The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-10-30
sr1rrIx. ~osD<r. oer 80.


Today the bill repeating. without eondi-
fiens, the silver purchase clause OF the
Sherman act Of July. isso, will be finally
voted upon, and Doubtless passed by
majority Of ten. Its passage will be
great victory for honest money. and the
credit OF IL belongs chiefly 20 President
Cleveland and the Republican party.
Three years Of discussion and the hrn
stand taken By Mr. Cleveland raised the
coinage from 10 90 ia. and brought about
d reversal Of position in thirty-seven DEM
ocYatIc congressman who have voted on
the question in the last three congresses.
In the senate the influence OF Cleveland
changed the attitude OF Senators Voor-
hess. Gordon. Ransom. German and Mills.
Nevertheless the passage of the bill with
out conditions. In the house and senate
both, IL due 10 the Republican votes. The
amendment substituting the Bland-Aili-
son Law Of 1878 secured Democratic ma
iority in both the house and the senate.
The vote on the amendment In the SEN
ate on Saturday showed that IL was de-
feaied BY only four majority. Bat for the
Republican support In the house and the
senate unconditional repeal would have
been defeated aud the Bland-Allison act
OF ISIS been re-enacted. The Bland-AIli-
son act ls worse measure than the So
called sherman act OF 1890, for under IL We
should have continued silver purchase.
and would have coined g, ooo, 900 Of light
weight silver dollars every month instead
of buying four millions month of silver
bnliion and paying for II by issuing legal
tenders payable on demand in honest
gold dollars.
Ii Is clear. therefore, that President
Cleveland owes bis victory 10 the Repub-
licans in both the house and the senate,
whose votes defeated the amendment
which restored the Biand-Ailison silver
purchase and coinage lsw. This amend
inent had nine Democratic majority in
the house. and Its defeat was due 10 hearty
support Il received from the Republicans.
So IN the senate the defeat OF this amend
ment restoring the Biand-Aliison act
would have been carried. and instead Of
unconditional repeal of the pernicious
policy OF silver purchase. expressed in the
sherman act OF July. 1890. We should have
had the Bland-Allison act, far worse
measure. since IL perretuatsd silver pur-
chase and the coinage of lightweight
dollars.
With the repeal Of the silver law will
come heavy investment demand from
Europe and the resumption of an unre-
strlcted cash payments by the banks.
This wiii be followed. as in 1879. by sud
den pouring out OF loeked-up funds and a
quick restoration Of monetary equilibrium.
OF the results of repeal the Philadelphia
Ifsss says,
THE United States produces yearly
about 5000 600 ounces of silver. in iSl5
ahout 5So0o coo ounces. At current prices
last years product is worth about $1,000
0a. Iader the policy begun by the Bland
act and continued by the sherman act, the
government hrs purchased nearly this en-
tire output Now this silver product will
20 abroad and add to the balance of trade
IN favor of this country. and gold will
come in return, To Gate. the mere agiia-
ton Ter repeal has nearly doubled our ex.
ports Of silver this year. ne compared With
last, and repeal will probably add from
siaos0 90 % 80 900 COO year to our ex.
ports OF silver. which vii go abroad as
merchandise. This will meet an eauiva-
lent import of merchandise or Of gold.
aud improve by this amount the balance
OF trade
There will be a heavy dema nd for and
export of American securities, and thi.
viii bring an import of gold just as the
import of securities in isao brought an ex.
port Of gold. Here are two sources which
will increase gold imports in all prohabil-
iiy 10 greater extent than the 81, coo. 0oC
of silver certificates issued yearly under
the silver policy.