The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-10-21

of the government TO 1873 was s.03I.-
23S. From 1873 to 1878 no standard
silver dollars were coined. In 1878
the Bland Allison act was passed.
which provided for the coinage of not
less than S.. 0.00o worth of silver
bullion monthly. From 1878 to June
30, 1896. there were coined 430, &c. 04l
silver dollars. In addition to. the
above, 81. 965 ,924, trade dollars were
coined from 1873 to 1888, which were
used in paying our debts abroad and
also swelled the volume of currency
in circulation at home. During the
whole period of our history the gov
eminent has coined subsidiary silver
coins, in halves, quarters, dimes, and
half dimes, but, except half dimes,
this coinage has at no time been
interrupted since 1873: in fact the
aggregate of these subsidiary coins
that was coined in each Of the years
1875, 1876, and 1877, was greater than
in any other year before 1873.
In addition to the coinage of silver
dollars and subsidiary silver noted
above, the Sherman act of 1890
authorized the monthly purchase of
4. 800. 600 ounces of silver bullion. TO be
paid for in treasury notes, and down
TO the repeal Of that act on Nov. 1,
1893, there were purchased I6s, 674,-
6S2. So ounces of silver, for which notes
amounting TO $3.50. 931 .002 were issued.
OF the whole amount OF bullion pur-
chased under this act there still
remain uncoined in the treasury
l3l. 83s. I9e As ounces, which cost
Sis, 903, 909. %.
1t appears therefore, that, instead
of being unfriendly TO silver since the
year of its alleged characterization,
| the government has since that year
been particularly friendly to the coin
age of silver. Indeed many good peo-
pie believe that it has been too friend
ly. and that the Bland-Allison act of
1878 and the Sherman act of 1890, are
1 in part at least responsible for the
1 present hard times. Be this as ii
may the facts which We have given
from the official records show con-
clusively that the alleged demonetiza-
ton of silver has in no sense been a
factor in producing the low prices OF
the past few years.
1t may be further added that there
is more money in circulation in this
country to-day per head of population
than in 1873. the official figures being
$500 in 1873 and s22.05 in Oct. 1896
In 1860. before the first greenbacks
were issued, the per capita circulation
was only $685. And the money that
is in circulation today silver.
and paper moneys all good money.
every dollar being ''as good as gold :
And this also may be added that
never before in the history of this
country would dollar buy as much
of the products of the loom, the
factory, and the workshop as it viii
buy today.
Not only can the workingman OF
this country now buy with silver
dollar or any other dollar a large
Quantity of manufactured products
than ever before, but he now receives
more dollars for d days labor. or did
receive more dollars before Mr.. Cleve-
| lands last accession to the presidency
| than he had ever before received.
| The proof of both propositions is
found in the Special Report of the
Senate Committee on Finance, issued
| in March, 1893. 1t is therein estab.
! lished by ample testimony OF the
most convincing character that the
average wages of American working.
men in - industries were 60.7 Del
cent higher in 1869 than in 1860, and
that the prices of 223 commodities
not including rents. had fallen Sc pei
cent from 1860 to 1891. With oul
money left as il now is and The
protective policy fully restored the
workingmen of this country viii have
nothing to complain Of Bulletin.