The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1893-08-03
ANSWERS AND COMMENTS.

Js Ds mAOhAmbhs
ANSWERS AND COMMENTS.
Our correspondent makes several
very pertinent inquiries, and we will do
our best to answer them.
FIRsT-As to the statement of Secre-
tary Carlisle that the government has
lost S11 100000 by the purchase of sill
yer bullion, we give that question up.
There is no correct basis to estimate
the loss, and neither Secretary Carlisle,
nor any other government official can
furnish the country with any accurate
figures on this matter.
SEooND-The Sherman silver law
does not require that all the silver
bullion purchased shall be coined into
silver dollars.
THIRD-As to the average cost of sill
yer bullion, purchased by the govern
ment since the silver law was
enacted, 1t would take large amount
of figuring to estimate. The govern
ment of the United States allows price,
fixed by the London market. We have
not the average dollar value of silver
in the London market for the years
1891 and 1892, but for the year 1890, the
average was a small fraction above 81.
AS to how much the government would
make by buying silver bullion at one
price and coming it at another price.
no human being on this earth can tell,
Our correspondent, who very in
telllgent gentleman, will see instantly
that the government has no right to
buy bullion at one price and then put
out the same bullion into coin at an
other price, if coined money is to have
a certain intrinsic value. The supreme
court of the United States has decided
that Congress has the right to make
paper money full legal tender, and
experience, now running through a
quarter of q century, has taught us,
that for all purposes, the paper money
performs all the functions OF money,
equally with gold and silver, and it is
far more convenient. Therefore we
ask, is it good business sense to issue
gold interest bearing bonds to pur-
chase bullion with, and then coin this
bullion into money, when we can have
ust as stable, safe and far more con-
Venient money by coming paper money,
hat is comparatively costless.
FoURTH-Of course if silver certifi- |
,ates are burned or lost, the govern
nent will gain that much, as it will
lever have to redeem them.
FIFTH-There is no law which will |
'nable the government to dispose of |
liver bullion on hand Except to coin it.
The law for the purchase of silver
)ullion, and the issue of treasury notes
hereon, directs the secretary of the
reasury to purchase from time to time
liver bullion to the aggregate amount
# 100000, or 30 much thereof as may
'e offerd in each month, at the market
rice, not exceeding 81 for 372.25 grains
# pure silver, and to issue in payment |
or these purchases of silver bullion
Treasury notes of the United States in
not less 81 nor more
han 81 900, In such form as the secre-
ary may prescribe. These treasury
totes are redeemable on demand in |
oin at the treasury of the United
states, or at the Office of any assistant
reaEury clerk. When 80 redeemed
hey may be reissued, but no greater or
ess amount of such notes shall be out
tanding at any time than the cost of
he silver bullion and the standard
liver dollars coined therefrom then
leld in the treasury purchased by such
totes. These treasury notes are legal
ender in payment of all debts, public
md private, except where otherwise
stipulated in the contract.
They are receivable for customs, taxes
md all public duty, and when so
eceived may be reissued. Such notes,
yhen held by any national banking
association, may be counted as a part
# its lawful reserve. Upon demand of
he holder of any of these treasury
totes the secretary of the treasury,
lnder such regulations as he may pre-
eribe, is required to redeem such notes