per ounce. But the same authority stated the
aveiogc mining cost Of silver from American mines at
81 cents per ounce while 1t brought nov, even in the
season Of its great depression nearly dollar or -
cents. per ounce. That to saw il fechci IN all
markets almost double the first cost. No other in
dustIy offered such dazzling money making attractions
The great silver corporations, however, we're eager
'or more. BY existing law the United States Go'erA-
ment had been buying and was bound TO buy silver
at its going market price to an amount about equal
the total production of the American mines leaving
consumption for the arts almost wholly dependent
upon foreign supply. No other industry claimed
such rotund and gigantic protection. Considered as an
industrial American product, he should net haggc
nor begrudge II fun and ample protection to the
capital and labor employed: but silver miners had no
promise Of al increase of wages in Of the free
coinage Of silver and silver standard Of money
must for all the world, stand fall upon its in
trinsic merits and not upon the merits Of the place
whence it came.
The silver propagandiss, of whom the president of
the Montana Granite Mountain Company, Mr.. Rumsey,
appeared TO be honored and distinguished member.
from their abounding maintained here year
after year an expensive literary and Oatorlcal bureau
IN apata ipatc
financial dogmas. They innocentlv declared with
one eyebrow drawn up and the other drawn down.
that they only sought 10 have silver
placed on an equality with gold. knowing. |
they did, that their inequality had been displayed
from age to age, and wide that between the
sun and moon. that silver for many appeared
10 have been aping the unstable satellite by its rest
less monthly changes. II they did not suppose that
free coinage OF silver would give II supremacy and
hansh gold from circulation il wond be snfe TO believe
their love for the silver dollar would disappear
swiftly the hight from falling star No Anarchist
had oftener denounced gold and gold bugs, with a
deadler hate than the ultra partsans Of silver The
transparent design appeared to be TO bring silver in
America the front lower and cheaper standard Of
money with which to buy and SELL the sole
of debts, as a tempting and sinister induce
ment TO the debtor class TO follow treacerons lead
WHO ARE REALLY THE DEBroRsa
Whether or not the measure would be honest or
honorable on the part Of the Government in relation
to all existing contracts they din to discuss
nor even u consider who the debtors really were.
Whe they found IL would be discovered that the
great corporations were the largest debtors Of the |
country. The bonded and other Indebtedness Of the
IaOad corporations is enormous and amounted TO |
s5,753,54l, ,542, about six times the National |
debt The Indebtedness Of the savings banks |
loan and trust companies ard other banks |
to great multitude of derostcrs mainly |
FIR Iabo ed in the
gate amounted to ~. 2.539 ,256,6o9. These were the
parties TO whom to be offered the cheaper money
with which to discharge obligations incurred upon
a gold standard, often to those whose sole surplus