The times. [volume] (Richmond, Va.) 1890-1903, 1892-12-22
ARE WI ABOUT TO BE swAMPED by
SILVER?

yer ~ increasing so rapidly tnat theIe ~
no hope for it's restoration 10 use as a
money metal. why. ! was talking with
"A man in New York the other day who
told me Of n mine out West that yielded
over 100000 per carload OF ore. Talk
about using silver FOR money, why the
only use that is left for IT is TO make
pets and pans and kettles out OF 1t.
About the same time Senator John Sher-
man, in answer to an inquiry concerning
the failure Of the Brussels conference
to reach any conclusion, said:
81 doubt IL Il can. Mr.. Cannon, an In
t~elIigent delegate from this country TO
Il. telcgraphcd me yesterday to inquire
whether the bill OF Senator Hill to repeal
what is called the Sherman act Will be
PASSED. as had been reported there. 1
answered him that Congress would take
no action before that convention con-
cluded It's deliberations. But ! am in
favor myself Of repeating the act OF 1871.
The fact is that silver is going the way
OF the other metals. probably such as
nickel and copper and iron. The methods
now used TO cheaper the production OF
silver diminish its value as a standard
Of coin. such as Il held when II repre-
scented a large percentage Of labor. We
had copper once for coin, but Its fall
I'm value was inevitable upon the cheap
eninp Of IT'S production and the quantity
nroduced. Nickel. once $3.50 a pound,
has fallen to 30 cents. Pig iron Is worth
about s13 a ton. and steel rails, once SlVO,
are row $50 a ton. or nearly a cent ana
n half a pound. Nails, perfect nails at
that. superior to nails Of other times,
are but two dollars a .keg. The falling
off OF the cost of production in the other
metals used for coinage has produced a
mOmentary appreciation Of gold. l think
we will not be able 10 sustain ourselves
against the financial attitude OF the com
merciai world. which is inclining toward
the gold standard more rather than less.
Europe is too closely connected with US
to allow us to be above her opinion.
Mr.. Sherman's venomous course towards
us Of the South has left him little In
huence as a statesman and public man
here. but those who a V read his
speeches in Congress n his reports as
Secretary Of the Treasury, know that as
n hnancier he has no superior living
However we may despise him as a poll
tician. we cannot whistle him down the
wind as a fnancier. These statements OF
/ Messrs. Harter and Sherman, are state
ments Of the most vital importance. Whom
they are made by Is a matter OF small
moment. The important question is are
they true?
The Government has gone on buying
silver until it has stacked up In the Treas
ury OO.GOo.O 900 Of coin and bullion TO-
lether. 1t has been able, during all the
time this process of accumulation was
going on. TO prevail on the people 10 take
but s5ZOOO.OOO Of the immense stock pur-
chased. The public has shown such an
aversion to accepting silver dollars that
the Government has virtually ceased 70
coin the bullion that it purchases, ana
for more than a year, has simply stacked
it in the vaults of the Treasury as bullion
For all practical purposes that bullion
had lust as well have remained in the
bowels Of the earth.
Five hundred millions of dollar Of sill
yer certificates have been put out against
the bullion purchased. If coin We're de-
mandcd for these certificates the Govern
ment could. Of course. deliver silver coin.
But, if gold were demanded and refused
silver being delivered instead, this would
be a discrimination between the two metals
made by the Government, and, as the
Government did so would all mankind do.
Gold would at once be put at a premium.
Under the conditions that now exist, ag-
gravated daily by the continuing pur-
chases Of silver and the continuing issue
Of silver certificates. what is Indicated
here may happen any day. The slightest
impairment Of confidence nay cause a
run upon the Treasury. There are
si25.0 900. 900 Of gold in it mot counting the
daily outputs and outgoes) to meet de
mands for gold, and there are SSi5,OOO,O9O
Of greenbacks and $500, 600, 900 Of silver GER
tihcates liable to call for gold. 1t cannot
be denied that the Gov eminent is walking
on the very thinest Of ice.
But the statements of Messrs. Harter
and Sherman, II true, make the situation
stil more serious. We are engaged in a
policy of ~endeavoring, by purchasing
the surplus silver. TO keep silver up 10 its
former market value. IL the mines are
really turning out the increased quantities
stated by these gentlemen, it is of course
impossible for the Government, even win
its immense resources, to take up all that
is offered, and it IS Of purse only a ques-
ton Of time when the smash-up-the de-
bacle-win come. What Congress wants.
then, and what the people want. is accu-
rate and reliable Information concerning
the facts Of the case. If It be true. as
Mr.. Harter states, that improved pro-
cesses of smelling silver ore make one
carload Of ore produce $3OO,O 900 Of pure sill
yer, discussion has closed. If silver can
be produced at this rate We had as well
try to keep iron up to the standard Of a
money metal as to try to keep silver
there. The thing is simply impossible.
Information, then, is hat is wanted.
Congress should at once appoint a joint
committee composed Of the best men in
both bodies. to inquire into the facts of
the case, and let us know just what they
are. The situation is becoming too Sc
rious to admit of further delay.
ARIZONA, NEW MEXICO, UTAH.
Should the Republican Senate persist
in refusing the rights and privileges OF
Statehood 20 the Territories Of Arizona.
New Mexico and Utah. IT win add gross