The Republican. [volume] (Oakland, Md.) 1877-current, 1896-09-24

dollars to the owner of the bullion?
Thus the mine owner would have the
same amount of silver on his hands,
but in different shape. Suppose a
well known creamery should advertise
that it would take all the butter that
the farmers could produce at a valu-
alton of 40 cents per pound; the far
mers from around the neighborhood
would bring their butter to the cream
cry. Now, suppose that this creamery
should take each farmers butter and
stamp upon every pound of it: "This
is worth 40 cents and hand it back
to the farmer; wherein would the far
mer be benefited? He would have the
same amount of butter, only in diff
ferent shape.
The superintendent of one of the
large Colorado silver mines was asked
recently this question: ''In your es-
timation do you think that the free
coinage of silver would be of perma-
nent benefit to the owners of silver
minese" He replied: Frankly do
not. The price would naturally rise
somewhat Immediately after the pas
sage of such Il law, but the same law
would so stimulate silver mining that
within two years, and after all the
gold had been driven out of the cOun-
try, the immense increase in produc-
ton would force the price of silver
below the present level. We are
uncovering as much of our ore as we
possibly can, so as to be in shape to
practically work out oul mine within
the two years, and before there shall
be great reduction in the price of
silver
In 1889 the production of silver in
the United States amounted to fifty
million ounces. AS concession to the
silver men the Sherman law was pas
sed, which required the Secretary of
the Treasury to purchase tifty-fOur
million ounces of silver per annum,
Or four million more than the total
production of the year previous. The
silver men said then as they do now,
that this would raise the price to 81 30
per ounce, and keep it there, The
bill became law in August, 1890, up
to which time silver had been worth
about S1.07 per ounce. In Septem-
Der of that year the price went to
$1.16, which was the highest point
reached, when it began to decline.
1t went down steadily, month by
month, until August, 1898, when the
law was repealed. 1t had then fallen
to 70 cents per ounce.
The decline in price was caused by
increased production, fostered by the
Sherman Silver purchase law. In
1889 the total output of silver was so
000,000 ounces; while in 1893 it had
reached 10000, 600 ounces per annum
AS the production of silver would
| undoubtedly increase under a free
coinage law, so would the minis be-
come clogged with it, and the mine
owner would have to await his turn
| to get his bullion coined. In the
event of his not being able to carry it
he would have to sell it on the market
for any price that he could get for it.,
which would have a natural effect of
reducing its price everywhere. SO we
600 that tho mine oUynar would have
very short-lived triumph. In the
end the measure that he had urged
| for his own benefit would work his
own destruction; for with the cur
rency contracted by the expulsion of
| $62S000, 900 of gold, and with poverty
and panic everywhere, he could not
even sell as much silver for CONNER
| cial purposes as he now sells.