The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1896-10-29

after frequent conferences between the two
houses, in which Secretary Window partici-
pated, as compromise, the act of July IA,
1890, was passed. by which the secretary of the
treasury was directed to purchase from time to
time silver bullion to the aggregate of 100000
ounces per MONTH or 54,0OO,OOO year at the
market price at the date of purchase and to is
sue in payment therefor legal tender treasury
notes of the United States redeemable by the
secretary of the treasury in gold or silver coin
at his discretion
1t urged by the. advocates of
free silver that this bill would Just
about take up and provide for the
coinage of the American product They as
serted that there would be no increase of that
production. The annual average product of Sill
yer in the United States for ten years before
the passage of the act was a 600 600 ounces In
1891 it rose to 54,00OO0O: in 1892 to 5000, 900
ounces or 100000 ounces per annum more
than the average product for ten years imme-
dlately preceding the passage of the act. 1t
was'then plainly seen that this increased pro-
which the act of 1890 enacted and bring
about results directly contrary to every hope
and expectation with which it was passed
twelve weeks after the passage of the bill, and
at the date of President Harrison's message.
appearances certainly justified the hopes that
the measure might be q success but these ex-
pectations were speedily disappointed AL
though for few months the price of silver bull
lion rose, it began to fall within very short
time and continued to fall until the repeal of
the Sherman act in November $685.
For the fiscal year 1912 (the fiscal year of
the United States treasury ends June 80 in each
Year,. the average price of the silver purchased
under this bill was S104H per ounce: for the
fiscal year 1892 it was "a 2-1OO cents: in 1893 it
was "a 3O-1OO cents, and in 1894 it was 70 1900
cents. (By 1894 is meant the period between
June 30, 1893, and the date of the repeal of the
act in November, 1893, which constitutes so
many months of the fiscal year Of 1ss3-4)
You observe from this that the average price
per ounce paid for silver fell 81 cents per ounce,
| or about 10 cents each year. even under the
stimulating effects of this BILL viz, from 81 O4
an ounce to 70 an ounce. The same phenome-
non of fall in price had accompanied the opera
lions of the Bland-Allison act of 1878. So that.
under the influence of depreciation of silver as
commercial article from 1878 to the date of
the repeal of the Sherman act in $685. taking
the market price of silver on the 18th of August,
1896, which was SO 212-1 1000 cents an ounce. this
government and the American people lost in
these purchases S145, 971, 95221 Or take it at ~
cents per ounce, to which price it had fallen
when the act of July. 1890, was repealed, the
loss was within few million of this enormous
sum.
With the fall of silver after the passage of
the act of 1890, above noted, the advance in
prices, which in some instances accompanied
the first few months of the operation of that
act proved temporary and delusive AS time
went on it was plainly perceived that the
United States could not carry alone the burden
which it had attempted. Every possessor OF
money or of CREDITS great and small. feared
that we were going to silver basis as we act
ually were. The consequence was that orr
securities by the hundreds of mi lions. held in
foreign lands, were sent to this country to he
realized for in gold. The boarding of gold com
menced The creditor pressed the debtor
| everywhere, and the consequence was the manic
which overlook us in the spring of $685. This
panic wrecked banks, railroads. merchants
closed factories and mines and deprecated the
price of real estate throughout the country II
threw out of employment millions of worl,mer
who had hitherto been the best customer Of the
American farmer and disabled him as a MIR.
chaser. 1t produced distress so universal that
the people of the northern states imperiousl1
demanded with an unprecedented unanimity Of
expression the repeal of the Sherman act. an6
1t was repealed It had failed: failed by ex.
pertinent: failed by test. And now, the mer
who are opposing Mr.. Eddy and the other Re.
publican candidates, after this calamitous re.
suit OF an attempt made to meet their owr
views and to coin what was supposed to be the
american product, invite the American people
IN these times with the recent failure Of such
disastrous character, to attempt the free
coinage OF all silver, wherever produced, at the
ratio OF ID to by the United States alone.
]. assert that it has been proven that the attempt
\ ( ! s F.