Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1895-10-17
1Ia
Silver.

George Partrluge 81 pan rrahoiso'
on the subject of silver. 1t present
the silver side fully and, we may say
generally fairly.
We find few points upon which
we can agree with Mr.. Partridge. 70
instance, we have no doubt that tn
recoinage of silver at the old ratit
would prove a vcritable boom for sil
YER mining. 1t could not be other
wise. If silver can be mined nov
when it is selling for about 20 cent
an ounce, even though the profit il
small, one can we'll imagine the effec
on the industry when the government
offers to pay $l.29 an ounce. OF course
not only silver mine owners but al
dependent on them for labor or pat
ronage are pulling for free coinage fol
all they are worth.
Sheep in Vermont are now selling
for 80 apiece, thanks to the Democrat
ic tariff. it we're proposed that the
government should buy all that were
offered and pay "a for them Vermont
could probably be counted on to favor
the scheme. That is human nature.
But unless it could be made to appear
that the country at large would be
benefited by paying more than the
market value for Vermont sheep, the
other sections would be excusable If
they declined to support the plan.
Nor does it alter the circumstances
because when silver was coined free
the business of silver mining was more
profitable than nowand certain places
thrived in consequence. Unless the
country as a whole can be bettered by
free silver, or at least unless
the injury it will sustain will be less
than the benefit to be derived from
giving such an impetus to silver mining
then is the country justified in its re-
fusal to reopen the minis to silver.
The opponents of free coinage do not
believe that this government can alone
raise the price Of silver to its former
level and maintain it there and they
lold that the experiment would be
'raught with great danger to our
whole financial system. And even if
t could be done they do not agree
hat all the blessings foretold by the
rec silverites would flow.
Silverites claim always that the con-
tant depreciation in the value Of their
metal since '73 is directly attributable
0 the action Of this government in de-
lining to give it coinage. From the
of the government down
0 '73 only $1,000, 900 worth of silver
ad been offered at the minis for coin
ge into standard dollars and in all
here was only Sl05, 100000 Of silver
n circulation, all but 100000 in
nbsidiary coins. 1t would not seem
hat the total withdrawal of this de-
hand would completely PROSTATE sill
er mining. For years previous to '73
ardly a silver dollar had been coined.
lone was offered. The law was APP
arently without effect and nobody
opposed that the legal stopping Of
hat had actually been stopped long
efore would have such an effect on
lie silver industry. Nor do we APP
rehend that such would have been the
Use had not Germany and the Latin
Mon and, later, India, followed suit.
il these countries were heavier users
silver than ours. 1t was their &C.
on rather than ours that precipitated
e silver crisis.
Since 1873 more than 100000, 900
silver have been added to our circu-
ton by the Bland, Sherman and
her laws, while during all the period
free coinage only slO5,OOO,OOO in
lver were coined. Four-fifths Of all
g silver that now circulates, either
tually or by paper, is due to laws
lssed since 1873. And still we are
"a that the government has disgraced
YER!
Our correspondent tells how it is
'ssible for the government to raise
9 price of silver to its former level.
] that will be necessary will be to
Ter to coin it at the old ratio. This {
face of the present market price t
1ich is just about half what the gov 9
nment would be asked to pay and 7
face Of the fact that no other lead 9
g commercial nation observes this I
ito or any except the market price. 9