The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-07-23
An Explanation That Doesn't EN-
nInin.

4 few days ago the Morning News call
ed attention to some things which the sill
verites DO not explain. Among other
things it said:
Why did the price Of silver continue to
fall when we were coming 100000 in
silver a month under the Bland-Allison
act. and were purchasing 100000 ounces
Of silver a year under the Sherman silver
purchasing law
The Albany Herald. speaking for the
silverites. says the foregoing is easy 10
explain. and it proceeds 10 explain il; and
this is what it says:
The dollars that were coined under the
Bland-Allison act We're good dollars. worth
one hundred cents in the dollar. then and
now, but only by the measure, or grace,
II YOU please. Of gold. They are not re-
demptiOn dollars or dollars Of final pay
mcnt.
Why are not the Bland-Allison dollars
and all the other standard silver dollars
which we have in circulation just as much
money Of final payment as were the silver
dollars that were coined prior to 1873? In
what respect do they differ from them?
The Albany Herald says the explanation
is easy. but it does not. it seems 10 us,
explain. We have no doubt that 1t Is very
sincere in what it says. but does what it
says amount to an explanation?
The Herald appears to think the silver
dollar. prior TO 1873 had some quality
which it hasn't now If so. what was it?
The silver dollar is money Of final pay
ment just as much now as it ever was.
The act Of Feb. IS 1873, which authorized
the coinage Of silver dollars OF the weight
Of il2i2 grains OF standard silver, provides
that these coins together with all silver
dollars heretofore coined in the United
States. OF like weight and hneness. shall
be a legal tender at their nominal value
for all debts and dues. public and prl-
vate, except where otherwise expressly
stipulated in the contract" The Sher-
man silver purchasing act. the act Of July
a. 1880, which provided for the purchase
of 100000 ounces Of silver each month,
also provided that the treasury notes is
sued in payment Of the silver should have
the fun legal tender quality. The legal
tender quality now attaches to the silver
dollars and to the treasury notes as much
as it ever did, and any debt may be legally
paid in silver dollars unless there is a
stipulation in the contract that 1t shall be
paid in something else The silver dol
lar is money Of final payment to the extent
that the government can make it so. We
feel sure that the Albany Herald would
not be quite so well satisfied with its ex-
PLANTATION if it should take the trouble to
read the several acts relating to the sill
yer dollar that have been passed since 1873.
And again we ask the question. why has
the market value of silver fallen since
1873? Our silver dollars have the same
legal tender quality they had prior to 1873,
and we have coined nearly 50O,OO0 600 silver
dollars since that year and bought a vast
quantity of silver bullion, whereas for
many years before that year we didn't
coin a silver dollar and purchased no sill
yer bullion, except for subsidiary coins.
We think the market value of silver has
fallenbecause there has been a great over.
production Of silver within the last few
years. In 1873 there was produced in the
world only about 100000 ounces Of silver,
while In 1898 tho production was 16l. 10000
ounces. For ten years the production of
silver has been far above the normal.
Why hunt for theoretical explanation of
the fall in the market value of silver when
the real reason is so apparent?