The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-24
The silver DOLLARS buying Powor.

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"The silver dollar buys as much as
gold dollar. Then why object to the
silver dollar or to the unlimited coinage
Of such dolIar?" This is u question
often asked by the advocates OF the free
coinage Of silver, as ii it proved their
case. 1t is often asked also by persons
without bias, who have not taken the
trouble to consider by what means tho
government has since 1879 kept green
backs, as we'll as silver dollars, at par
with gold. 1t will be remembered that
in July, 1864, one dollar OF our currency
was worth but 3S.7 cents in gold. In
July, 1870, five years after the war, it
was worth but $3.50 cents in gold. Tho
greenback was not brought to par
with gold till, under an act Of Con-
gress. the secretary of the treasury,
in 1879, by selling bonds, accumulated
the SlOO,000,000 OF gold reserve now in
the treasury for tho redemption OF
greenbaCks, in case anybody should
wish to turn his greenbacks into gold.
As soon as people saw that they could
get 100 cents in gold for their paper
money, dollar for dollar, they ceased to
take less for it And, as Is usual in such
cases, rs soon as they saw tho gold was
there to redeem their greenbacks they
ceased to wish them redeemed, prefer
ring redeemable paper to metal, as be.
ing more convenient to handle. Thus
sS4O.OO0,00 OF greenbacks were brought
to par and kept there. A reserve OF
100000, 900 OF gold was enough for that
purpose. Under clause OF the Sher-
man act and the practice OF the governs
mont, it has boon the policy ofthe treas
ury to keep all the other kinds OF
money in circulation at par with gold,
but no further accumulation OF gold has
boon provided by law to do this work.
In July, 1903, there were $4,000, 900 OF
silver dollars (mostly in circulation as
certiGeates,) $S49,0 100000 OF greenbaeks
and about Sl4O,00O,0 900 Of silver bullion
treasury notes--or 5000, 100000 in the
aggregate-to BIO kept at par with gold,
ON the strength OF the tre1Sury'a dwind.
ling gold reserve. At that time this 70.
serve had declined from $l03, 0O0,0O0 in
| 1883, during Mr.. ClevOland's frst term,
10 less than Sl00000,000 This amount
OF gold has been insufficient TO inspire
confluence III tHo kuNuEHluOubb NulhtN
TO keep 5000, 900, 900 OF grOenbacks and
bb.cCnt silver dollars at par, especially
ma II has been soon that this enormous
burden Is being added TO asder the
Sherman act by the purchase Of 4,50O,-
900 ounces Of silver per month.
Hence tho panic, Gold was being ok
ported, What II tho whole Si00,00O,0OO
OF gold reserve wore withdrawn from
tho treasury by holders Of grOenbacks,
certificates or treasury notesP Then
tho government, II was seen, would not
DO ablo 10 keep tho b5.Cont silver dollar
al par with gold, There was good ron.
son 10 fear this, siucO tho excess OF gold
exports over imports In 1850 was Si0,.
0OO, 900; In 1901, S72,0O0,0OO; In 1902,
When our exports otcrops we're excep.
tionally large, Sl3, 100000 In 1873 gold
exports have boon OH vastly Increased
scale. 10 July /, 1903, Sl40,0OO, 900 Of
TREASURY notes wore Issued und0r tho
Sherman not, but our not oxports OF
gold In tho saino tlmo wore Slll 900, 900.
Ihs soodaess Of tho silver dollar being
dependent on tho ability Of tho treas.
ury 10 exchange gold for II, tho holder
Of II, investors aud others, became