Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1892-05-29
AN OPPORTUNITY.
SILVER IN WALL STREET.


Wall street Financing Journal thus
reports some of the follies of the
gold men:
To the Editor of the Daily Indicator:
Your review of the position of the
Tribune regarding the condition of
the United States Treasury, of May
g, is as near conclusive of the dan
gerous character of the present sill
yer purchase law as could be penned
In the same space. 1t is evident to
the average citizen that there would
be less danger to the gold reserves
if the owner of silver bullion were to
take it to the mint and have it coin
ed into standard dollars and with
draw them, than for the Government
to pay out of the Treasury in gold
coin the market price of the $780,
900 ounces of silver bars and store
them away in the Treasury vaults.
Two years more of this fnanciering
will send gold to premium and sill
yer bullion at much greater dis
count than it is at present. Gold
and silver coin redeems itself if the
stamp of the Government be upon it.
Gold and silver certificates can be re-
deemed in the character of money
upon which they are issued. But
silver bars stacked in the Treasury
are like so much value of wheat
stored in warehouse. Neither is
money. Certificates on either may
be used in domestic exchanges so
long as the market value holds up,
but when the market is down they
cannot. The law of 1890 placed the
Government in the position of a
''buli in the silver market to the
extent of the production of the mines.
The. reduction of the gold reserves
during the continuance thus far will
soon place the Government in the
position of ''bear" by throwing the
stored silver on the market to obtain
the gold paid for it to redeem pro
misses already made. Let the owner
of silver bullion take it to the
mint, have it coined into standard
dollars, pay the cost of refining and
coming. and take them away. He
will find people enough who will be
glad to exchange something they
want and must have.
The coinage of the annual product
of the American mines will amont
to less than 81 per capita of the in
habitants. 1t will go just as far in
the settlement of domestic balances
as the same number of gold dollars.
Neither American gold nor silver
coin can be used in settlement of in
balances, except at the |
bullion value of each, measured by |
The standard of the creditor nation.
Every three months tn Secetary of |
the Treasury fixes the value of all
foreign coins arriving in this country. |
This is presumed to be at such rat e
Is will cover cost of melting the
,oin and ascert aiming the amount of |
inc gold or silver there is in the |
coins. If of gold only, the bullion is
coined into American coin free of
expense to the depositor, which is
half of per cent, approximately.
The value, of coure, varies with the
rate of foreign exchange.
The proposed international con-
ersnce will not be likely to result in
making gold and silver coin legal
Medium of intern ational exchanges.
They never have been, and this pro-
posed conference will not revolutions
re the course of exchange. Each
lation interested in the double stand
I'D can adopt it, but it is hardly
that the units of value pre-
-ailing in Germany will be exchanged
or those prevailing in this country,
II this country adopting that of Ger
many.
The prices of all exchangeable
are fixed by the meas
Ire of value prevailing In each couu
y. Each nation participating will
adhere to its prevailing system. Any
nation may enlarge the use of silver
~ fixing the ratio of value between
t and gold, and make it legal ten
Ter in settlement of debit balances
within its legal jurisdiction. Beyond
hat it will not go. If the ratio of
ixteen to one could be agreed upon
" the conference, it would be for
he interest of all, and the huctua-
1