The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-12
MIR. sTEwART's BILL.

When the Sherman law went into effect
July, 1890 we commenced buying $780,
600 ounces Of silver month. which has
caused us TO buy something like $4,000
900 ounces since then. We coined $25.-
10000 silver dollars out OF this bullion
and stacked the rest UP in the Treasury
as pig silver. IL this immense mass of
silver bullion were coined into A2 IL
grain dollars. 81 Ia grains fine silver 10
the dollar, 1t would turn out about $751;
600 900 OF them. But IL would take the
mints about five years. worked 70 their
full capacity, to turn the bullion into
coin. and this process would be too slow
10 bring the country any practical re-
lief even supposing such a proceeding
capable Of doing this. Senator Stewart.
OF Nevada, has introduced bin in the
Senate which directs the Secretary OF
the Treasury to Immediately issue silver
certificates against this great bulk of
bullion at the rate Of dollar of GER
tifcates against every 81 IA grains Of
pure silver in the mass. This would un-
able at once as currency, and would
therefore make an immediate and
great addition 10 the currency
But would 1t tend TO end the present
difficulties?
In our own judgment. while the public
mind is kept in that state Of alarm
which the threat to pay a Dollar with
nifty cents has excited. It will lock up
every dollar of additional currency that
may be issued. no matter how great
the increase may be. There is but one
way TO end the difficulty. and that is
10 remove the course OF il. The law
which proposes to compel men to receive
fifty cents for dollar must be repealed
before confidence will ever be restored.
and the people will lock up all the cur
rency that may be issued while the want
OF confidence remains.
But there is this curious reversal of
the policy OF the Sherman law involved
in Mr. Stewards proposition II there
was any merit whatever in the Sherman
law. that merit consisted In the fact
that the governments monthly purchases
Of silver were at It's market value. IL
therefore received full value for all the
notes 1t put out when purchasing it. In
80 far as silver has fallen below the
price 1t paid in any one month. the gov
eminent is loser OF that fall. But
otherwise il has full value for all its
purchases. This has made the supporters
Of the sherman law argue that it could
not hurt the government But Mr. Stew
art would have the government issue
certificate for dollar against each
81 Ia grains Of silver. and another GER
tihcate for another dollar for the other
los 81 grains Of the ounce when a suf-
hcient number Of the las "a grains had
accumulated TO make 81 Ii grains. This
would OF course make the government
responsible for dollar for every 81 IA
grains of silver in this great mass. al
though the government would have at
It's back only sixty-three cents worth OF
silver for each dollar. The country is
30 rich the government might stand
this but II is very much like keeping
sick man up with brandy. He breaks
down after awhile. The propo-
sition efectually disposes how
ever OF contention that has
recently been made TO us. A prominent
banking Institution put out statement
that the government owed only about
Aso'oVoO0. on being reminded that 1t had
Out over SiS,cooOoO Treasury notes, and
A'oo0o'ooo OF silver certificates. and about
si"""Oo gold certificates It replied that
'"ese certificates should not be counted
as oept because It had assets in its
treasury against them. We replied that
ohe purchasers on credit OF real estate
curing the late boom" times who are
IN possession OF the property bought
would Like to have It said ,hsv or,.s 49,