New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-16
TRIBUNE SUNDAY

| that any holder OF the coin authorized by that act
United States in sums not less than SO and receive
certificates therefor of not less than $40 each and
Treasury for the payment OF the certificates on de-
was known as the Bland-Ailison act. it greatly
added to the difficulties OF resumption. and for that
law over his veto. Under It's provisions the United
States purchased over 29l.cnCo ounces of silver at
the cost OF sS0S. $3.50 II hoped that this enor-
nous purchase would arrest the decline of silver.
but in spite Of silver steadily nrn declined in m marH
eminent on the purchase Of silver under this act
amounts to over $00.00O.n0
THE SILVER PURCHASE LAW
When Congress met in December. 1889. there was
a strong desire in both houses to utilize silver a.
legal-tender money under conditions thai would not
demonetize gold As the result of long discussions
in both houses and after conference between them
bin was passed July a. 1890. by which the secre-
time to time silver bullion to the aggregate of 45ee0
ounces month at the market price ana to issue In
/ United States. which made a egal-tender IN
rcieemabie by the Secretary Of the treasury in gold
or silver coin at his discretion. This measure, 1t
value Of SILVER T and Enable the Secretary to maintain
two "" n % q Bn R Rar mgrE %n va of S e
inued to decline The Government purchased under
Si5soOcOc THIS proved to be expensive expeal-
men and act repealed November l. 1893
This repeal was accompanied by the following
eekanI IL Is bernby Declared 70 be the pocy Of the
silver as standard money, and to coin both gold and
able value such equality to be secured through in
ternatonal agreement. or by such safeguards or
legislation az will insure the maintenance OF the
parity i'm value of the coins OF the two metals and
the equal power Of dollar at all times In the
further declared that the efforts of the Government
should be steadily directed to the estnblishment OF
such safe system Of bimetallIsm as VII maintalI,
at all times the equal power of every dollar coined
or issued ny the United States in the markets and
This DECLARATION made by Congress and approved
by the President at a time when the public mind
was centred upon the SILVER question: Is d WIS.,
statement of public policy that ought to be acted
passed a House OF Representatives fresh from the
Scope BY the vote %, gesS arsinst % navs This
act was not a party vote but II Is. believe the eX-
preston OF opinion of majority Of the two great
And here felow-citizens, We ought to stand /
appeal TO Democrats and Republicans alike. We
arc all interested in having sound and stable cur
rency founded upon gold and silver we cannot ny
Of the articles that enter into the wants OF life.
LOSS IN BUYING SILVER.
The great law Of demand and supply affects the
value as it does iron copper or zinc. All have fallen
in market value 10y means Of new discoveries and
improved methods of production. nave mere q
statement Of the Director of the Mint. dated July H.
1885 showing the amount and cost of silver bullion
purchased under the acts Of 1873 ana 1882 ana ITS
shrinkage of over s45,coOo
Hon John sherman. Mansfield. Ohio:
letter of the 18th inst. that the aggregate amount
and cost of silver bullion purchased under the act
Fine ounces Cost.
q 2 IS q e Ss g Sc ]
Totals ........... s45s e1e 7oi 90 s4o4 30 go 90
price for silver, namely
$oG922 per fine ounce. 3ls%SsSlo 20
,,,ohase ............ sl45 s71 e52 81
Respectfully yours.
Director of the Mint
the people OF the United states $500 725 200 as
stated by the report Of the Treasury Department,
''''''' AMOUNT in
July va l. 90 1899 49,
s sta6ds G9in silver dollars: S's$ si5ssss
subsidiary silver 9 s3S 20
Treasury notes July "a 1890 s9 $el
Ca nea s eeTnca Gates Act June
National bank notes -lo'o'' 81
Total 81 500 725 200
We had also at that date 1854 599s1 in the Treasury
mostly gold and silver. held for the redemption OF
United States notes and silver certificates as follows
STANDARD silver dollars s7s6l4ol8
Gold certificates. ACKNOWLEDGEMENTS, 49a43o
lessgry notes Act July H.
currency certifca,es Act June s. 1872 .... ia o10
National bank notes ACKNOWLEDGEMENTS. lO6bSo-b
Total s6sf5199sl
py ,he EoVernment at par VIII pot' d hnH roy
has fallen to nearly onehaf it's former value yet
we have used II and maintained silver coin made
from il at parity with gold at the ratio of 16 to l.
SILVER MONOMETALLIsM THREATENED.
! But now we are brought face to face with
| proposition which If agreed 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 property. The Democratic party at Its recent
Convention at Chicago adopted resolution in
favor of the free coinage Of silver at the ratio of
sixteen parts OF silver TO Of gold. We know
/ that in the United States and in all countries IN
the world thirty ounces or more OF silver can De
purchased by one ounce OF gold with the free
coinage Of silver gold will be demonetized. Moth
! ing can be more certain than that the cheaper
money only will circulate. The United States has
Mus Mus f rsT eons ony by m excsVe
Of coinage. and by limiting the amount but with
Silver bullion in every form will be pressed upon
the minis and with the mandatory duty of free
Of circulation and the gold dollar will be boarded
viii be eS Ggo 6 b sna Silver sGa co S ssr WIFI stand
as the par value and gold Will be quoted at IFS
Let us contemplate for a while the inevitable
result Of the free coinage Of silver even If ! re.
for the payment Of money made since January J.
1879 The Resumption act. which went into opera-
coin on demand Of all United states n9tGs na pre-
for on All weTe OF hem
At par with each other and have been so main,
tanned since. During All llS p'li'u tNiu ill'
silver coins at par with each other have
been the standards Of value OF all ioans;
/ contracts or purchases. and the taith OF
the United States was pledged tor the h
maintenance AZ parity with each other Atho o9,n
silver bullion declined in market value, the COINS
made from it have been kept par with gold coins coins
NJ the legal ratio rs to But " the free com
age Of silver is authorized then the market value
OF silver bullion becomes the standard for pay
nents on all contracts made in the past present or
the future; 42l2 grains Of standard silver bun3h
worth now - cents can with free coinage ne
| coined into a dollar the demand OF any
holder Of such bullion. This dollar Is delivered TO