The Red Cloud chief., 1893-10-06
KIND OF MONEY
An Able Address by an Able
Man Upon Our Gold and
silver M Money.
Interesting Figures Arc Given
and Companions Made
ns 10 Their Use.
Continued from last week.

little silver in circulation. 1t being
Of . premium those who wished to use
silver in the mechanic arts and for
other purposes melted il up. As the
silver dollar in their possession was
worth more to them for that purpose
than as money, silver did not circu-
late. II was because of this fact that
IL was dropped from Il coinage.
Tho true theory Of bimctallism is that
the commercial value Of the metal
should be the same, and not that each
Of the metals is rcdeenable by the
other. The theory upon which the
modern advocates Of free silver rect is
that so long as the government can
end does redeem the silver dollar in
gold, 1t will remain At a parity with
gold.
1t is also apparent that our silver
money, or treasury notes based upon
silver bullion, is increasing at the rate
of about $4,000, 900 to $50, 600, 900
per year, While the amount Of gold
that has gone out of the country in
excess Of the amount imported was
for the fiscal year ending July l, 1891,
eos, l3O,OSG; for the fiscal year 1892,
$4o6.s73; Tor the fiscal year 1898,
81, 5OG,453. In three years VIC have
Increased the silver coinage and silver
notes about $4,000, 900 and de.
creased the gold more than that
amount.
From January, 1889, to June, 1892,
nearly $l6O, OOO, 600 of gold cortiE-
Gates were Withdrawn from the nation
al treasury. The RAPID disappearance
OF gold may be further determined by
the fact in January, 1891, SO 6 10 per
cent Of the customs tax of New York
were paid 10 gold and gold certificates
while in May, 1893, one tenth Of one
per cent was similarly paid. The dc.
crease of the gold in the treasury in
the last three months has been so
rapid that for the first time in the
history OF the country has the gold re-
serve Of 800, 600, 900 been ncr ched
upoL. At one time it was as low as
$93, 100000. During the past month
on account OF large exports of grain
demanded by foreign countries, the
reserve has becn increased so that it
now stands at about $97, 900, 900.
The only. metal IN any danger at the
present time is gold, which has been
going out Of the country as fast as it
can, while silver is in no danger.
The total of excess Of gold exported
Tor the six months ending July /, Is
SCI, 95s, 1915.
In my opinion it is not a practical
question whether we shall adop, abso.
lutely the gold standard or the silver
standard. think the people of the
nation, by virtue of their history and
habits OF thought, their use of the two
metals as money, are committed to BIZ
mc,allism in some form or other. vi.
umately We may decide to use silver
as subsidiary coinage. We may
reach this conclusion for the reason
that the standard silver dollar ALSO.
lu'ely refuses to circulate, while the
subsidiary silver coinage is nearly all
in circulation. Of tn, $4,000, OOC
silver dollars coined, 362, O0O, COO arc
in the treasury, while only 81, GOO, O0C
are in circulation, and Of the ST., OOO,.
600 OF subsidiary silver coined, $50,
100000 are In circulation, Hence W,
may be able to s'lvc the question b,
recoining the present silver dollars in
to d mes, quarters and half dollars
For my own part, ! believe that tn,
Sherman act provided for the pur
chase Of 1900. 900 ounces per month
at least that part of the act providin.
for the purchase Of bullion should be
repealed. The other clauses in IN,
act, which provide for keeping golt
and silver at parity, should be re
tanned. In other words l would sto,
the coinage of the standard silver dol
lar until at least We have as mucl
gold as We have silver, or currency
based upon silver, and until silver np
ptecintcs in pr CO and the ratio an,
proportion between the commer,ia
price Of gold and silver is restored
While the characterization of si,vci
may at first depress the price it vii