The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-06-24

Congressman Bourks Cochran. perhaps
the abless, most eloquent and most thor
cughIy educated Democrat in the next
house, while be dsnounces the Sherman
act - an utterly absurd and pernicious
measure and favors its unconditional re-
peal, at the same time describes the Bland
Get, for which the Sherman act wss sub
stitused. ~ q far worse measure. And yet
e 10 this same Bland act which tho free
silver coinage advocates insist on Fcviving
in case the Sherman act IL repealed.
tits perhaps worth while to explain why
che Bland act MAS worse than tho Sherman
Get. Under the Bland act the so-called
silver dollar contained fixed quantity
Of silver buiiioa. 37iI+ grains. which was
worth at the time Of the passage OF the
BIand-Ailison act Of February. ISIS. but
as,5 cents, or considerably less than a
dollar. From that date. forward the price
Of silver bullion steadily declined. until in
May. 1858, the bullion value OF the Bland
dollar wae about 10 cents. The bullion
value Of the Bland dollar in 1850 fiuctuated
between " and 20 cents; in 1850 1t huctu-
ated between u and SIS cents; the passage
Of the Sherman acs Of 1850 tfansiently
stiffening its price until the silver spscula-
tors unloaded their purchases upon the
market. when the price Of silver fell and
has steadily fallen until today the bullion
value Of the Bland dollar would be about
81 cents.
Of course this Was . dishonest silver
"dolIar." 1t would be impossible 70 coin
silver dollar containing dollars worth
Of s,lver bullion. for tho reason that silver
fiuctuates daily in price, and furthermore.
in case of wide fluctuations In the price Of
silver bullion, one silver dollar might
contain much more or less silver bullion,
o. the case might be: and the temptation
70 melt down the heavier dollar and issue
q In the form Of lighter and counterteit
dollar would Of course b Irresistible. 80
when the free silver advocates forced the
Republican senate to choose between the
oct Of July, 1890, and . FREQ silver bill,
John Sherman proposed TO issue . note
rather than coined dollar. by this
plan . dollars worth ..of silver bullion
could be purchased by the government
aud be pus into circulation IN the form Of
note. The note would, therefore, repre-.
cent . dollars worth OF silver bullion At
the time Of its issue.
This Was better than the Bland act. be-
cause IL provided for an honest silver dol
lar by issuing treasury note which repre-
scented . gold dollars worth of bullion.
The old Bland dollar at present prices rep
vcsenss aboa, ~ cents worth of bullion.
When il was coined the government util-
ixcd the seigniorage to increase theenumber
OF light weight dollars in circulation. There
is no scieniorage in connection with tho
note issued under the Sherman act. for
every treasury note called for 100 cents
worth OF bullion.
Under the Bland law the lower the price
OF silver went the greater tho number of
light weight SILVER dollars put into circula-
ton: under the Sherman law the lower
the price of silver bullion the smaller
The number Of dollars added to the cireu-
lalion under the Sherman act At tho
present price OF silver. si,s cents an
ounce. Is less every month than would he
the additions under the Bland law i:
$s.esl.tn worth OF silver bullion Was pur.
chased and coined into high, weight dol.
lars every month. The Hand dollar o.
ISIS consisted of 4i2's grains ot silver,
nine-tenths line. OF 3ii,. grains of ngrs
silver. An ounce o. silver consists of Al
grains. AZ the present pgiee of silver
eiis-'a cents an ounce. the silver in tho
Hand dollar Is worth about - cents
The. Albany. \. y, Eeenias Jowrna
illustrates tho point By the following
tearcs:
II the klsni Jaw we're in operation aad -,
miutwium aeeth,v pavcAase q. silver wcr
iaaae-s~. oAAsso worth the purchase woule
naseeni n ~ seats an ounce Tor the bullion, {,
-,tsats ouecs>, and ias aumhsr If Rand dol
lars ee.ned w0glt - ala gaS
Na TIC pFvsee "a basis Of - csats an onres Wit,
sShsfmsn do.iAF representing dollars wort
Of silver. She &.ioA,s0 ounces Of silver pur
ehssei suF.ue neath weu,a bs pus sa,o c r
eGlatsou ia tae farm ~ . se Sts dollars
The eoH' pssssca al actual raeaey pa, tu,s e.,
e9's'lau by tas ssa acts, IA = Eaeath, w.ta alive
as esnss su ounce. would -.
Hand deltAr.. S.tlAts
shetfazu eaitsss, :. SaN ga
Al "a osu;s ar e0acs Ser sssver s. 900 ss wan,
lie ss.ast mnatasv gs&sF bNssA the Hand A.,
sherman lass Asovs 'hcse ssures sae.s vaonc
Veaa he i>sass eatsF tse Sasrn.a ave. h.,
those tsasrs mere nnter the Risra lsw
AZ rrcsent. hossssr. under the sherman "a,
tsss Esoacy 10 tssas tssacsi sasa weala Ae i.,n..
nufe. the Rand law. aad iAe Sherman dollar
ias~ee@t asaias while she has: aal!as rcpr,
eHn caly - cents worth 81 h@sissa