Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-07-28
Our Surplus Silver.

VuI 0uIp1uB 0llVer.
The correspondent of the New
York Herald has interviewed Mr..
Preston, the director of the mint as
to the surplus silver of the United
States, the disposition made of it.,
and what would be it's effect if admit
ted to the mint upon equal terms with
gold. Mr.. Preston says that during
the fiscal year ending June 80, 1894,
our exports of silver bullion in excess
of imports of silver ore was $50, 533,.
7O2. For the fiscal year ending June
30, 1895, the exports of silver bullion
in excess of the imports of silver ore
was $27, DIG, 1873 and for the first eleven
months of the fiscal year ending June
30, 1896 was 500, 927, 062 and that near
ly the entire sum had been shipped
to Great Britain. Thus within three
years the United States have sent to
England nearly $9O,0OO,OOO of silver
bullion to London bankers at gold
prices either In payment of debts or
interest upon debts, which otherwise
would have been settled with COM
modities produced in the United
States States.
The director of the mint has the
means to know that the price of the
silver bullion in three fourths the
globe has remained at the ratio of 16
to l, with gold and that by adverse
legislation the price has been reduced
to almost half that ratio. He would
further learn from our consular cor
respondence that this silver had been
coined by Great Britain for English
traders at more than the ratio of ,l6
to and used in the purchase of
wheat and cotton in silver using
countries which is brought to Liver
pool in competition with American
wheat and cotton, thus using the sur
plus silver obtained from the United
States as a club to beat the CONNER
cial life out the farmers and planters
of America. This 100000, 900 of bull
lion sold to English spectators at
half its coinage value has been given
its full coinage value there enabling
that people to realize 500, 1000, 900 profit
out of the transaction.
1t would be ON impeachment of the
business sagacity of London bankers
to assume that they have withheld
this silver bullion from coinage and
use when profit of 100 per cent
awaited it. 1t is an impeachment of
business sagacity of an American
congress that this bullion was not
coined into $1sO,0OO,O 900 of full legal
tender money and poured into the
channels of American productive in
dustry, giving employment to its la
Dor with manufactured commodities,
instead of the raw materials. the mar
kets of Europe. Had this silver bullion
been coined into legal tender money
at the ratio of 16 to l, there would have
been no need of selling $262, 100000 of
bonds toa syndicate of American and
Jewish gamblers in gold, and govern
ment securities. There is no law le-
quiring the $1OO,OOO,OOO gold reserve
to be held in the treasury. 1t is
simply u fiction of John Sherman's.
This sum was obtained by the sale of
80 year 5 per cent bonds which have
been running now over II years and
have cost the people in interest alone
$50, 100000. In addition to this the
present administration has added to
the original one hundred millions of
bonds $500, 100000 more, for the os-
tensible purpose of maintaining
gold reserve in the treasury, that is
not required by law. And when the
silver men of the senate passed bill
by vote of 80 to IS in that body to
prevent the further sale of bonds for
unlawful purpose, the House with
about 100 republican majority refused
to take it up and pass the measure.
Why? Because the party favors the
policy of Grover Cleveland in the is
sue and sale of bonds to maintain a
policy which the republican party is
solely responsible for.