The advocate., 1892-02-10
THE SILVER QUESTION.

NOW IOIh OOA5 5tCSS " l. S''NS''~~ -
February LIST, to which we would
most respectfully invite the attention
of those who pretend to belieTe that
our present silver law is equivalent
to a free coinage law and who deny
that the law was framed in the sole
interest of gamblers:
F, NJ. Lockwood & Co. say: The market Is
heavy and good deal Of capital is being made
by the bears out OF the low price OF silver. high
rates Of exchange, the accumulation ofmoney,
the financial trouble south and sales OF our Sc
curities for European account 1t Is possible
during the absence of aggressive buying to work
upon the street sentiment with these unfavOr
able factors enough to produce considerable re-
action but the situation is not bearish, tt Is bull
lsh; and although the market may lag for time,
it is certain to have very lively advance before
many days.
The Capital, few days ago, noted
the fact that on a given day silver
reached the lowest point it has ever
reached" under this benifcent ~
law This law simply reduces silver
to commodity in which gamblers
speculate just as they do in wheat
and corn under the benign protection
of the same governmental policy as
applied to these commodities. This
was the intent of the law, and facts
brought to light at the time tie law
was passed clearly indicated that
members of Congress who voted for
it were largely interested in purchases
Of silver bullion secured in advance,
and in contemplation of a rise that
was expected to, and did take place
after it's passage.
To those who have the remotest idea
that this law is in any sense equiva-
lent to free coinage we submit the
following clipped from the same issue
February LIST, of the Journal of FL
nance:
Henry Clews s. Co. say: OF one thing there
can be little questiOn-that II 1t were thought
likely that the country will be ultimately COM
mitted to the free coinage Of silver, without any
International cooperation to restore and maln-
tain its value, It would send thrill Of apprehen-
sion through all the great interests that centre
In Wall street, and produce an unparalleled
prostratlOn of confidence In everything financial.
It must not be inferred from Wall streets 81
lence on this question that 1t is In any sense H.
different about It, IC Is silent because Its voice
would be unheeded among the men who shape
legislation after the demands Of popular PrejG-
dice and ignorance; but 1t watches these move
ments with deep concern and yet not with de-
spoDdency; for Its hope is In the power Of the
conservative common sense Of the country to
finally defeat the cOunselS Of selfish interests
and Of blind partiSans
If the present law bears any sem
blance to a free silver law; or if its
effect is to put as much money in cir
culstion as free coinage would do,
why should the anticipation Of free
coinage law "send a thrill of appre-
hension through all the great inter-
ests that centre in Wall streetP' But
here is another clipping from the
Journal Of Finance:
Hambleton g. Co. say: That we are to have
great plethora Of money and low rates of In
terest from now until next seasons crops begin
to move appears certain. Notwithstanding the
large amount of money now accumulated at the
monetary centres and the fact that the govern
ment is grinding out s5,OOO,OOO per month TO
swell the volume of circulation the silver iDfla-
nonlsts at Washington are asking Congress to
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