The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1893-08-26
why Goldbues Will Compromise.

how can they compromise upon any
ratio consistently. The fact is
that no man is a monometallist
from any principle of right or JUS
tice, but from selfish pecuniary
interest, or ignorance. The object
of the fight for the repeal of the
Sherman law, is simple. 1t is a
movement started year ago to
force this Government to issue
bonds that the European capitalist
would have a safer security for his
money than that furnished by the
pledges of other governments, and
that our home spectators might
also reap a reward, The first step
was to withdraw all the gold from
the treasury, and thus force the
government to issue bonds to
maintain the gold reserve. In this
they were unsuccessful. Their
next step is the present one Of re-
pealing the Sherman act, in which.
with President Cleveland buying
votes with official patronage, it
looks as ii they were going to sue
coed in their efforts. II the Sher-
man law is Internationally re-
pealed there will be such demand
for gold that the government will
necessarily have to issue $500, OOO,-
600 or more in bonds to supply
the demand for gold. Should the
unconditional repeal of the Sher-
man law fail, then the 20 to l COM
promise will be pushed. While this
change ofratio will only necessitate
the issue of 1926, 100000 in bonds,
they take it that a part of loaf is
better than nothing. Secretary
Carlisle gives the following figures
as the cost to the government of
change of ratio from 16 to l to
that of2O to /: "The number of
silver dollars coined since 1873 ag
gregates 419,322,45O. Without any
allowance for abrasion and loss in
cident to melting the same the
coming value of these dollars at a
ratio of to 20 would be 1888, 222,-
1852, or $S4,11O,228 less than their
present face value. To recoin these
dollars at a ration of to 20 would
require in addition 81,367,7
ounces Of new bullion, which, at
the average price paid for silver un-
der the act of July IA, 1890, 934
cents, would cost $75 ,SS6,7O0 The
Secretary's calculation here is mis-
leading as free coinage on a 20 to l
ratio would bring silver to 81 Oh an
ounce, and that is what the govern
ment would have to pay for bullion
to make up the deiciency.-ED.
In addition to this estimate there
would be a loss from abrasion and
in melting these dollars of at least
SO, 100000, which amount, together
with the difference in the face
value of the coin ($S4,11O,23S), |
would have to be reimbursed to the
treasury by an appropriated for
that purpose. From the fact that
the silver dollars are distributed
throughout the country, it would
be necessary, as they are redeemed
at the several subtreasuries to
them to the mint, and
the expense Of transportation for
$500, 100000, the amount outside OF
stock on hand at the subtreas-
uries and mints at San Francisco,
Philadelphia and New Orleans,
would average at least ) per cent.
Or $4,5OO,OOO. Therefore. the esti
nate of the cost Of recoining the
silver dollars already coined is as
'ollows:
Sew bullion to bs added. sss, 700
Oss by abrasion aud melling........ 3oD.0 %
,ost CT coming, labor material, etc go. 0
upper for alloy $1,000. 6,,2V
'ransp Jrtation of dollars TO mints..... 4.5N,0O
Total. ACKNOWLEDGEMENT $50, Tai, 800
1.-The stock of subsidiary silver in
he country is estimated at SIT 900.
100, which, at full weight, would
55,699:S75 ounces of fine
liver. This amount at ratio of
to 20, would coin $50, 843 1902, or
~ 1865 less than the present
ace value. The cost of recoining
his subsidiary silver at ratio of
o to l would be as follows:
ew bullion. 900. .$1T,r2a, 185
ses by abrasion Observation-Disclosures. 10,250 90
oct of coming, labor material. etc.. 2,50l 900
Cpl or t tna s1oy 115s o 90
Total. sas1244l
otal cost Of reconing all silver..... s2l
Secretary Carlisle's figures will
all at least $15,OOO,O0O short of the
equired amount as cost Of recoin-
ny, and not less than 1926, 900, 900
4 bonds will have to be issued to
over this deficiency. That is just
hat the goldbugs want; that is
Thy they will compromise.
With our country at peace with
he whole world, with abundant
rops and unlimited resources, why
hould this country increase its
onded debt? Should any attempt
9 made to issue bonds for any
urpose whatsoever, the people
hould rise in their might and
rush the life out of those who pro-
ose it. 1t is by bonds and national
anks that the money of our coun-