The comet. (Johnson City, Tenn.) 1884-1916, 1893-08-10
The Silver NuestsOn.

"h"V OOAllOhVo US WlGu Gn6 bllN6r Qleb-
lion. 1t is one Of the gravest problems
that modern craftsmanship has been
called upon to solve, and tits unfortun-
ate that such Intense sectional and in
dividual interests are involved in the
necessary legislation on the subject.
Nine States, with less than a million
population, are largely interested in
the production of silver, and they have
mistakenly come to regard it as
the chief industry OF each of these
States. This single million of people
have Is Senators in the United States
Senate. while Pennsylvania, with more
than five times the population of the
whole nine silver States, has but two.
The question OF interest, therefore, has
an incalcuable advantage in the strug
gle for statesmanlke solution Of the
silver dispute.
1t is untrue that silver was demone-
TIED in 1873 by trick or stealth. The
silver dollar was not included in the
coin provided for by the act of'73, SIM
ply because only eight millions OF sill
yer dollars had been coined in the en-
tire history Of the government. The
silver dollar was more valuable as bull
ion than as money, as the ratio, of 16
to l then adopted made the silver dol
lar worth a fraction over 100 cents.
The whole subject was fully discussed
during two years in Congress, and
there was not a single member OF eth.
er branch of the National Legislature
who did not fully understand and give
his willing assent to it. Since '73 sill
YER has deprecated in value, not be-
cause it was demontized in '73, but be-
cause oyer.production affected it, I'M
der the memorable LAWS Of supply and
demand, just as other products are af-
iccted thereby, and the decline in val
ue has continued until the silver dollar
of 1873, that was worth a fraction over
100 cents in gold, is to-day worth not
more than So cents. 1t was not until
the serious depreciation of silver that
the demand was made upon the govern
ment for the coming ofsilver dollars
which the people would not accept IS
circulating medium, and finally
pressed the government for the pur-
chase OF silver and the issue Of silver
notes.
If we had to deal with silver as an or
iginal question the problem could be
easily solved, but We must deal with it
under the conditions which exist, and
all theories must bend or perish as ex-
isting conditions demand. We have
made silver an integral part OF our cir
culating medium. We are in fact bi.
metal government, and to tear up sill
yer money by the roots would be as de-
structiye to the general business inter
ests OF the government as it would be
to the silver producers themselves
The government has been purchasing
40 tons of silver a month until it has
accumulated nearly 5000 tons that is
worth to-day ninety millions less thar
the government paid for it. In the
meantime the silver dollar worth 5;
cents has been made legal tender
and to destroy that summarily would
cause business convulsion. We mus
therefore meet and solve the silver dol
lar problem with careful regard to tn
existing conditions which make silve
avery large part OF the basis Of on
money,
It is certainly not expedient to de
part from silver as part Of our money
Under any reasonable conditions
must remain so for some years t
come, but there is no reason why
should not be accepted as part of on
circulating medium on q basis tbs
would give us such honest money 6
would command the confidence OF tn
world. But the silver dollars must /
dollar in fact; at least it must appro,
innate dollar so nearly as to give al
surance at home and abroad that oil
money is not fraud, and thus secul
the confidence Of the world in OF
financial system. To accept silver t