The state chronicle., 1893-06-28

money metal and with our mines
producing tons upon tons OF the
discarded metal, which then was
depreciating rapidly; and after
wards the struggle began on the
part of our bimetallists against the
monometallists which has ever since
continued. The best that the
bimetallists could do was to secure
the passage in 1878 of the Bland
act which required our government
to purchase not less than $24 4,OCO,-
900 worth of silver annually and
coin it into standard, legal tender
dollars, which was done until 1890
when the Sherman act was passed.
At that time, because of the great
output of silver from our mines
and the absence OF an equal demand,
that metal had still further de-
preciated. The new act required
the purchase of 54.OO0,0OO of ounces
OF silver per annum, to be paid for
in new coin notes, legal tender,
redeemable in gold or silver coin
notes at the discretion of the Secre-
tary of the Treasury. The silver
bullion purchased was set aside as
trust fund for the payment of
these notes and the Secretary was
directed to have enough of it coined
to redeem the notes.
It was hoped that by this in
creased purchase OF silver bullion,
| the value of silver would be re-
established on a parity with gold;
and it was declared in the act that
the policy OF the government is to
keep the two metals on parity.
But another object to be sub
served was to increase the currency
of the country, for these coin notes,
like the $346,OOO,O0O of greenbacks,
were not to be retired, but were Or
dered to be kept always in circula-
ton.
Such in substance is the Sherm IN
act. It was a destinct victory fo1
the bimetalists over the monomet
allists; aud for those who desired
an increase Of the currency over
those who desired contraction oil
the currency. Its opponents &c
cepted their defeat with bad grace
and have ever since agitated for its
repeal.
In administering this law every
Secretary of the Treasury has used
his discretion against redeemine
these coin notes in silver dollars
They have uniformly redeemed
them in gold. This action virtual,
put the standard silver dollar at
disadvantage. and has given color
to the assertion made by the mono
metalists that the government wa
amassing a large quantity of inert
worthless silver bullion It mad
the s1OO,O0O,000 of gold reserve il
the treasury the sole redemption
fund for both the coin notes an(
the greenbacks.
The monometallists have neve
} ceased to clamor for the repeal o
this act, just as they violently op
} posed its passage. They now tel
us that the European holders Q
} American railway bonds and othe
J such securities have become fearfu
J lest those securities will be paid il
silver instead Of gold, the only in
ternational money, and as s eonse
quence those securities are bein
sent back to this country now. 10,
} true that is we do not know. Bu
if so, the basis Of that apprehensio
is the unfounded clamor these ag
tators themselves have made.
So far from the government bein
4 in trouble because of the issue {
Q the coin notes, we make bold to sd
O that not single coin note has eve
been presented to the treasury fe
redemption for the mere purpose {
!. redemption They have been pr
i sented along with gold certificate
q in order to get gold for export {
q for other similar uses. They ha,
u been presented only as gold certi1
II Gates have been presented. The
g have been used only as gold certi
r ates have been used. There is not
= ing therefore in that.
~ -,hile the act has not answere
81 the purpose Of restoring to silv
its former value, it has added near
e $15O,OOO,OO0 to the currency, viii
u the Bland act of 1878, which it 8
le perceded, added $35O,0OO.OO0 MOI
y making q total increase of $500
O. 5000, affording indeed the or
a. increment made to the circulate
III in twenty years, while in the mea
q. time the National Bank Note circ
7e lation has decreased 100000.
or With the expansion Of busine
o. and the distribution of populati
at over the new territory of the
,e, West, we need much greater s
ia nual increase of currency than Il
ne act has afforded, and to repeal
ia without first providing for o lare
'r- circulation would be destructive
We business and oppressive to
ny people.
While therefore in view Of
failure as silver measure, q
since India has now closed her N
IN to the free coinage of silver, it
of probably incumbent on us to acc
is the situation and repeal the sill
| oak xnI lofoeo Abn4 :c So