The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1896-05-14


of present year, namely half dollars,
quarters and dimes, amounted to $78,-
2I6,677 of which amount $ts,a46,-
374 was in the treasury and $6a, a,o7o,-
3o3 in circulation. There was also
on hand in the mints and assay Offices
of the United States on the Ist of
November last. silver bullion costing
the government $Ia4,921,5oo liable
to an increase in its nominal value of
perhaps two-hfths if coined into
standard dollars. But adding together
the subsidiary coin and bullion Just
stated and the $4a6, 2S8,o16 coined
dollars, before mentioned, we get a
total stock of silver amounting to
$6ao,4a6,S95 of which only r17,763,-
os5 were in circulation as dollars and
subsidiary coin.
Before the war of the rebellion it
was understood that 10000, 900 of
subsidiary coin fairly supplied the
demand ofthe country for change and
small payments, but with increased
population and active intercourse
among our people the amount is now
considerably increased. This demand
is fully met by the government, with
respectable reserve in the treasury.
In fact there is no difficulty and no
dispute about supplying any popular
demand with those coins and the
mints and the treasury are competent
to make, and authorized to furnish
such supplies, and as to silver dollars,
we have ascertained by trial and
experience, that under existing condi-
tions the country can take and use
about 6o,ooo,ooo which sum with
reasonable reserve, a prudent govern
ment will be careful to provide.
So also if the policy proposed by
me in the Senate when the national
banking act was under consideration
during the war, of prohibiting the
issuing Of small notes, should be
adopted, there could be an enlarged
circulation of coin dollars to supply
the place of such notes. That is a
question for the consideration of those
entrusted with the enactment of our
laws but it is perfectly plain that the
principal means by which coin dollar
circulation can be extended, is to
retire one and two dollar currency
notes.
Beyond the limit of silver purchase
and coinage by government here
indicated, it will be difficult to go and
stand upon sure ground. Shall we
buy or coin silver to enable those who
produce silver to make money? Shall
we issue treasury notes based upon
deprecated treasury silver and virtu-
ally redeemable in silver alone q?
DECLINE OF SILVER.
For more than twenty years silver
has been declining and fluctuating in
commercial value, earning for itself
the title unsteady, and disturbing all
the markets of the world. In the year
1873 the silver contained in our
standard dollar was intrinsically worth
100 cents and slight fraction over
but between 1873 and 1878 both
years inclusive the average value of
the dollar was ga cents. Those six
years were followed by the era of the
Bland and Sherman acts extending
over period of fifteen years, to the
close of 1898. The silver dollar in
1879 was worth about 81 cents but
in 1898 had fallen to sixty cents.
During the intervening period the
fluctuations of price had been great
but the average for the whole period
was 7o4 For the years 1891, 9a, and
90 (the Sherman act being then in
force,) the average was 6S cts. In
1894 the market value fell to an
average, for the year, of 40 cts.
Recently the intrinsic value of the
silver dollar was reported at 6S cts,
while a few months ago it stood at IS.
The proportion by weight of silver to
gold as recognized by our coming acts,
was in former times, true relation.
And whether the proportion between
them should be IS, I5l, or I6 to one,
was, as Mr.. Jefferson described it " a
purely commercial question" But
now the relation of 10 to I is notori,
ously false relation, and has been
ever since 1873. Nothing OF the kind
occurred in our history before that
year. A change was made in the lega
relation Of the two metals in the yeal
1887, but their commercial relation
to each other was comparatively
steady and uniform as the following
figures in different years will show
Fractions expressed in decimals)
PROPORTION OF SILVER TO GOLD BY
WEIGHT.
1872 1917 to one
| 1890 1898 " "
1887 1888 "
r0ro Tr ro g -