The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-16

Z Sold by druggists at 81 90 per bottle. s
OBSERVATION-DISCLOSURES
coin deposits should be retained in the
treasury for the payment Of the certifi-
Gates on demand This bill so amended,
passed both houses 1t was known as
| the Bland-Alliscn act. 1t greatly added
10 the difficulties of redemption and for
] that reason was vetoed by President
/ Hayes but became a law over his veto.
Under it's provisions the United States
| purchased over 291 900 900 ounces Of sill
yer at the cost ofS30S, 279, 260. 1t was
hoped that this enormous purchase
would arerst the decline of silver but in
spite of it, silver steadily declined in
market value to the present price. The
loss to the government on the purchanse
of silver under this act amounts TO over
500. 600, 900.
TRIED IT AGAIN.
When congress met in December, 1885,
there was a strong desire in both houses
10 utilize silver as legal tender money
under conditions that would not demon
etize gold. AS the resiiIt of long discus
sion in both houses and after a congress
! between them bill was passed July IA,
!
ury was directed to purchase from time
| to time silver bullion to the aggregate Of
| 400.0 900 ounces a month at the market
price and to issue in payment of such
purchase treasury notes of the United
! States which We're made legal tender nj
payment of all debts public and private
and were redeemable by the secretary of
! the treasury in gold or silver coin at his
discretion This measure, 1t was
! thought, would arrest the decline in the
market value Of silver and enable the
| treasury to maintain the two metals on
a parity with each other az ratio of 16
| to /. But the market value of silver con
! tinued to decline
AN EXPENSIVE EXPERIMENT.
The government purchased Under the
act of July IA. 1890, 16S, 6O0, 600 ounces, at
a cost of s156, 900, 900. This proved to be
an expensive experiment and the act
was accompanied by the following de-
dlaration, made a part of the repeating
act:
And it is hereby declared to be the
policy of the United States to continue
the use of both gold and silver as stand
ard money and to coin both gold and
| silver into money Of equal intrinsic val
ue, such quality to be secured through
safeguards of legislation as will insure
the maintenance Of the parity in value
Of the coins of the metals and the equal
power Of every dollar at all times in the
markets and in the payment of debts
And 1T is further declared that the eff
fort Of the government should be stead
! ily directed to the establishment of such
! a system of bimetalliSm as will maintain
at all times the equal power of every dol
lar coined or issued by the United States
! in the markets and in the Payment of
debts
NOT A PARTY VOTE.
This declaration made by congress and
approved by the president at time when
| the public mind was conferred upon the
silver question is a wise statement of
public policy that ought to be acted up
on without regard TO party divisions
This bill passed a house of representa-
| tives fresh from the people, by the vote
| of 239 yeas and lis nays and the senate
by the vote of 43 yeas against 80 nays.
| This act was not a party vote, but it
was, 1believe, the expression of opin-
ion Of a majority Of the two great par
| ties of the country.
And here, fellow citizens, we ought to
| stand / appeal to Democrats and Re-
in having a sound and stable currency.
founded upon gold and silver. We can
not by law raise the value of either met
al or coin or any of the articles that en-
ter into the wants of life. The great
law of supply and demand affects their
! values, as II does iron, copper and zinc.
All have fallen in market value by
means of new discoveries and improved
methods of production.
FIGURES FROM THE MINT.
| have here statement of the director
Of the mint dated July q, 1895, showing
the amount and cost of silver bullion
! purchased under the acts of 1S7Sa nd 1899
and its value at the present market
price. showing a shrinkage of over S145.-
! 000 600.
Honorable John Sherman, Manseld.
| Ohio: Sir-I have the honor 10 state. in
reply to your letter of the 18th inst, that
/ the aggregate amount and cost of silver
/ bullion purchased Under the acts of Feb
ruary IS. 1873. and July IA. 1880. was as,
/ follows: Act fF'eb. 2S. 1873. fine ounces
! 2S1. 272. 0lS.56 cost $30S, 279. 260.1I: act of
/ July IA. 1890 fine ounces 16S.6746S25S.
| cost $l55.931, OOPS; total. fine ounces
4 49s. sz6.10l-09 cost s4642l0 1928 worth
/ at today's market price for silver name
n. D.
| loss in purchase S145. ST.. So. q.
Respectfully yours.
| (SiGned) ''R- L. PRESTON.
Director OF the mint"
MONEY IN CIRCULATION.
| We had July last. in actual c.rcula-
/ ton among the people OF the United
| 81. sos, 725. 200 as stated by the report of
the treasury depaTment. which will
read: Amount in circulation July 1886.
! Cod coin OBSERVATION-DISCLOSURES 6, lbs. 1913 90
Standard silver dollars. 52.1S5 99S 90
! Subsidiary silver ... IS. 99S. sos. 90
/ Gold certificates .... $500. 759. 90
Silver certificates .......... 351, 259. 500 90
| Treasury notes act July Il.
1890. ...-... ..-......... 1921. s61. 90
United States notes $685.. 225. 45IS6S 90
/ Currency certificates act
June S. 1892 ........ 81 $40 600 90
! National bank notes IL. 90. 90
Totals 1900. $500 500. 30. 10000
MONEY IN THE TREASURY.
We had also. at that date, s6sS.5le. esl
in the treasury, mostly gold and silver.
l held for the redemption OF United