The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1893-11-29

for many years, notwithstanding all
our legislation in its support, the huc-
tuations in its value have been 80 rapid
and so great as to. demonstrate the fact
that it cannot be safely coined without
Limitations into money Of finalredemp-
ton at the existing ratio or at any other
ratio that might be established.
/, is not possible, under existing cir
cumstances, for any government to es-
tablish and maintain a stable relation
between the two metals, and for this
reason alone, if there were no others,
we are bound to place some reasonable
limitations upon the coinage and use
Of silver. Hiw much of it can be safely
coined, and upon what conditions it
can be safely used, are questions upon
which there will be wide differences of
opinion; but; after all that can be said
on both sides, they will be finally de-
termined by circumstances which can
not now be foreseen, and by the nat
ural increase of our population and the
natural growth Of our industries and
trade. /,
it is enough to say at ptesent>that
we have already on hand stock of
silver, coined and upcoined, sufficient
to meet all the probable requirements
of the country for many years to come.
The mints of the United States have
coined AIS, 332, $50 standard silver dol
lars, and We now have 140,699,760 fine
ounces of silver bullion, which, at the
ratio of l6 to 1, would make Sl91 1,9l4,
SAL, or s60l a, ,39l in the aggregate.
Besides this, we have S76,973,0O2 in
subsidiary silver coin, which IS legal
tender to the amount of $40, and is by
law redeemable in full legal tender
money on presentation. Our total
stock Of gold coin and gold bullion is
S659. 167, $40.
The five countries constituting the
Latin monetary union, with COM
bined population of more than SO,OUO,-
OOO, exclusive of their colonial posses
sions, have 1915, 100000 in gold, S725,-
00O, 600 of full legal tender silver, and
S95, 100000 of subsidiary silver coins;
and Yet they found it necessary several
years ago to discontinue the coinage of
legal tender silver and enter into an
arrangement by which each country
agreed to redeem in gold all its own
legal tender silver coins when presented
by any other member of the union.
Thus gold has been made to support
limited quantity Of silver colo at par
in France, Belgiuni, Italy, Greece and
Switzerland, as it has been required to
do in the United States since 1878. and
as il imust continue 10 do hereafter,
here and elsewhere, unless a great
change shall occur in the relative val
ues of the two metals.
TIL E FRIENDSHIP OF GOLD.
Being the greatest silver-producipg
country in the world, and having Gu
hand large amount of silver coin and
bullion, the United States cannot he
otherwise than deeply interested in
every measure designed to enhance its
value and increase its use, as money
upon a safe and stund basis, but we
cannot alone maintain its unlimited
coinage as full legal tender in opposi-
ton to the policies of the other great
nations of the earth; and the country
is to he congratulated upon the fact
that We have al last placed ourselves
in a position which enables us to pre-
serve our own monetary system intact
and exercise potent influence in any
movement that may be hereafter made
for the permanent adjustment of this
very important and difficult question.
II is great mistake to suppose that
the supporters of our recent legislation
upon this subject were animated by
any feeling Of hostility to the continued
use of silver as money to the largest
possible extent consistent with the sta.
bility Of our currency and the preserva-
tion of the public faith. The wisest
and safest friends of that metal are
those who have had the sagacity tc
foresee the inevitable effect Of its con,
tiruous accumulation in the form oi
bullion in the vaults Of the treasury
and the courage to remove from the
statute book an experimental law
which from the time Of its enactment
was constant menace to the welfare
of the whole country.