The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-06-22

Secretary Window. when at the hesd Of
the treasury. proposed plan for the nth
izatton Of more s.ver as coin which has.
on its face, some attractive features. He
proposed a plan which would seem to meet
rhe demands for more currency. employ
men at silver mints. and enhance the price,
without shouidering upon one country the
risks and responsibilities Of an attempt 20
uphold parity between the two metals N
tho face of gold standard nations.
Mr.. WINDOWS plan was that the gov
eminent s1ould buy SILVER bullion at rs
current market price, and issue therefor
currency certificates based on the actual
value OF the bullion purchased. The GER
tfficates so issued were to be redeemed in
silver at the market price OF the bullion
when the certificates were presented for
redemption. Under this system condi-
tons would be developed that would allow
all silver offered 20 the government for
purchase to be used as the basis for pa
per currency. the same 10 be issued at the
commercial value OF the silver which II
would represent at the time of issue. This
would make the government responsible
20 the holders of the currency certificates
for the maintenance OF their full face
value. At the same time the government
would have an opportunity TO protect
itself 1t would have an equal chance for
profit or gain according as silver BUXTON
might advance or decline in price. with
the probability that in a given number
Of years the profit and loss on the trans
action would about balance each other.
How this would have resulted may, in a
general way. be seen by taking the recent
report of the director Of the mint as TO the
comparative production of gold and silver
in this country during the year 1894. Di-
rector Preston shows that in 1894 there
was SSe.500.00o OF gold produced in the
United States. This was an increase Of
$4,000 over the output of 1898. The in
crease in the worlds production for the
same period was 81 900 900. AS against
this there was produced in this country in
1894 about 100000 ounces of silver. The
gold product. similarly stated, amounted
TO 1910. 800 ounces. These figures are es-
sentially important. but their significance
is Increased when We consider the fact
that the states OF Colorado, Montana.
Utah and Idaho produced IN 1894 about %
per cent of the total output OF silver in
this country. These four states have a
combined population of approximately
1.0oa0d0. They produced 4. 2si ,929 ounces
out of total OF 40 100000 ounces of silver
bullion produced in this country. Ac-
coNiing 10 the average price of silver in
fsrl rro commercial value of this bullion
was $2S.7i5coo.
No doubt reader market. such
as Dir. WINDOWS plan would provide.
might have Increased the market price II
is highly improbable that it would have
roachcd the price Of gold in the markets
OF me world, but If Il did the silver ques-
ton would be settled. The danger TO be
feared was of course. that the temporary
impetus would result in a rush TO develop
silver mines. followed by a glut which
would later reduce the price. But in that
case. the government-whloh Is the people
at ,arge-wold not be tho losers, but only
those holders of certificates at the time
the price declined. II would prove, how
evor whether silver could be maintained
At parity without jeopardzing the gov
ernment's solvency.
But suppose free coinage Of silver had
been IN operation. without any increase in
prse. during the year 1874. The producers
II silver-the corporations who own the
mines not the labor ers-in the four silver
,,,,.3,r-fD- srasos would have ,e~as,.s.s e.
si5 $50 Instead ~ SIS. IA 0no. In other words
they would have made clear gain Of
$1S. 79l .SSS in the absence OF any Just
equivalent al the expense OF the other
6a.Oo0,eo inhabitants of the United States.
Another suggestion recently made IS that
the easiest way out Of the dificulty in re-
gard 70 the coinage OF the two metals and
the attempt 70 maintain parity between
them IS 70 v-tpe from the statute books all
legislation relating 10 the coinage Of gold
and oliver, and especially such legsla-
ton as defines and regulates their legal
tender quality. THIS proposition IS sub
stantially that the government shall place
l,g,1n the coins the imprint OF so many
grains OF eEve,z'' or 80 many grains OF
nation OF their value. This simply means
tf,at tho government stamp shall certify
- The weight Of tho coins.
This seems very fair upon the face q
IT, but I; would lead 70 such endless com
r,.,atAons as TO be practically an absurd
iv.
The one great end 20 he sought FOR in