The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-12-01
THE SILVER CONFERENCE.

The international silver conference at
Brussels shows a strong gieam Of sense In
its perception that sooner or later. and
probably pretty soon. the United States
will be obliged to stop buying silver bpl-
lion; that when the United States does
step down and out as BUYER of silver bull
lion and its stock Of silver is let go upon
the market the result would be disturb
ance not altogether pleasant for Europe to
contemplate.
Nevertheless there is not the slightest
probability that the Brussels conference
will agree to do anything to help as, be-
cause nothing that they are likely to do
can possibly help US. For fifteen years
the United States has been trying to force
the extensive use of silver in our currency.
The result of our efforts is that We have
in circulation some $450, OO0, 900 in paper,
representing silver at various ratios. but
now worth in the market at least 500, OO0,-
600 less than the face of the notes, and
these notes are kept at par only by the
pledge of the government, in effect, to re-
deem them on demand in gold.
When we began this stupid business of
trying to hold up the price of silver by
the tail by passing the Bland-Allison act
of February. 1878, the average bullion
value of the silver dollar for the year pre-
ceding had been about 90 cents; its aver
age bullion value has never since been in
any year higher than SO cents, and since
1880 there has been steady decline. The
average value for 1881 was about IS cents:
the average value for 1889 was about Y
cents, and today the bullion value of the
silver dollar is about 66 cents, and the
average for the year has been under 70
cents. This dollar, which contains but
66 cents worth of silver bullion. is kept at
par by the pledge of REDEEM ption by the
United States.
So long as that pledge Is kept 1t doesn't
make any difference whether the silver
dollar contains 100 cents Of silver bullion
or not, but the time Of course must come
when. unless We stop buying silver bullion
and issuing on it silver treasury notes, that
pledge cannot be kept. When we began
to issue greenbacks during the war they
issued so many that the world began to
doubt our ability to certainly give gold
for them, and that moment everybody
boarded gold and paid out green
backs; gold took to flight and went
to premium 30 rapidly that before victory
was assured for the tag the greenback was
worth but 81 cents. II does not make any
practical difference whether we try to keep
gold dollar, a silver dollar or paper dol
lar, all legal tenders. side by side: if there
is any choice between them in intrinsic
value the cheap dollar W II stay with you
and the dear dollar will be boarded, take
to flight and go to premium if the pro-
cess of issue Is continuous and indefinite
like our present purchase of silver buiiion
and issue OF silver treasury notes.
There is only one sound road for US to
pursue. and that 10 to stop the purchase
of silver, and refuse to resume its coinage
The silver purchase law of 1890 benefits
nobody but the silver miners. John Sher-
man advises its repeal. Sooner or later
We shall be obliged to do what every sec
rotary of the treasury advised from Presi-
dent Hayes to President Cleveland, viz,
stop the purchase of silver and its COIN
age. Whether we coin silver and issue
silver certificates under the Bland Allison
act or issue treasury notes under the act
of 1870 We are marching every month
nearer to a silver basis.
The chances are, however, that We shall
do nothing as sensible as this; we are far
more likely TO see free silver coinage bill
brought before the Fiftv-third congress.