The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1893-08-26
NO sHRINKAGE INTENDED.

4
An eastern exchange, in speaking of
the situation, says:
"The repeal of the silver purchasing
clause of the Sherman act will shut off
source for the supply of S54, 900, 900
currency per year, at time when it
is apparent that there is insufficient
currency in circulation. Is that really
what the financiers wantY We believe
it is what nobody wants who has
given intelligent thought to the situa-
tion. While the repeal would have
tendency to remove from the mind the
fears that first gave life to the panic,
the loss of SO large supply of circulat-
ing medium would probably counter
act to considerable extent the good
effect the repeal otherwise might
have"
Our contemporary reasons because
$1,000, 900 ounces of silver are pur-
chased every month that amount Of
money is put in circulation. This bull
lion has been bought at about SO cents
per ounce, and portion much lower.
There Is now about $130, 900, 900
worth of this metal in the vault, after
more than three years of operation of
the Sherman act, and, if it is to re-
main In the present useless condition,
the government might as veil have
purchased the same amount of wheat
or wool. 1t is true that the amount
paid by the secretary of the treasury
for this bullion, has increased the cur
rency IN circulation; but this has
drained the treasury of that SUD, be-
cause the white metal has simply been
stored. THIS drain has diminished the
supply, and the time has arrived when
the business of the country demands
that it should be stopped. But mono-
metalists, Republicans nor Democrats,
do not advocate that this $130,000,-
| 600 of bullion should be dumped
into the ocean or in any other I'd ianner
wasted. The people need subsidiary
coin, for the purposes of trade or for
factionsl currency, and this bullion
should be converted into circulating
medium as rapidly as possible, either
by treasury certificates or by the diff
ferent mints Of course, to be hon
eat and fair, this currency should be
regulated by the gold standard, an
based ON this there is no danger of its
depreciation. But attempt. by an act
of congress, to make So cents in silver
equal to a dollar in gold, and depreci-
alton will Immediately follow. There
is an illustration of this in our
neigbboring republic of Mexico, where
the dollar, although containing L. per
cent. more than our dollar, will not
purchase not nearly 100 cents worth
of goods in that country, because it
has not gold behind it like our cur
rency. The issuance Of certificates for
this useless bullion, or its coinage, will
supply the country with money, and
it will be honest money with gold as
the measure of value.
1t may be true that the free. coin
age of silver. or its monthly purchase
by the government, will furnish con-
venient market for the product ct our
mines; but would not the same reason
apply to the products of our farms and
flocks, and neither has the right to ex-
pect the country to deplete its treas
ury for the benefit of selfish interest.
The silver purchasing clause Of the
Sherman act should be repealed, the
bullion in the treasury sent into circu.
lation, and American silver, the same
as American wheat, must be gov
erned by the markets of the world.