The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-22


against the advice of his physician. He
then proceeded to read his speech, bear
ing the motto, s'Sound money cheats
nobody
81 have not yet abandoned all hope for
bimetallism and for that reason would
gladly vote for a repeal of so much OF the
act OF 1890, as required the purchase OF
trust which it has caused. The country
would continue to be dependent on paper
as well as silver and gold, and as the sill
yer dollar would not be demonetlZed
thereby whenever more silver could be
coined and utilized without croWding
gold TO premium, it would be done by
universal consent. But the treasury
should be relieved from the embarrass-
ment of furnishing gold to pay for silver
bullion. The substitute which silver
mine owners demanded for repeal of the
purchase clause, he said, was the very
measure most feared by the country as it
would bring with it a single silver
standard.
ssThere has been,'' he said, ssfrom 1878
to 1898 some 100000, 900 silver dollars
coined with difference between the face
value and present market value of 176,
900, 900, depreciation of over 40 per
cent. The stock of bullion and silver dol
lars now on hand, if placed in the hands
of receiver, would exhibit a melancholy
loss. The delusive efforts made by all
pewer and prestige of the national gov
eminent to enhance the value of silver
showed that the universal law OF supply
and demand was still invincible and could
not be set aside even by the dynamic of
legal lender laws. Every milestone
along the track of unsuccessful expert
ment marked step downward in the de-
probation of silver. Foreign nations
would not be persuaded to adopt any
measure of relief in favor OF silver by the
fact that it might offord some relief to the
United States, but they would do much
for their relief. The repeal of the silver
purchasing clause in the act OF 1890
would give US practical force, SO long as
it was manifestly disregarded in
the final determination of the silver
problem and Europe after all to
provide for its coming financial necessities
was most likely to reach conclusion that
silver should not remain obsolete and use
less only as commodity.
''He was not in favor of bimetallism
without an increase of silver in silver
coinage, as without an increase it would
be impossible to maintain parity be-
tween gold and silver even with the CO.
operation of many nations, nor would he
favor the free coinage of silver by the
United States alone, were the ratio be-
tween the two metals to be advanced from
16 to 25 to 1, or even to Is to 1, for the rea-
son that the present colossal output of
silver could not be annually absorbed by
any single nation, and it was preposter-
Gus to attempt to absorb it on our part.
1t might win a smile from the governor of
Colorado, but would provoke ridicule in
the commercial world and inexor-
ably cause its further depreciation.
No remedy would have a prosperous
ending which did not squarely and fully
recognize the existing extraordinary
magnitude in the amount of silver which
must be furnished with the new market.
If the United States should tamely assume
the burden of a monopoly OF silver, that
fact might induce France and other
nations also to join the gold monometal-
lists of Europe.
"There was now little of the necessaries
of life for which the United States was
dependent on other countries, while cot
ton, petroleum and provisions could not
be so readily and satisfactorily obtained
elsewhere than in the United States.
There is therefore no possibility of cir
cumstances that could deprive this coun-
try of its large and natural space of the
worlds GOLD, unless by coinage it went
directly to silver Standard; unless
revenue laws were SO framed as to make
the imports exceed the exports, perma-
nently, and that was risk which no
political party would take. With sound
currency foreign gold capital would flow
into our country by the millions for in
vestment, but with any cheap or uncer-
tain value money panic would be an
every day occurrence, and foreign capital
would stand aloof and foreign creditors
would demand prompt return Tor all in
yestments.
"An international agreement is the
best hope OF permanent resurrection OF
silver, and after proper national action
here on our part the chances of resurrec-
ton will be greatly multiplied and other
nations will have equal, if not greater
responsibility. 1t may be called a
bitter remedy to stop the purchas-
ing of silver, but without it the case is
hopeless. Ii in all the world we are nov
the only purchaser of silver, to cease
from it might temporarily cheaper it's
price, but deepen our minis to its free
coinage would permanently cheaper its
value as it's solitary accumulation in our
hands has already sufficiently demon
strated. In the language of Durkee, "A
wise and saluJary neglect is the highest
service we can now render to silver. The
critical test is whether we are or not to
drop q bimetallic standard of gold and
silver and maintain them on q parity or
the dangerously crippled standard of
silver only, and thereby limit to an in
ferior currency the foremost business ma
tions of the world.
At the close of Mr.. MorriIl's speech Mr..
voorhees, presented a letter addressed to
him by the secretary of the treasury,
showing the probable cost of coming sill
yer at changed ratio, and had it read by
the clerk, as follows:
Hon. Daniel W. Voorhees,, United States
Senate.
SIR-Referring to our conversation relative
to the probable cost incident to change from
the present coming ratio between gold and sill
yer OF to 16 for standard silver dollars and one
to s.95 for subsidiary silver to ratio of to 90
you are respectfully informed that the number
of silver dollars coined since 1878 aggregates
4l9. 322, 400 Without any allowance for abrasion
and loss incident to melting the same the coin
ing value of these dollars at ratie of l TO 20
would be 1888 222. l62 or 1874, HOPES less than
their present face value.
To recon these dollars at a ratio of to 90
would require in addition 81 700 ounces of
new bullion, which, at the average price paid
for silver under the act of July Il, 1890, 1914
cents would cost S75, 1888 200.
In addition to this estimate there would be O
loss from abrasion and in smelling these dol
lars Of at least 100000, which amounts, to-
gether with the difference in the face value of
the coins (SS4 ITO. 32S) would have to be reim-
bursed to the treasury by an appropriation for
that purpose. From the fact that the silver
dollars are distributed throughout the country.
it would be necessary. as they are redeemed at
the several subtreasurle5, to transport them to
the mint, and the expense of transportation for
$500, coo 900. the amount of outside stock on
hand al the subtreasuries and minis at Phila-
delphia, San Francisco and New Orleans,
would average at least Ia per cent, or s4,-
500 600
Therefore. the estimate of the cost of RECON-
ing the silver dollars already coined is as fol-
lows:
New bullion to be added .......-... 75 ,SS3. 200
Loss by abrasion and smelling $50. 5000, 900
Cost Of coming. labor materials, etc. $3.50 ZOO
Copper for alloy----------------------. IS, 200
Transportation OF dollars to mint. 4,5OO, goo
Total ...........'-.-' ....----... $50, 741 300
THE SUBSIDIARY COIN.