Evening star., 1896-08-15

L8se-TWENTY-FOUR Pa
decline Of silver. but In spite Of II silver
steadily declined in market value, and at
the present price the loss to the govern
ment on the purchase Of silver under this
act amounts to over $1OO.O00.O00.
The Sherman Act of 1880.
When Congress met in December. 1889.
there was a strong desire in both houses to
| utilize silver as legal tender money under
COZ ditions that would not demonetize gold.
| AS the result of long discussions in both
| houses and after a conference between
them. bill was passed July IA. 1890. by
which the Secretary of the Treasury was
| directed to purchase. from time to time.
| silver bullion to the aggregate OF 4.JOO.OOO
ounces a MONTH at the market price, and
| 10 issue, In payment of such purchases.
| treasury notes of the United States, which
| were made a legal tender in payment of all
debts. public and private. and were re-
deemable by the Secretary of the Treasury
| IN gold or silver coin at his discretion.
| This measure 1t was thought, would ar
rest the decline In the market value Of sii-
| yer, and enable the Secretary to maintain
tne Two metals on parity with each other
value of silver continued to decline. The
government purchased under the act of
July a. 1880. l6SOOO.OOO ounces at a cost of
| $158WO.WO. This proved to be an expen-
sive experiment, and the act was accom-:
| panied by the following declaration, made
a part Of the repeating act:
| And 1t is hereby declared to be the poll
cy Of the United States to continue the use
! OF both gold and silver as standard money
and to coin both gold and silver into money
OF equal intrinsic and exchangeable value
srch equality to be secured through inter
national agreement, or by such safeguards
or legislation as will insure the mainte-
rance OF the parity in value of the coins Of
the two metals and the equal power of
| every dollar at all times in the markets
and IN the payment of debts. And it is
further declared that the efforts of the gov
ernment should be steadily directed to the
estabfshment Of such a safe system OF
| pimetall1sm as will maintain at all times
the equal power Of every dollar coined or
issued by the United States in the markets
and in the payment Of debts"
This declaration made by Congress and
approved by the President at a time when
the public mind was centered upon the
| silver question, is a wise statement of pub
Tic policy that ought to be acted upon with
| out regard to party divisions. This bill
passed a House of Representatives fresh
! from the people by the vote Of 239 yeas and
l1s nays. and the Senate by the vote Of 43
yeas against 32 nays. This act was not q
| party vote, but 1t is, l believe. the express
sion of opinion of q majority of the two
| great parties of the country.
Aad here. fellow citizens. we ought to
| StdHu appeal 10 democrats ana repuOl-
cans alike. We are all interested in having
sound and stable currency founded upon
| gold and silver. We cannot by law flx the
value Of either metal or coin or of any Of
| the articles that enter into the wants of
life. The great law of demand and supply
| effects the value as 1t does iron, copper or
zinc. All have fallen In market value by
| means of new discoveries and improved
| methods Of production.
Silver Bought by the Government.
I have here statement Of the director Of
the mint, dated July 21 1895, showing the
| amount and cost Of silver bullion purchased
under the acts Of 1878 and 1890. and its
| value at the present market price, showing
a shrlnkage Of over $145, 100000.
Hon. John Sherman, Mansfield. Ohio.
Sir: have the honor to state in reply to
| your letter Of the 18th instant that the
| aggregate amount and cost of silver bullion
| purchased under the act of February %.
1873. and July IA. 1880. was as follows:
| Fine ounces. Cost.
airy. 1s7s..... 2s1, ,272,ols5s saos. 27a. .2sO Il
1890 ..... l6s,e74, SO 1856. .a31. .OO2. 25
Totals 45ae4e, 7o1 90 s4s4, ,21O. .2e2. sc
worth at today's market price for sill
yer. namely $O.6e2l2 per fine ounce, SS1s,-
S3S .31O.75.
Loss in purchase. s145s71. 1921.
| Respectfully yours
"R f. PRESTON,
| "Director Of the Mint"
We had July 1 last in actual circulation
| among the people of the United States
| 81 sos, 725. 200, as stated by the report of
the Treasury Department. which I will
| read:
Amount in circulation July 1. 1898:
Gold coin $4oO lSS, 4S3
Standard silver dollars......... 52175.9aS
| Subsidiary silver. 90 .99S s05
| Gold certthca ates.... 4282O 759
Silver certificates. 831, ,259,5 500
| Treasury notes, act July IA,
1890 Standardization. a5217 3Gl
United States notes............. 225, ,451 1853
| Currency certificates. act June
| q, lSE .......................... Sl.OtoWD
National bank notes. 215, 1881, ,927
Total ................S 81, 500 725 200
We had ESQ at that date 1854. .519. .9S1 in
| the treasury. mostly gold and silver, held
| for the redemption Of United States notes
and silver certificates. as follows:
Gold coin. ACKNOWLEDGEMENTS. $111SOS.340
| Standard silver dollars. ......... 37s614 ,043
Subsidiary silver................ Is, .916
| Gold certificates. 491, 43O
| Silver iflcates................ II, ,359, ,993
| Treasury notes, act July IA,
| 1871 IA. 49,, ,gl9
! United States notes............ 121, ,229, ,65S
s, 1872 ....................... 10000
National bank notes. 10.66s. $40
Total .................. 1884, ,519, ,9s1
All these forms Of money have been
maintained by the government at par with
| gold. and they travel the whole world with
out diminution Of their purchasing power.
| Though silver bullion has fallen nearly one
half its former value, yet we have used 1t
| and maintained silver coin made from 1t at
paritv with gold at the ratio Of 16 to 1.
Threatened With n Silver Basis.
But now we are brought face to face
with proposition which, If agrs.d to. will
make silver the sole standard Of value for
all debts and credits, for the wages Of
labor and the purchase and sale of prop
erty. The democratic party at its recent
convention at Chicago edop.ed a resolu-
ton in favor of the free coinage of sill
yer at the ratio Of sixteen parts of silver to
one of gold. We know that in the United
States and in all countries in the world
thirty ounces or more of silver can be
purchased by one ounce of gold. With the
| free coinage of silver gold will be de-
monetized. Nothing can be more certain
than that the cheaper money only will cir
| culate.
The United States has thus far main
tanned its silver coins at parity with gold
coins only by Its exclusive ,nOnopoly of