The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-07-12

rng xEsClTs OF sBLvER LgOisLA-
11ON.

1ION.
Our stock Of money January I. 1879. con-
sisted Of gold coin. legal tender notes
amply secured and bank notes ssdeemabss
in lawful money. - follows:
Gold ........-...-........-.... t1y.vU.up
Legal leader nssss ..............% 5000 1917.
Hsltoaai bank nosee @-s,s's-so
TOTAL srssFSts,~@t
Our currency Was then entirely gold cur
rsncy--shat IL. . currency based on gold.
No silver coins, excspt change money. nor
silver notes troubled NJ. Silver had been
demonstrated BY Germany in is73: one
after another the European states had
closed their minis 10 silver coinage. until
IN 1875, when this country began the
purehsse and coinage Of silver. not
. single mint In Europe was open
for the coinage Of silver for sndi-
viduaIs. In February. 1878, congress
passed owe. the veto Of President Hayes
she so-cailed Bland bill. requiring tho
mandatory purchase and coinage. monthly.
OF not less than $1,000. 000 nor more thsa
$4,000 worth Of silver bullion. with
further provision authorizing the issue OF
paper certificates In sums of SO and null
tipiss, In lieu Of the actual dollars. Al.
though the minimum amount only was
purchased and coined. the purchases OF
silver under this act aggregated 29l. 81, DIG
ounces. costing 430s, l00, 3s2. from which
there was coined and issned. either In
actuai dollars or paper certificates. 37s. 1885,
rs silver dollars. Since February I. 1873.
when We had no silver currency. %
July 1. 1sa0. thsre had been injected into
the circulation Of this country some 33A-
O00, 900 silver dollars or their paper repre-
ssutativss. Despite the enormous pur-
chases Of silver BY our government for
currency purposes. the market price Of the
metal had fallen from 81. 20H ~ ounce In
February. lists. 10 81 cents an ounce In
Nay. 1855. and the valus Of the silver dol
Lar from 9s cents 70 II cents
This II what the Bland silver oct did for
our currency in twelve years. from Febru-
cry, 1873, to June, 1880. Then the United
States senate passed bill for the tree
coinage Of silver and the Issue Of paper
certificates against such dollars. As .
compfomiss measure the present silver
law Vas passed. which required
the purchase monthly Of 4,OO. 900
ounces OF silver. payment to Be made At
the market price in new legal tender notes.
The mandatory coinage Of silver dollars
stopped July I. 1881. and after that date
the coinage Of silver dollars was left dis
cretionary with the secretary Of the
treasury. The one saving clause of this
act. inserted by Senator Sherman. de-
ciarcs that IL 10 the established policy of
the United States 10 maintain tho two
metals on parity with each other upon
the present legal ratio. or such ratio Is
may be provided by law" Under the OPP
sraiions Of this Lao the treasury has pur-
chased, from Angus. IL. issso. when the Law
went into effect. 10 June /, ISIS, i3s. si3.-
ssc ounces Of silver, at a cost of
sis3. soi .sso- worth al tho present price of
silver al cents an onneel sios. aa. =
~, an actual loss of over S.. ooD 600
OF this there has been coined into SILVER
dollars to juno I, isas. So. 0s-, oso-mak-
ing the total coinage Of silver dollars Tin
Guiding 5.o.s Az from tradc-doliar bullion
from February - ISIS. TO June I, tssa.
stIs sse 500. leaving in the treasury un.
coined i23.aii.iss ounces of fine silver.
costing siis, s.s 90, which could be bough
today for abou, S.. os>.ua TVS stock Of
uneoined silver could not he sold withou,
breaking the market FOR silver. and If il
should be coined and issued as additional
currency IL soaii further unsettle conf
dence in she ability Of our government, 20
maintain the gold standard aud hasten
our descent to silver standard. Not.
Wsihstsading tae large purchases Of silver
hy our treasury under the act Of iSa. the
price Of that meta has fallen from -
cents an ounce on April |. l>ssD. - 81 cents
an ounce to-day. which means A fall in the
commercial value OF silver dollars frum
Ia, oenis 60 shoa, as ceut~. The ;osa.
purchases Of silver bullion SINCE February
=. ISIS, Ia jane I. issS. have aggregates
tAs, Tysa. SIT ounces rlals alent 60 II. 2i2 teas
costing $ssi. "a sai.
THIS has heea the history Of our silver
legislation As We summarize il from tho
la<eyieaa R<sisss by Edsari a. Leech. la,s
director OF tho mint II 10 the history o.
On utterly insane policy. which has ex
cited the amusement and the d-rision .,
The intelligent civilized commercial world
IL IL perfess,y clear that ws have reaches
che Limits of silver absorption unless we arr
prepared TO place our country On alive,
basis
oav sold shipments from May. isss. &C
June. isH asve escn over 81. IN, 0sa. snd
Tor tie ave rsoashs 81 1895 have been $xss.
Nj .ssi Daring Eae same period the sm.
parts Of eoia have amounted 10 tiia ess os>
ones loss % she [ ,esi states OF Sis. ~. ssa
The return Eol,i ieon Europe TAIL of which
onmes IA NJ she Yort II New Yogkl assre-
gated only So. - an. - tsss sAs actual
loss hy reason - export TO Earope VA
&C. ssi.s-> The st3cS - free gold in she
treasury. TIA, =. - tac gold not he'll nv
Ian for the redemption - gold certificates
has fallen in the sane F@rsoa from SIS.
SIS "a (Narch ~. 1881 - S.. CA. $40 lJnne
I. iSsSl In aaa,;soa IL $50. ltsa dSI s,lsss
dollars and sllyes cerssAeasrs ia elreala-
Uoa en- ysss I. lSxA sustained q Per b.