The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-07-03

suits of this litigation would probably
have followed much sooner but for tbs
many abundant crops of this country AMI
the numerous failures in that respect
abroad. Under the act of 1878, the gov
ernment purchased 39i .::92. 0l9 ounces OF
hno silver AT cost Of &30s ,l9s. .sS2 and
coined II into silver dollars TO tho amour,
OF $37S.iaS,'sJ, profit OF nearly S'o.0oo.oO
made by stamping . falschood OH coins
converted into tho treasury at 30 much
profit. Undcr tho act OF 1870, the govern
mont up to June I. 1875. purchased $iAs.-
soi So and undcr injunction, continued
the coinage for year. Under tho act OF
1892, there were coined additional dollars
to tho amount OF S3i,OS7, ,O40. Adding to
these amounts the recoina2s OF trade dol
lars into standard dollars, We had on Juno
!, 1898, coinsL silver dollars amounting 20
S4l9, 9,332.3l5.
III VIC take the market price Of silver on
June I. So Cents psr ounce. tho loss on
this bullion SO PURCHASED by tbs govern
nent Oh that day WAS SSL5ls.6sS. GA
June IS. 1873, bar silver WAS worth only %
cents per ounce. cntailing upon the gov
crnment an additional loss of sii.Ss,,Is,
In less than a m ,n,h. II is obvious to tho
least Discerning fnanciers Of tho country
that the act of 1873 would eventually
bring about. no doubt, stand
ard Of deprecated silver. Hence,
from the beginning, those dol
lars were received with great distrust.
But congress. having entered upon tho
strange scheme OF expansion, determined
to nse the power Of the government to
force their circulation upon an unwilling
n, al. 0. II k,., Il
should belong to n clearing house that re-
fused silver certificates in payment of bal
ances. When the bank charters had to be
renewed, IL was conditioned on the receipt
and circulation Of currency already bad
and getting worss day by day.
The government entered tho field rs
common carrier and transported without
charge. the unaccept able currency to any
part of tho country that would deposit
gold for il in the sub-treasnries. Thus tho
government sowed the wind, and now, by
just law OF retribution, reaps n whiri-
wind. Tho public demands that gold
back, and the governmsnt must pay IL or
embark at once on treachcrous sea Of
deprecated currency.
"When pains and penalties failed to CO.
crco tho banks, persuasion and self
interest were resor:ed to, and they offered
the bribe that tho silver certificates re-
ceived by them might be counted in the
bank reserves. Finally, whom the banks
remained obdurate ag Ainst tho exaction,
Il was thought that the general public
might surrender to the temptation of
small notes and to that end, in
1885, 1T was enacted that the secrc-
tary Of the treasury should here
after issue silver certificates in
denominations of one, two and five dol
lars and the larger certificates already
issued under the act of 1878. might be ex-
changed for the smaller denominations.
II . greater expansion OF currency was
really required by the legitimate demands
of business, IL might have been secured.
IL seems to me, by inducing an increase
of national bank notes, currency Sc
cured by United States bonds payable In
gold and always worth premium. In
stead Of this, q contrary policy was most
persistcntly pursued, resulting in the de-
crease Of specie.paying bank notes from
$3.50. 900 900 in 1893. to sls2 .O01,010 in 1902.
While this better currency was being
driven out by unfriendly legislation. the
channels of business were being gorged
by an issue of sil0.O00O1D of silver dol
lars s33S. 5000 of silver certificates; and
generally. under the act of 1879. by the
issue of $l54 900 ,0Jo more of treasury notes
in the purchase of silver bullion at an
enormous loss to the people and the gov.
eminent.
"Of the fivc or six hundred millions of
gold with which We began in 1873. none
can now be found in circulation. What
has not gone TO foreign countries enjoy.
ing the blessing of a single standard. has
been boarded, not TO appear TIL its hold.
ers have some guarantee that II loaned II
will be returned in money equally good.
Gold certificates not already forced upon
the government for redemption, for which
the hundred million dollar reserve Is sup
posed to he held by the government. con.
stitutc tho best security of the national
banks. and hence the great stock is rap.
idly disappearing. National bank notes
are necessarily held. IL possible. by thu
banks issuing them. in fear that, In the
extremity OF distress. their redemption
may soon he asked i'm gold. Nothing is
left but silver certificates and treasury
notes. Banks arc unable to maintain a
lawful reserve: hence they can give no ne,
lief to suffering community.
The gov crnment treasury is depleted
Of its surplus. The government expendi.
tuEts eAcSSo tbc fttespt,
The extravngant appropriations, made
upon a silver basis, must now be paid IN
a medium of value. Needless Of its prom.
ise 10 pay. II has now run its brief course,
and its performance comes with suffering
and tcars. What now Is the remedy.
First-Customs duties should hereafter
be paid In gold alone.
Second-The silver bullion In the gov.
ernment vaults should at once be sold fol
cash in gold and tho proceeds turned into
the treasury.
Thlrd-Three per cont. gold bonds to
tho amount Of sDO.OoO0O should b,
promptly sold and the proceeds trans
ferred to the treasury.
Fourth A day should he liked. not latel
than Jan. I. 1898. for the redemption and
payment in gold coin of all circulating
notes Of any kind and every description
heretofore issued by the government.
Fifh-At least half the silver dollars
issued under the acts Of 1873 aud ls9
should be sold as bullion and the rena m
der minted into subsidiary silver coins ant
made legal tenders only In payments o.
| SO or less,