The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-09-19

tary of the treasury TO buy 100000
ounces of silver bullion monthly. or
54.000.0o0 ounces per year at the market
price, and TO issue in payment therefor
treasury notes of the United States.
These treasury notes were made re-
deemable in coin, gold or silver, at the
discretion of the secretary OF the treas
ury, and had full legal tender value.
Under this act, 100000 silver dollars
were TO be coined per month up TO July
/, 1891.
Notice the effect Of the Sherman law.
Under this act $2s, .495 were coined,
and mp to April /, 1891, Ss9,602,loS In
treasury notes 10 pay for bullion pur-
chases issued. We find that on Novem-
Der 1. 1891, there were OF silver dollars
coined. and in existence in the United
States under all the acts, the total OF
S409, 475,36s of which sum $347, 1890
were in the treasury, md less than
about one-seyenth of the total coinage
of silver dollars, or 500, 132, 46l in circu-
lation.
The intendment OF this law was 10
provide n home market for the entire
output of our silver mines, which has
never been estimated TO exceed $4,000
600 ounces yearly, and at the same time
enlarge the circulating medium OF the
country.
IL was argued, and generally believed,
TINT the effect of this law would he to
enhance the price of silver. This proPh-
ecy was freely made by free coinage
advocates everywhere.
But what were it's results?
The law went into effect July 4, 1890.
In anticipation of n rise in the prlca OF
silver by reason of this law, silver bull
lion was driven up by SPECTATORS TO
sI.O5 per ounce in April, 1890; Sl.os in
May; $l.15 in August; Sl.2l IN Septen-
| Der.
When the artificial pressure was re-
moved the law OF supply and demand
began TO resume its natural sway.
The worlds market, at which so
many sneers are freely cast by free
coinage advocates to-day, insisted on
PLAYING the mischief with the home
market.
What followed?
The inevitable, of course. Silver
|
of breath and black in the face.
Why? The reason, IL seems TO us,
is very simple. The country was able
10 sustain n certain amount OF silver
coin, as n circulating medium at PAL
with gold, but wholly unequal TO the
task OF sustaining the market value
Of silver bullion higher than the law
OF supply and demand OF the world
at large saw fit 20 fix il.
Note results. by October, 1890, sill
YER had fallen TO Si.09 per ounce. De
cember, S1.06. 1t has been going dowr
ever since.
In December, 1891, silver was worth
94B cents. May %, 1892, $50 cents
To-day IL is worth about 50 cents.
Have YOU failed to observe, intelli
gent reader. that although able to take
the entire silver product of this coun
try, which this government did, unit
the Sherman net was repealed, ever
this demand was inadequate to keel
the market value OF silver from declin
ing.
In the face of these facts, IL requires
no little assurance 10 ask the American
people TO believe that free and unlimit
ed coinage OF silver at the ratio OF six
teen TO one would furnish such marke
for and demand for silver that it's com
' rnerciaI value would double and remain
! In that position.
But up hobs Mr.. Bryan, and says;
"The Bland-Allis0n act and the Sher
man act were not free coinage legisla
ton. They were only steps in tina
direction. They recognized silver in
way, provided for large purchases G
. silver. but did not go far enough"
;, "But you will admit, Mr.. Bryan, tina
the Sherman law provided for the pul
!, chase by the government Of 100000
ounces OF silver per annum, or the eI
= tire output OF our silver mines?'
"Oh, yes"
"And you'll admit that even this grea
demand didn't raise the price of silve
for any length OF timer"
=, "Isuppose I'll have TO admit that. als'
/, But you must remember, my goldbu
friend (they always say that, it's pop,
: lar with the galleries), under the She
8 man law. the government paid for 81
- yer at the worlds market price. Unde
free and unlimited coinage, sixteen
% one, the government booms the price {
= silver doubles IL, as IL were"
!. "But who gets the benefit?"
"Why the mine owner, who wa
n robbed 10y the crime Of 1873 (there 70
a go AGAIN. and the people"
- "How does IL benefit the people,"
- "Oh, therell be more money, al
,r they'll get it--somehow."
N "But IL $67s, 10000 of gold gets scare
and lights out, will there be any mo-
a money!"
ve "Well, hardly. We propose TO crea
~ an enormous demand for silver. "
propose TO double its commercial walt
no by legislation. We propose 10 be ind
IN pendent OF Europe, and fix our prices
u. "Why don't you do all this for whea
or corn and hogs2"