The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-07-08
coaxos SENSE AsoUr sILvEs.


coAMox SENSE AEoUr sILvKk.
For two years past every mao o! any
reputation for superior brains in either OF
the great political parties; every news
payer Of any repu.e for honesty. brains
and intelligence has protested against FREQ
silver coinage n . frightfal economic
biu.,der; a. worse than a b!under--as
crime. The brains Of both the great po-
litisal parties have for fifteen years pro-
tessei against our silver legislation IS en-
acted imbecili,y.
Ths Whole 'silverite" legislation from
1877 TO $50 has been nothing bu, an utterly
absurd and dishonest attempt TO evade
anc defeat the law Of supply and demand.
Wien the world produces vast supply OF
vol cotton, sugar. wheat. pork or any
ostssr staple necessity Of human existence
pri3es fall with the supernuous supply.
Fos. fifteen years the silver producers Of
the West have been trying by legislative
expe3ients TO create and maintain an
artificial market for SILVER. Ii is just A.
abserd and dishonest 10 attempt By con-
gressionaI legislation to create an artificial
otlses commodity, like wheat. wool. sugar.
cotton, lumber or coal. There has been no
conspiracy throughout the world to dis
credit silver; intelligent, intellectual ma
t!oas have dropped silver. and ignorant,
sefsii-civiiized nations have chung TO il.
The United States has preferred to treat
the decision Of England. Germany. France.
Italy. Austria and Russia with contempt
and initiate Mexico. China, India and
Tnrkey. Great Britain rejected silver in
1873. Germany in 1871. the United States
in 1873. the Latin Union in 1875 and
Anari in is92. All the highly civilized
nations Of the earth have for nearly
twenty years been slowly discarding silver
as q standard of value. owing TO the great
increase in its production, the chief use Of
money being in their estimation the sup
ply of q measure of value for commodities
ani contracts.
Che silverite party are . conglomerate OF
fool and knave; fool in supposing that
any legislation can defy the law of sup
ply and demand which fixes the price
Of commodities, and knave in trying
to. use 1.-THE resources Of . whole
people to maintain for the sake Of few
people a fictitious market for superfuous
commodity" There is no moro sense in
the government of the United States buy
ing silver that il does not want than there
10 ir the government buying more wheat
or pork or leather than it wants. The
financial situation today is tho result of
THIS fool and knave silver legislation that
began with the Bland-Ailison act of 1878
ana ended with the silver purchase act OF
1890 We have outstanding in general cir
cusation silver in the following amounts:
Notes issued silver purchased .Sis6. go
sii;sef cersihcases -..,.,...-..--...--.. as,snoo
SILVER dollars. ACKNOWLEDGEMENTS. oleo,eo
totSa.. to-t,sVusuVH
y'hese treasury notes issued on silver
brslion purchases. if redeemed in silver.
are redeemed in coined dollar worth IS
coats. Consequently we have in cireula-
tim, in effect, 5ai, 500. 90 SILVER dollars Of
the nominal value of $o2t. so 900 and OF
ths actual value Of less than 1900, 0O0, 0G
g. the Springfield. Mass, Republican re-
cites these figures and comments as fol-
lows:
g.uch fall in tho price Of silver as has taken
place within two DAYS has struck OF over 81.
cu,e10 iron tie actual value OF our silver an
el$calation No such clipping of a nsiioa's
coinage was CT before recorded. How long is
rtsDsic faith In the worth or convertibility of
this vas; volume OF silver money likely TO he
preserved sgains, sgch knocks these of the
last two days.
tJut this 10 no, the whole story. NorninaIiy
ih,, conntry's standard Of valus Is a gold dollar
BGt the treasury holds only &a5'ooo.oNo OF gold
with which 10 msiutain this standard. Aud
bas.lie the 81. s00o silver dollars outstand-
ing whose maintenance at par vita gold 10
dependent upan prompt redemption at the
TREASURY In gold when demanded, we have out
standing over sSea.9e.eo of greeuhacss like
wise depenila upon this narrow gold reserve
Hcss 10 ralt liability Of over Sst4. sc 90 and
reserve of less than II per cent No banker
w.iGid consider reserve OF = per cent ea.f
lasEe enough at such sitns OF pubic doubt Of
ABILITY TO redeem promises