The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-01-05
THE SILVER PROBLEM
Urgent Need of Prompt Action
in Regard to Currency.
SQUIRE RETURNS FROM CUBA
Infection in soiled Paper Money-The
Senate Resumes Discussion OF the
Anticipation Bill.

NEW ORR. j. an. IA nndnclai writer
in the Eyening Post says: One obvious
comment called for by the stock market
at the opening of the new year is that it
has shown no sign of financial alarm.
Trustworthy critics agree, however, that
the currency is threatened with serious
complications, and they unite, as a rule.
in the opinion that only heroic measures
can avert something like a crisis. Barely
fortnight has passed since the convul-
sion OF the market, beginning December
Is, and the local market is gravitating
back to exactly the same position occupied
before the heavy gold shipments were be-
gun. The issue of new silver currency at
the rate Of $4,000 600 or more e year has
contributed to the unusually large supply
OF money, both directly through the
manufacture of new money and indi-
rectiy through the consequent depression
Of interest rates. The grave question
then is whether this swelling of the
money fund with silver is actually Of itself
forcing out gold, and this is problem
which the new year must very soon solve.
WASHINGTON CITY, Jan. 4.-Representa-
tive Harter, of Ohio, objects to the silver
purchase suspension resolution introduced
in the senate by Mcpherson of New Jer-
tary of the treasury greater control over
the subject than any man could wish and
more than congress ought to place in the
hands of any officer of the government.
He offered in the house today substitute
in the nature of a house joint resolution,
providing as follows:
All further purchases of silver bullion by the
United States of America shall cease from and
after the passage or adoption of this resolution,
and said purchases shall be resumed on the
conclusion of an agreement which shall at least
include Great Britain, Germany, France and the
United States of America, and such agreement
shall fix the valuation at which silver bullion
Will thereafter be received for coinage, without
limit as to quantity, at the minis OF all nations
parties to said international agreement
Harter Thinks that this resolution
would accomplish the same results and
not be open to the same objection as the
Mcpherson resolution. He continued:
1t would, moreover, be Q notice to the world
that We are ready to join other civilized nations
In the coinage OF silver upon any agreed inter.
national ratio, and that IN the meantime we de-
cline going on raking their chestuuts in for
them az the risk OF commercial disaster and
national disgrace. Silver purchases have greatly
contracted the currency during the last twenty
four or twenty five months, and after counting
In the notes Issued by the government in pay
ment OF pig silver. that the actual volume OF
currency today is probably at least 500 900 900,
perhaps $3.50 ,0o0 or SIS 000, coo smaller than
If we had been out OF the silver speculation en-
tirely.
The Post says: Senator Allison, who
has returned from attendance upon the
Brussels conference, and who made an in
formal report to the president yesterday
morning of the event. said yesterday that
hs would certainly tender his resignation
as member of the commission to the new
president. and he intimated that his coll
leagues would do the same thing. 1t GER
tainly would be the proper thing, he said,
to give the new administration an oppor-
tunity to send a commission that would
be in accordance with its own views on
the silver question.
When asked as to the truth of this pub
LEGATION Allison neither denied nor at
frmed it. He said:
! may, but that is not worrying me now I
certainly viii not do it now and whether will
when Cleveland takes hh seat Is matter the
future can take care o.
The treasury department today pur-
chased S6S. 900 ounces of silver at So to
80 cents.