The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1893-08-24
Ignorance Respecting Some Of Their
Important Conditions.
A LOCAL VIEW OF The SITUATION.
A Plan Suggested as n Compromise
Between Two Exsremes.-.lts In.
fiuence On south American Trade
.-.Deuble the Amount Purchascd.

Tie seCrethry vi tie treasury IL ulreCteu 10
purchase so much OF four and hall
millions Of ounces Of silver bullion, per
month, as may be offered at price not
more than one dollar for 37l14 grains OF
pure silver (the exact amount OF pure
silver in our present silver dollar, and to
issue in payment therefor silver bullion
treasury notes in denominations not less
than one dollar nor more than one thous-
and dollars.
BY Section 2 such treasury notes are
made legal tender in payment Of all
debts, customs and taxes, and upon de-
mand may be redeemed by the secretary
in gold or silver coin 10 his discretion, it
being the established policy of the United
States to maintain the two metals ON q
parity with each other upon the present
legal ratio.
By Section 8 the secretary of the treas
ury is directed to coin each month into
silver dollars two millions Of ounces Of
such silver bullion until July /, 1891,
after which time he shall coin only so
much as may be necessary to redeem the
treasury notes issued in payment for such
bullion.
1t may be safely declared that the ma
iority of the people OF the United States
favor the maintenance Of the two metals
on parity with each other. Even the
gold-bugs pretend to do so, and the decla-
ration contained in the act itself to that
effect is a correct reflection Of the will OF
the people. This was true in 1890. In the
clamor at that time against the demone-
tization OF silver, which has long been
threatened in well-set habit Of commerce
at least, the Sherman law found encour-
agement and it was finally originated and
passed wholly by Republican votes in
both houses of congress as compromise,
virtually, between the free-silver advo-
Gates and the single-standard spectators.
AT that time the Republicans boldly gave
evidence Of their uhholy allegiance with
the goldites of Wall street, but so pro-
nounced and emphatic was Democratic
opposition that compromise was effected
between the two Republican factions. In
less than three years from that time free
silver sentiment has spread like con-
tagion until to-day we find enlisted In It's
advocacy many Of the most eminent
leaders of both parties, while the oddities
have also acquired advocates from among
those who stand high in the councils Of
Democracy.
The only serious question on which we
are really divided is: How shall such
parity be maintained? Some contend
that we cannot do without the assistance
Of England. but at the conference Of ma.
tions already held the British were not
disposed to help. About the first OF last
month, however, the British Indian coun-
Gil came to our rescue by simply stop ping
the free coinage Of silver in India, there
by adopting the very plan for which a
powerful element in this country had
been working for twenty yeers. At that
time the commercial value of silver was
just about half it's coinage value. The
London merchant did very we'll for him.
self in purchasing silver bullion at say "
cents per ounce and having it coined in
India free Of charge into rupees worth
$3.50 per ounce. With these rupees he en-.
eouraged an immense production Of wheat
in India and, shipping it to Liverpool,
sold it in direct competition with not only
English-grown wheat, but that OF the
United States and other countries. This
competition almost ruined the English
farmer, greatly lessened the resources OF
the English landowner and became very
damaging to our producers of wheat. II
has had similar effect on the cotton
growers. The one benefited was the Lon.
don silver merchant; now he is shut out,
and the difference between the CONNER.
cial value Of silver and its coinage value
in India, as shown in recent contributions
to financial magazi mes, is saved to the
that difference is saved to the people.
Why silver bullion, Immediately upon
the action of the India council, fell from
" to 62 cents per ounce we can only
guess. The price recovered in a week or
two, it is true, although the treasurer did
meantime take in an ounce.
II is said by some that all the silver OF
the world is too much Of a load for US to
carry. When We exchange for it only
our paper and that, too, at half price, it
would scarcely seem so. The treasurer
has not in fact bought an ounce Of silver
except such as is represented by the GER
tificates redeemed in gold during the re-
cent export demand for gold. 1t has
simply stored the silver. The silver pro-
duction of the United States in 1889 was
Sc, 600, 900; in 1890 1t was 81 ,OO0, 900; in
1891 it was SIS, $50, 900 ounces. The silver
production of the whole world was, in
1889, 125, 10000; in 1890, 1s4, $3.50, 900,
and in 1891. 143, $50, 900 ounces. Null
hall says that % per cent of the silver
product Of the world is used in the arts.
Assuming that bis statistics are correct,
that would leave of the production Of 1891
to be used as money less than los ,0O0,-
900 ounces.
II the Sherman laws were so amended
as to authorize the secretary Of the treas
ury to accept double the amount now
purchasable under that law, in quanti-
ties from 800 worth up. the effect would