The Durham daily globe., 1893-09-06
MORE ABOUT SILVER
New Facts About the Last Scene IN
the House.
Bonds Are Called for by Some of the
Ever Hopeful.
GOLD AND SILVER HAVE A TUssLE
The POpulists Even Seem to Think That
They Think That Gold Would
BE the Stuff.


paramount 10 all others seems to have
lain dormant until the last scene in the
house Of represent atiVes, when the repeal
bill was passed. The strongest argument
made upon the stump in favor Of continu-
ing the present silver purchase or the un
limited coinage of silver has been that il
would continue the constant increase Of
the currency volume, and an increase
which would be affected by no other pro-
cess Those who argued in favor Of a
larger purchase of gold bullion and the
free and unlimited coinage Of that metal
were met with the cry of gold bug" 1t
was constantly held by intelligent men
on the hustings, that by no hook or crook
could the circulating medium be increased
through gold as it could through silver.
Just before the last silver scene in the
house a statement was received from the
treasury department which showed that
the volume of currency could be increased
as rapidly, upon judiCiOus grounds,
through gold purchases as through silver
1t was the general belief, and the belief
generally obtains at present, that when
the government bought 81 worth of silver
bullion it Immediately proceeded to coin
silver dollar out of about three fifths of
the bullion and to put into circulation the
profits, which amount to about thirty five
by the treasury officials that under the
present law the government only issues
81 in money to represent 81 invested in
silver bullion and the seignorage or profit
was stored away in the mints of the coun-
try as profit and did not circulate at all.
The seignorage under the operation of
the present law now aggregates about
$5O,000,00O. This profit is now stored
away in bullion, and there is in circula-
tiOn only the face amount of certificates
or silver dollars representing the amount
invested in bullion under the present law,
chase $54 100000 worth of bullion every
year. If the law provided for the coinage
Of the seignorage it would have put $50,-
OOO,OO0 more money into circulation since
July -, 1890.
The process under which silver bullion
is purchased and paid for is very simple.
The bureau of engraving and printing is,
under the present law, constantly print
ing silver certificates There are a great
many of these printed in advance Of the
time when they are to be used or paid
out All of the work upon them is done,
with the exception Of the seal and sigma
ture Of the treasurer of the United States.
When the director Of the mint makes a
monthly purchase of silver he makes an
order on the treasurer of the United States
for the money with which to pay for the
bullion. The treasurer simply issues an
craving and printing for enough silver
certificates to meet the obligation in
CURED. The silver is paid for, dollar for
dollar, in silver certificates, and no recOg-
milton is'taken Of the large profit which
would accrue to the government if the
place, the bullion is not coined but stored
away, and just enough money is issued
to pay for it. If it were all coined under
the law now existing, the seignorage or
profit would not be coined, but stored
away as a reserve.
1t can thus be seen that Just as much
money could be put into circulation by
the purchase of gold bullion and its coin
age, or the issue of gold certificates to
repre- sent the gold bullion, as is circu-
lated under the present law by the pur-
chase of silver. The advantage in pur-
chasing gold is apparent to every one
Gold has never tiuctuated downward,
especially in the coin, because it is the
standard of money the world over. SO
much more silver is used in the arts and
is sold as a commercial commodity in
bulk, that it is looked upon more as
commercial article than a money metal.
There are great many free coinage
silver men in congress who have looked
into this phase of the question and have
come 10 the conclusion that il would be
better for the government TO enter into
career of the unlimited purchase of